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Purchasing an apartment in 7 steps

To simplify the process you will pass through, we have prepared this simple guide that will tell you what to pay attention to and give you helpful advice and that will in 7 steps lead you to your new home.

1. Collecting of documentation

Documentation 6 documents
Costs 4 items
Duration 5 business days

You collect the following documents:

  • Real estate valuation
  • (Pre)agreement on real estate purchase
  • Proof on ownership over the mortgaged real estate
  • Certified payroll slips
  • Certificate on employment and incomes
  • Income transfer statement

All other documents necessary for the application is prepared by your personal banker.

Additional information
Document Where do you obtain or who issues it? Good to know!
Real estate valuation Certified assessor At the time of application, the value assessment of the real estate must not be older than 30 days.
(Pre)agreement on real estate purchase Notary The pre-agreement or the agreement does not have to be certified by a notary at the time of applying for a loan, but if you give the down payment to the seller, which is treated as participation, the advice is that the agreement/pre-agreement is certified, because the transfer of funds to the account of the seller requires notarized agreement/pre-agreement as a legal basis for the transfer of funds. List of notaries can be found here
Proof on real estate ownership Real estate cadaster register An excerpt from the cadaster register is considered as a proof. This document must not be older than 7 days.
Certified payroll slips Employer Issued by the employer for the last 3 months.
Certificate on employment and incomes Employer Certified by the employer, and the forms can be found in our branch office or downloaded here.
Income transfer statement Employer Certified by the employer, and the forms can be found in our branch office or downloaded here.

Costs

  • Real estate valuation
  • Certification of the agreement on real estate purchase
  • Issuing of real estate folio in the land register
  • Credit Bureau report

Time needed

It takes about 5 business days, but can be shorter if you already have the required documents.

Step 2 Approval by the bank

2. Approval by the bank

Required documentation No documentation
Costs No costs
Estimated time 5 business days

Information

The completeness and accuracy of documentation, your creditworthiness and legality of the property subject to the purchase is assessed. Based on the collected information, the bank makes a decision on approval or rejection of the request. If anything is missing in your documentation, your personal banker will contact you.

Costs

No costs in this stage

Time needed

Takes about 5 business days.

Step 1 Collecting of documentation Step 3 Approval by the NKOSK

3. Approval by the NKOSK

Required documentation No documentation
Costs NKOSK cost
Estimated time 5 business days

Information

National housing loans Insurance corporation (NKOSK) insures loans granted by banks to natural persons for purchase, renovation and construction of real estates, which are secured by mortgage. When NKOSK takes the request into consideration, you receive a SMS notification, and also when the request is processed.

Costs

  • NKOSK processing fee

Estimated time

Processing of application takes about 5 working days.

Step 2 Approval by the bank Step 4 Loan insurance

4. Loan insurance

Required documentation 2 documents
Costs 2 items
Estimated time 1 business day

Required documentation

  • Life insurance policy
  • Real estate insurance policy

f you make insurance through Societe Generale Osiguranje, the whole process ends in one place, without the risk of prolonging the process for a few more days.

Additional information
Type of insurance Where do you obtain or who issues it? Good to know!
PLife insurance policy Societe Generale Osiguranje or of other insurance company Life insurance policy is issued to the amount and period of the loan and must be in favor of the bank.
Real estate insurance policy Societe Generale Osiguranje or of other insurance company Real estate insurance policy for basic and additional water spill risk must be tin favor of the bank and must be issued to the construction value of the real estate subject to the mortgage and to the loan period.

Costs

  • Monthly cost of life insurance premium - payments by direct debit
  • The annual cost of the real estate insurance premium

Estimated time

Completed in one business day.

Step 3 Approval by the NKOSK Korak 5 Certification of contract documentation

5. Certification of contract documentation

Required documentation 3 documents
Costs 2 items
Estimated time 5 business days

Required documentation

  • Purchase agreement
  • Pledge statement
  • The request for registration of the lien

Now it is important to certify the purchase agreement at the notary where also a pledge statement is made in the form of public notary records.

The request for registration of the lien is submitted at the competent real estate register. Your personal banker will prepare the documents.

Additional information
Document Where do you obtain or who issues it? Good to know!
Purchase agreement Notary The contract must be certified.
Pledge statement Notary The contract must be certified.
The request for registration of the lien Bank The form is obtained at the bank and submitted at the real estate cadaster register. Must have reception seal of the real estate cadaster register which is an evidence that the documentation for mortgage register has been submitted at the cadaster register.

Costs

  • Purchase agreement certification
  • Certification of the pledge statement at the notary

Estimated time

About 5 business days.

Step 4 Loan insurance Step 6 Entering real estate to cadastral register

6. Entering real estate to cadastral register

Required documentation 1 document
Costs mortgage registering
Estimated time 1 business day

Required documentation

  • The decision on settling the first order mortgage in the favor of the bank

This decision is obtained at the competent real estate cadaster register. To register a lien, it is necessary to attach supporting documentation prepared by your personal banker or that you have obtained in any of the previous steps - Contract on long-term housing loan with the bank, Proof on real estate ownership, Pledge statement and two Requests for registration of the lien.

Additional information
Document Where do you obtain or who issues it? Good to know!
The decision on settling the first order mortgage in the favor of the bank Real estate cadaster register In order to register the lien, it is also necessary to submit to the Court the Contract on long-term housing loan with the bank, Proof on real estate ownership, Pledge statement and two Requests for registration of the lien.

Costs

  • Mortgage registration

Estimated time

Completed in one business day.

Step 5 Certification of contract documentation Step 7 Loan disbursement

7. Loan disbursement

Required documentation No documentation
Costs 2 items
Estimated time 1 business day

Information

This is the final step when the money in the amount of the requested loan is transferred to the account of the seller of the property. It is important to know that the loan is released in dinars, and the money is transferred to the seller in the currency defined in the purchase agreement.

It is recommended that the seller has an account with Societe Generale bank because of the costs, more simple process, security and speed of payment.

Costs

  • Fee for loan processing
  • NKOSK cost - depends on loan amount and indebtedness

Estimated time

Completed in one business day.

Step 6 Entering real estate to cadastral register

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