Mortgage Loan: Features and RequirementsOn March 21, 2019 by admin
Do you need a loan and are you over 60? Want to apply for a loan to be quieter each month? Do you need to understand how you can get a lifetime mortgage loan?
In this detailed guide we will help you understand how to get the loan you need. Here are all the steps you need to have a lifetime mortgage loan for you.
- How to get the Intesa San Paolo lifetime mortgage loan
- How to get it?
- Time to obtain the mortgage loan with Intesa San Paolo
- Interest payable
How to get the lifetime mortgage loan
This loan formula is reserved for those who have already turned 60 and are the owner of a home that is used for residence purposes.
It helps to have liquidity quickly and also helps to keep the property of the property without having to sell the bare ownership to the bank.
You can get the requested amount in a single solution or receive it directly in your account in several periodic payments. You can decide to repay the loan without installments, with a periodic payment of interest or you can choose to close the loan at any time.
The lifetime mortgage loan can only be requested at bank branches. This loan is a type of medium and long-term mortgage loan and can only be granted to those individuals who are at least 60 years old and who own a house or real estate.
The lifetime mortgage loan is available in two different options from which you can choose to get the sum:
- Annual payment of the expenses and also of the interest with the repayment of the debt in a single solution at maturity;
- Annual capitalization of interest and expenses which gives the possibility to repay the sum at the end in a single payment.
The property that is mortgaged must be for residential use and with an I degree mortgage. In the event that there is cohabitation with non-proprietary subjects but heirs, the loan must be provided with joint account.
The loan gives the possibility to mortgage the property by keeping the property and in any case by signing a loan agreement with the bank. At the death of the holder there are two different possibilities for the heirs:
- Choose to pay off and repay the debt while maintaining ownership of the property;
- Proceed with the sale of the house to pay off the loan.
The maximum amount that can be obtained on loan depends on the age of the applicant, there are no monthly installments and the final payment will be different based on the interests chosen at the time of signing the contract.
To learn about the characteristics of a lifetime mortgage loan it is advisable to make an appointment at a branch. The customer with a special type of mortgage loan.
For You Loan Life is a type of medium/long-term and fixed-rate loan with an annual capitalization of interest. It is not necessary to open a current account with Intesa San Paolo nor with another bank for the disbursement of the annuity mortgage loan.
Considers that properties in the provincial capitals and/or municipalities with more than 30,000 inhabitants can only be financed. Property valuation affects loan disbursement. The building must be insured against fire and explosion damage and lightning until the end of the loan.
How to get it?
To have a lifetime mortgage loan, you must provide the bank with:
- A valid identity document;
- Family status;
- Fiscal Code;
- Documents attesting ownership of the property and residence;
- Preliminary Notary Report or Certificate of Origin.
To find out if further documentation is required, we recommend contacting a branch and talking to a representative. Documentation may vary by bank.
Time to obtain the mortgage loan
To apply for a lifetime mortgage loan you need to ask for an appointment at a branch, so it will be directly a person in charge to indicate what are the waiting times for your loan. Remember that waiting times change depending on the case, the number and the age of the applicant and this also applies to interest.
To find out in advance what the waiting times are, you can use a quotation in the branch and evaluate with the operator how much you have to wait to receive the loan and get the approval.
To find out the cost of the annual nominal interest rate, the spread, the costs of the preliminary investigation, the various fees to be paid and other expenses, you must necessarily go to a branch to talk to a person in charge.Helps you get the information you need to apply for the loan.
The bank allows you to request a quote to find out the interest rate for your own mortgage loan. The budget can only be done in a branch. A mortgage loan is a complex type of loan, so we recommend going to a branch to learn about its features.
Finally, we would like to remind you that the quote for the mortgage loan application is not binding and is also completely free and that thanks to the estimate you can find out the interest rates or the TAN and the APR.
The interest rate, the APR is the synthetic total cost of the loan. In the APR you will find all the commission costs for applying for a lifetime mortgage loan.
Checking both the TAN and the APR is always a useful way to keep the rates low and to avoid wasting money. Thanks to a rate search, you can easily save money on interest payments.
Applying for an annuity mortgage loan could in some cases turn into a debt for one’s heirs, although in most cases it is often extinguishable by selling the house.
Remember to always evaluate all the options very carefully before applying for a loan, including the lifetime mortgage loan. Now you know all you need to know about the mortgage loan.