Local lenders adapt their offers to Romania's new law on mortgage loans

Local lender UniCredit Bank is working on a new product for real estate lending in Romanian currency lei, taking into consideration the new law on giving in payment that allows the debtor to give the mortgaged asset to the bank and get rid of repaying his debt. UniCredit allows its clients to choose between two loan options, reports local Ziarul Financiar. If the client wants to benefit from the giving in payment law, he will have to come with a down payment of 35% of the asset’s value and pay higher interest rates. The lender also continues to sell loans in lei with a down payment of 15% and lower interest rates to those who aren’t interested in having the giving in payment option. UniCredit’s representatives said they were still working on calibrating the offers. CEC Bank also announced that it was working on a similar products some weeks ago. Other banks, such as Raiffeisen and BRD, have already become more restrictive in granting mortgage loans, by increasing the down payments. editor@romania-insider.com