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ITALIAN REAL ESTATE MORTGAGE

FOR ITALIAN EXPATRIATES 

AIRE

 

BUY AND RESTORE MORTGAGE  

MINIMUM  150.000-EURO

 

 

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Other Mortgages Procedures 

 

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this page to explain ,  

the Buy & Restore property in Italy mortgage 

procedure and payments .

 

 

 

MORTGAGE  AMOUNT  ALLOWED

 

MINIMUM 150.000 euro

 

 

 

The Buy and Restore Mortgage is calculated and disbursed in two separate installments and over multiple periods. For the purchase portion, the borrower can request a mortgage equal to a maximum of 60% of the commercial value of the property at the time of purchase, for the restoration portion, the borrower can request a mortgage equal to a maximum of 50% of the restoration values. These values ​​must be confirmed by the bank's expert.

 

EXAMPLE 

 

Basis Points  : 

A) the borrower Buy a property whose value is 120,000 euros - of which the bank pay 72,000-euro

B) The value of the restoration costs amounts to 200,000 euros - of which the bank pay 100,000-euro

C) the borrower has an income able to receive a mortgage for a maximum of 300,000-euro   

D) the sum of the two disbursements cannot exceed 172,000-euro

 

Therefore the bank pay  a maximum total mortgage of 172,000-euros, as follows 

 

1> Upon signing the purchase/mortgage deed, the bank will provide the borrower with the sum of 72,000 euros ( the 60% of the purchase price)

 

Note  :   as established by the Italian law on mortgages, the disbursement will take place after the mortgage on the property is consolidated, normally 21 days after the registration of the purchase deed.

 

Of the mortgage  granted for 172,000 euros (-72,000.00 euros), 100,000 euros remain to be disbursed

 

2> The bank pay to the borrower the remaining 100,000 euros during the restoration work in one or more SALS  (work in  progress), based on the assessments that will be carried out by the technician appointed from time to time by the bank following the request for disbursement made by the borrower. To make the last disbursement, the borrower must send the bank the certification of habitability of the property. The last disbursement must take place no later than 36 months from the date on which the loan contract was signed.

 

 

 

 


VERY IMPORTANT  >  in any case , in the time between the first and the last mortgage payment , the borrower will be pay the bank installments composed only of  the interest on principal  payed  . The full first payment of principal and interest will be required  AFTER  the bank have been payed the full amount of the granted mortgage .  

 

 

 

ATTENTION 


all examples is ONLY examples, the real mortgage value , mortgage payable quote , mortgage interest , are subject to the finally Bank approvation . 

 

 

INTEREST RATES INFO 

Fixed interest rate is freezed at mortgage contract signature and remain freezed for all mortgage duration . The fixed Interest is the sum by the Bank Spread on the term of the mortgage in year (duration) , added to Eurirs correspondant , working at the date of mortgage contract signature. 

 

Variable interest rate  vary month by month according Euribor monthly basis . The variable interest rate is the sum by the Bank Spread on the term of the mortgage in year (duration) , added to Euribor correspondant , working at the date of mortgage contract signature. 

 

 

 

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Professione esercitata a norma della legge 14-01-2013-nr.4

 

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Buy in Italy

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