Thus, Piraues required down payment on mortgage loans is the lowest on the market, while the average down payment stands at 30-35%.
Romania’s largest bank Banca Comerciala Romana also cut the required down payment from 35% to minimum 25% but only for the country’s large cities, such as Cluj-Napoca, Timisoara, Iasi or Constanta.
Romanian second largest lender BRD-Groupe Societe Generale has recently announced it is also considering a cut in the required down payment for mortgage loans.
In May, lenders operating in Romania raised the down payment required on mortgage loans on the backdrop of the implementation of the law on debt discharge, allowing retail mortgage borrowers to return real estate collateral to banks in exchange for writing off their loans. Mortgage loans have subsequently registered a downward trend.