• The monthly instalment for one-room apartments from Crângași, Drumul Taberei, Giulești and Militari (București) is 23% lower as compared to the monthly rent. Also in Iași, Sibiu and Ploiești, the monthly instalments for one-room apartments are lower with over 20% as compared to the monthly rents
  • The lowest differences between monthly instalments and rents related to the two-room apartments segment are found in Brașov and Sibiu
  • Those who want to buy a two-room apartment situated in the 1st district of the Capital (Bucureștii Noi, Griviței, Gara de Nord) pay a monthly rent of 248 euro, as compared to an average monthly rent of 300 euro

The monthly instalment for the one-room apartments bought in the Capital through the First House program is, in average, also with over 20% lower as compared to the average monthly rent. The biggest difference, of 23%, is registered in Crângași, Drumul Taberei, Giulești and Militari, shows a survey made by Banca Românească S.A.- Membră a Grupului National Bank of Greece - and Imobiliare.ro, the main real estate portal from Romania.

In Iași, Sibiu and Ploiești, the monthly instalments for one-room apartments are lower with over 20% as compared to monthly rents. The comparative survey, made taking into consideration the average quotations from 9 areas of the Capital and 9 cities from across the country (Cluj Napoca, Iași, Constanța, Craiova, Oradea, Brașov, Ploiești, Sibiu, Timișoara) reflects the main differences between monthly rents and monthly instalments for the loans contracted through the First House program at Banca Românească for one-room, two-room and three-room apartments.

"An instalment smaller than the rent and the advantage of an advance payment of minimum 5% continues to justify the decision to invest in a dwelling through the First House program. The differences between instalments and rents are significant especially for the most requested categories of dwellings - one-room and two-room apartments", states Dan Grigoriu, Head of Retail Segments and Products Division, Banca Românească.

For example, for a one-room apartment in Berceni and Giurgiului (District 4, București), a buyer through the First House program pays an instalment of 164 euro/month, while a tenant pays 200 euro/month. Those who want to buy a two-room apartment in the 1st District of the Capital (Bucureștii Noi, Griviței, Gara de Nord) pay a monthly instalment of 248 euro, as compared to an average monthly rent of 300 euro. An instalment with almost 40 euro lower than the rent will pay those who buy a two-room apartment in the 2nd District from București (Tei, Colentina, Pantelimon).

"Except for the apartments from the central areas and the north of București, the apartments in the Capital can be subject to the First House lending program. As well, all types of apartments from the main cities of the country can be accessed through this program, the only exception being the three-house apartments from Cluj-Napoca", underlines Adrian Erimescu, general director Imobiliare.ro.

In Constanța, Craiova and Oradea, the monthly instalments for two-room apartments are approximately 15% higher than the rents. "If we consider the long term result, even at a plus of approximately 20% as compared to the monthly rent, which means a few tens of euro, the decision to invest in your own dwelling remains advantageous", says Dan Grigoriu.

Larger space, bigger advance payment

The maximum value financed through the First House program by Banca Românească for an old apartment is 57.000 euro, lei equivalent. This is why, for the apartments that cost over 60.000 euro, the instalment through the First House is the same, and the differences appear in the value of the advance payment. For example, those who want to buy a three-room apartment in a semi-central area of the Capital (1 Mai, 13 Septembrie, Dristor, Moșilor, Ștefan cel Mare, Mihai Bravu, Tineretului, Vitan Nou) will pay an advance of approximately 18.400 euro and an instalment of 327 euro/month, while the monthly rent is, in the same area, 390 euro.

In Cluj Napoca, a three-room apartment through the First House can be bought with an advance payment of 8.000 euro and a monthly instalment of 327 euro, close to the monthly rent (330 euro). In Brașov, the advance payment of 2.850 euro and an instalment of 310 euro/month gives the possibility to buy a three-room apartment.

Since the beginning of the First House government program, in 2009, Banca Românească granted over 5.300 loans, until the end of September 2014. The interest rate for the loans granted by Banca Românească in the First House program is made of ROBOR at 3 months plus a fixed margin of 2,5%.