Credit Loan: Opinions and Reviews, Read the GuideOn April 2, 2019 by admin
If you are over the age of 60 and need to have a loan to live better and more peacefully, you can apply for a credit lifetime loan .
With this guide, you will understand what to do to get the loan you need to make the most of every month.
By continuing to read you will find all the steps to follow!
How to obtain the credit lifetime mortgage loan
First of all, you need to explain what it is when we talk about a lifetime mortgage loan . This is a type of financing designed for those over 60 and who need to supplement their income to improve or to maintain their lifestyle.
We remind that it is intended only for those who are over 60 years of age and who are the owner of a home where the applicant is resident. This supply of money allows you to get money quickly, continuing to retain ownership of the property without giving up the bare ownership to the bank.
You can choose to have the money in multiple periodic payments or to receive it in one solution. The repayment of the loan can be paid without installments in two options, you can choose the periodic payment of interest or decide to pay off the debt without any penalty and at any time.
Unlike other types of loans, the lifetime mortgage loan can only be requested by appointment at the branch. This is a medium and long-term loan for natural persons over the age of 60 and who are the owners of real estate.
This type of loan can be obtained by choosing between two different options, including:
- The annual payment of expenses and interest, the contracted debt must be repaid in a single solution at the end of the loan;
- The annual capitalization of interest and expenses that offers the possibility to repay the sum to the bank with a repayment in a single solution and at the expiry of the contract.
The mortgaged property to obtain the mortgage life loan must be for residential use and must be subject to a first degree mortgage. In the event that coexistence exists with non-proprietary subjects, but heirs, the loan must be requested and also paid with a joint account.
With the mortgage life loan you can mortgage the property by retaining the property. At the death of the holder there are two different choices for his heirs:
- Pay off the debt immediately by retaining ownership of the mortgaged property;
- Sell the dwelling used as a guarantee and fully repay the debt.
The maximum quota that can be obtained is influenced by the age of the applicant. No installments are expected, while the final payment will be assessed based on the interest associated with the loan at the time the contract is signed.
If you wish to know all the features and options of a lifetime mortgage loan with credit it is advisable to request an appointment from a representative in a branch. The person in charge will explain the characteristics of the loan and explain all the points.
The credit lifetime mortgage loan is called Value House and also allows the monthly payment of the interest rate with variable rate. Gradually paying interest helps prevent compound interest or the risk that unpaid interest generates interest. If you are between 65 and 85 years old and want to apply for a mortgage loan with Unicredit, contact a branch.
What do you need to get a lifetime mortgage loan with credit?
To have a lifetime mortgage loan with the credit you need to bring the following documents:
- A valid identity document;
- Family status;
- Documents attesting ownership of the property and residence;
- Fiscal Code;
- Preliminary Notary Report or Certificate of Origin.
The credit bank will take care of what remains, but to be sure that you have brought all the documents, we advise you to contact the branch first and talk to a representative asking for detailed information.
Times to get it
To find out the waiting times for obtaining a lifetime mortgage loan with credit, it is necessary to go to a branch. After requesting the appointment, the person assigned to you will indicate to you how much you will have to wait to get your lifetime mortgage loan.
Never forget that waiting times and even interests can be susceptible to change depending on the case, the financial situation, the age and the amount you can borrow from the bank.
Often the life-time mortgage loan is obtained quickly and without too many problems, but to be sure you can request a quote from a representative who will let you know the waiting times and also the total expense to get a lifetime mortgage loan with Unicredit.
To find out the annual nominal interest rate, the spread, the preliminary investigation, the annual fees to be paid and other expenses, you need to go to a branch and talk to a representative. The operators of the Unicredit bank will give you the possibility to access all the information necessary for your loan request.
To find out the interest rate for the mortgage life loan, you can request a quote in any credit branch. Thanks to the quote for the request you will be able to know the information you need. Remember that the loan is not binding and is free.
The estimate allows you to know the interest rates of the mortgage life loan or the TAN and the APR. The TAN is the interest rate, the APR is the synthetic total cost of the loan. The APR contains the costs of all the commissions to be paid for the request for the mortgage loan with Unicredit.
Before starting with the steps for applying for a lifetime mortgage loan with credit, we recommend checking the TAN and the APR to save money on the payment of total interest.
Always remember that by applying for a lifetime mortgage loan it is possible to leave a debt to the heirs children, even if you can often opt to pay it off with the sale of the property.