Are you interested in a home purchase loan or to renovate it? In this article I will show you the best financial services you can rely on to make the apartment of your dreams come true thanks to a capital provided by the aforementioned institutions.
Nowadays buying a house or renovating it is not a simple step, due to the severe crisis many Italian families do not have enough money to cover all the expenses, find out which body can meet you.
Mortgage or home purchase loan?
Are you wondering what is the best choice between mortgage or home purchase loan ? This is a factor that you will need to determine depending on the liquidity at your disposal. The first choice is suitable for those who have to bear a rather expensive expense, the second is among the ones opted in the last periods, all this to the new financings disbursed also to restructure house.
First home loan
To purchase a first home or renovate it, and for amounts less than or less than € 50,000, you can request a loan to help you meet the necessary costs. The best value of this type of personal loan is the speed in providing the capital.
The home purchase loan does not require a mortgage guarantee . Naturally given the total absence of a guarantee, the financial institution requires a much higher APR than the mortgage. To be able to apply for a home loan, the rental agreement must contain the following elements:
Another important aspect of the home purchase loan is the possibility to choose the early repayment of the loan . Obviously, if you choose this option, you will have to provide for the repayment of the residual capital and possibly pay a late payment (which by law) does not exceed 1% of the financed capital. The details are transcribed by the institution on each contract.
Does everything seem interesting to you and did you persuade yourself to proceed? Now the most dilemma remains, how can I apply for a loan? And what are the evaluation criteria ? Generally, each entity relies on two factors, namely:
- Income : in this analysis the institution checks the level of income of the applicant and if in the future he can sustain a possible reimbursement.
- Creditworthiness : in this case, the applicant’s history will be analyzed, if unresolved or missed payments result in your name and therefore you would be among the “bad payers”, it will be difficult for you to be granted the financing. In some cases it is possible to resort to the Assignment of the fifth , an excellent alternative to give greater guarantees.
The best loans to buy and renovate your home
The first loan that I will show you is called ” Plafond Casa “, intended mainly for young couples or large families who need a mortgage to face costly expenses. Generally three types of loan are offered:
- Mortgage up to 250 thousand euros : for those who want to buy a house without restructuring;
- Mortgage up to 100 thousand euros : only for those who need to renovate their homes and promote energy efficiency;
- Mortgage up to a maximum of 300 thousand euros : in this last phase you will be able to request a loan so exorbitant, which involves the purchase of the first home, the restructuring and the facilitation of energy efficiency.
The loan is issued by the Italian Post Office, the disbursement allows you to obtain from a minimum of € 10,000 up to a maximum of € 60,000. The loan is granted to you by crediting the account which must be registered exclusively to the applicant.
The requirements to apply for funding are very minimal, you must have residence in Italy and have a demonstrable income. You will also need to submit the following documentation:
- Identity document (not expiring);
- Health insurance card;
- Document showing income;
The repayment has a minimum duration of 36 months up to a maximum of 120 months. Payment is made via fixed monthly installments.
Credit for home renovation
Credit provides a specific amount for the renovation of your home. Renovating one’s home is a daydream, you can take advantage of UniCredit’s funding ranging from a minimum of € 5,000 to a maximum of € 100,000 for structural intervention.
For the refund you can choose the most suitable time for you, they vary from 3 up to 10 years. Payment can be made by debit from a current account, through deferred monthly installments or constant fixed-rate installments.
Have you already chosen which home purchase loan to rely on? And do you already have in mind how to restructure it? If you have any doubts or questions you can comment below and I will write to you as soon as possible so that you can realize your dream and that of your family.