Mortgage loan: without a paycheck you can, but pay attention to the interests

בלוג המשכנתא שלנו, הלוואה, מהי משכנתא / יום רביעי, אוגוסט 1st, 2018

Obtaining a mortgage loan is also possible when you do not have a regular paycheck that guarantees your return. But be careful because the interest rates on mortgage financing in Italy are very high compared to the European average.

In a period like the one we are experiencing where the words "indeterminate time" have left room for the most modern "flexibility" and "precariousness", the world of work has suffered a jolt that could not fail to be reflected in that of loans. Banks and financial institutions no longer easily grant financing, as skeptical as they are on the solvency guarantees that an atypical worker could give without the guarantee of the traditional paycheck.

And in the rare cases where a loan is granted to atypical workers, this category pays him a high price. Suffice it to say that a thirty-year mortgage for a loan amount of 125 thousand euros, provides, at current rates, the payment of a monthly installment that is around 800-900 euros. An exorbitant sum for those who earn that amount in a month's salary, so we return to the request for the old collateral, that is to the mortgage loan .

What is a mortgage loan?

mortgage loan is a kind of mortgage that turns a mortgage on a property owned by the applicant. In practice, the applicant agrees to give his real estate property to guarantee the required credit. If it fails to repay the sum received in exchange for the mortgaged property, the credit institution becomes its legitimate owner. Obviously, once stipulated in contract with the bank, the holder of the asset can not dispose of it or dispose of it for the entire duration of the amortization, that is, up to the foregoing the mortgage will weigh. Among other things, it is said that, even if you own a property you can safely access a mortgage loan.

Most credit institutions, in fact, do not like to wait until the end of the amortization to start the procedures of expropriation of the asset, but prefer to get a punctual payment of the installments of the loan. Therefore, the property of a property, especially in loans for insecure, is seen only as a protection to which no bank or bank, in the end wants to resort seriously. Hence the request for guarantees such as sureties or endorsements that come from third parties.

Who provides a mortgage loan?

It is not a service offered by all lenders. Therefore it is necessary to check whether there is also this type of financing in the list of bank services.

Time to get a mortgage loan

Times are not biblical. We only need the technical time that the bank takes to make the verification of the ritual: the assessment of the property and the expertise to establish the real value on the basis of which will be the maximum amount to be paid as a mortgage loan. It is good to clarify that the sum disbursed on loan, generally is never equal to that resulting from the appraisal of the property, but is equal to a percentage of the aforementioned value that can not exceed 80% (only in rare cases it arrives at 100%, when the customer is able to provide much more guarantees).

Who benefits a mortgage loan?

A mortgage loan is substantially suitable for those who need personal loans with an average capital of 50,000 euros, a loan that provides for the repayment of the same amount with monthly installments and a sustainable amortization plan with an average duration of 5 to 25 years

Read Also: Mortgage Life Loan as and when to be repaid

Mortgage loan documentation

There are a whole series of documents that those who request a mortgage loan must know that they must show at the issuing credit institution:

  • documentation attesting ownership of the immovable property;

  • valid identity document and tax identification number;

  • work contract.

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