Stages to obtain a bank loan to buy a real estate

If you need a loan to buy the wanted real estate go to the bank to be sure you can get the amount needed. It is better to go to as many banks, because the conditions of granting a credit are different.

Obtaining a loan usually involves four stages:



Previous informing: When you go to several banks and the credit officer will do an estimated calculation of the amount that you could get.


Financial pre-approval: When you submit to the bank (that you chose) only the documents that show your income. In a period of 2-4 days, depending on the bank, you will be informed if you can get the credit and which will be its exact amount.


The signing of the sale-purchase pre-contract: This pre-contract is a promise assumed by both sides to conclude in the future, at the price agreed, the sale-purchase agreement of the property. By the pre-contract are set a series of very important elements, namely:


  • the price of the sale-purchase;
  • the deadline at which the final sale-purchase agreement must be signed;
  • the release term of the real estate;
  • the advance paid via the pre-contract;
  • the payment method of the property price.


The final approval, which is issued by the bank after submitting the following documents:


  • the sale-purchase pre-contract;
  • the evaluation report of the building;
  • copies of the property documents;
  • other documents that the bank will require.


The final approval is issued usually in about two weeks after the submission of all documentation.

Generally, a loan approval takes about three to four weeks from the time you submitted the documents for financial pre-approval.