Romanians who want to benefit from the low VAT rate of 9% have time only until August 1, 2025 to find the ideal home to be delivered within a year, to sign a pre -contract, to pay an advance of at least 20% and to identify the credit to complete their transaction.
VAT increases from 9% to 21% for new homes, from 1 August
With the help of real estate experts we present to you in the following how much a new home would cost in the big cities, but also how much you have to win to buy it with a loan.
“Increasing VAT in new homes from 9% to 21% directly affects access to a mortgage. Basically, for the same home, a buyer will need a higher advance and a monthly income up to 15% higher to obtain the same financing ”“Says Andrei Cazacu, Franchise Network Director Imobiliare.ro Finance.
“We are in a market context that will influence the entire real estate ecosystem. The new measures will inevitably lead to the increase in the price of housing, both on the new and old segment. Equally it is possible to see adjusted plans. What is very important for buyers who want to benefit from the reduced VAT rate is to take safety measures, to thoroughly check the information on final delivery times”, Said Daniel Crainic, marketing director of Imobiliare.ro.
The calculations are made for a dwelling with a useful area of 42 square meters in Cluj-Napoca, Brașov, Bucharest, Timișoara, Constanța and Iași.
Net salary of at least 8,500 lei for an apartment in Cluj Napoca
For a new apartment in Cluj Napoca, the most substantial revenues are needed to obtain a loan. The average price requested for a dwelling with an area of 42 square meters is about 135,786 euros, according to the estimates made on the basis of the Imobiliare.ro index for June. To buy it you need a mortgage loan worth 585,170 lei, if we consider a minimum advance of 15%.
Let's say this is your first real estate acquisition, you opt for the maximum indebtedness of 45%, and that you are interested in a loan for 30 years. In this case, you need minimum revenues of about 8,500 lei to obtain the loan.
It is good to know that to reach this threshold you can call up to three co -debtors. They can be, for example, the spouse, the life partner or the parents. The co -debtors will not be mandatory and co -owners on the purchased building, but they have a number of responsibilities becoming part of the credit agreement.
Brasovians pay less
Brasovians pay, on average, 2,500 euros/sqm for a new apartment, which translates to a cost of 105,000 euros for a home with an area of 42 square meters. In order to buy such a property, with 15%advance, they need a loan worth 452,500 lei, which can be obtained if they earn monthly revenues of about 6,800 lei, according to real estate.ro Finance.
There are, in addition, a number of eligibility criteria you have to meet in order to obtain a mortgage, which differs from one financial institution to another. Among the most common are those regarding the age of the credit holder (at least 18 years old) and those related to seniority (at least 3-6 months to the current employer).
Without a net salary of 6,000 lei you cannot take credit for an apartment in Bucharest
The third most consistent minimum income required for the purchase of a new apartment with a useful area of 42 square meters can be found in the Capital. In this case, you need earnings of about 6,000 lei each month to access a 30 -year mortgage loan, paying an advance of 15%.
You have the most chances to find a new home, if you start your searches in the neighborhoods with the highest offer in this market segment, respectively Theodor Pallady, Băneasa, Militari and Drumul Taberei.
Timisoara need a net salary of at least 5,900 lei
Timisoara pays, on average, 88,242 euros to buy a similar home, according to estimates. If this is the first real estate investment they make, they opt for the highest possible degree of indebtedness and prepare a 15%advance, then the minimum income needed to obtain a loan of 380,300 lei to help them fulfill their dream to be owners reaches about 5,900 lei.
To speed up the process of obtaining a mortgage, we recommend that you use a professional broker. Such a specialist analyzes your financial situation and selects from the beginning the best financing offers that you can get according to income, the cost of the home you want to buy and the other eligibility criteria requested by banks. The services offered by credit brokers are free by law.
More affordable prices meet in Constanța
A new apartment with a useful area of 42 square meters can be bought with approximately 83,328 euros, the equivalent of 422,473 lei. The value of the loan necessary for the purchase amounts, this time, to 360,000 lei, under the conditions in which the future buyer pays 15% advance.
According to brokers, the minimum monthly income necessary to access the mortgage loan reaches, for a loan with a duration of 30 years and a degree of indebtedness of 45%, at 5,600 lei.
Banks consider at the time of a loan of several categories of income, not just the salary. We talk about income from PFA, abroad, dividends or copyrights. However, there are some conditions imposed on people who apply to obtain a mortgage loan that differs from one financial institution to another.
The Iasi need the smallest amounts
If we refer to the situation registered in the other major urban centers of the country, we notice that in Iasi you need the smallest amounts to buy a new home and to obtain a loan to complete the transaction.
The average price paid on the local market for a new apartment with a useful area of 42 square meters is 77,532 euros, and if you buy a minimum advance of 15%, you can buy it by obtaining from the bank a mortgage worth 334,000 lei. The minimum monthly earnings you need to access this loan are 5,000 lei.
The specialists recommend to those who want to obtain a loan in order to make a real estate acquisition not to lose sight of the effects of increasing excise duties and increasing VAT quotas (not only in the case of homes, but also in the case of various products and services) on personal finances. Limiting the degree of indebtedness to a moderate level is recommended, especially during periods of uncertainty, and the support of a loan broker can be imperative to ensure the right credit as soon as possible and in the most advantageous long -term conditions.
