Here are the main requirements and the path to take
First of all it is good to know that a loan request cannot be accepted without the Bank assessing the applicant’s requirements . He will also have to take all necessary precautions to verify his ability to repay.
Legal requirements, you must be a citizen:
– Italians residing in Italy
– Of member states
– Foreigners with regular residence in Italy
– Minimum 18 years
– Maximum determined by the Bank based on the type and duration of the requested loan
The Credit Institutions are very cautious before granting a mortgage loan and in this regard the Bank activates the preliminary investigation which consists in verifying that the applicant is in possession of the requirements to request a mortgage ( legal and economic) and that the property is a sufficient guarantee .
Basically the applicant will have to demonstrate his income capacity , therefore have an income that can support the payment of the monthly installment for the requested loan.
The installment is calculated at the current interest rate, recorded at the valuation date and should not exceed one third of your monthly income. It is advisable to verify that the Bank does not request a subsequent valuation with the rate calculated in the days preceding the stipulation, this because, should the rate be higher, it would entail a reduction of the agreed amount.
Another aspect, of minor importance, however considerable as regards the requirements for requesting a loan , is the personality of the applicant whose good faith, reliability and correctness are evaluated.
It could be very useful, before any initiative, to assess the actual repayment capacity of the loan , calculating the installment and the amount of the loan which should be proportionate so as not to weigh heavily on the family or personal budget.
They are very simple calculations that give a clear view of the situation and often help not to make mistakes in buying the property. Do you want to apply for a mortgage? Do it HERE