The value of the property for which the loan is requested, the presence of additional guarantees given by third parties. The installment or income ratio, which is established by the bank approximately 30% of the total monthly income of the applicants, so as not to burden the family budget excessively and thus guarantee the repayment of the amount due.
After receiving the feasibility opinion, it is necessary to forward to the bank all the documentation necessary to confirm what was declared in the loan request, which varies according to the applicant’s job position. In fact, an employee must provide declaration of the employer on the seniority, last pay slip and copy of the last CUD model (or model 730).
If the property has been inherited or acquired by Specialist Property Investors, the model 240 or model 4 of the succession office must be presented. Once the documentation submitted by the customer has been acquired and further necessary checks have been carried out, the bank decides whether or not to grant the loan and immediately notifies the applicant, also fixing the date of stipulation of the public loan.
Mortgage payment
The final phase of the procedure involving Specialist Property Investors is the signing of the loan contract by public deed before a notary, in the presence of the Bank and the applicant. In this way, the Bank delivers to the borrower a sum of money, which the other party undertakes to repay later.
Generally, together with the loan contract, a mortgage is also established in favor of the bank on the property subject to the loan; the mortgage varies from 150% to 300% of the loan granted, to cover the interest of the endas well as any default interest in the event of late payment or non-payment of some installments, any insurance premiums, miscellaneous charges and court costs that the bank should incur to recover the amount due.
When the loan is terminated, according to the law, the bank automatically provides for the cancellation of the mortgage, without costs for the customer. Once the contract is signed, the sum of the loan is made available to the borrower.
First home subsidies
In addition to what is written above – which is a summary of the general procedure to be followed to arrive at the disbursement of a mortgage – it is important to identify the characteristics necessary to ensure that a property is classified as a first home, as it is subjected to important tax breaks. In case of purchase with first home subsidies, the deduction of the service tax is also provided, at the discretion of the individual municipalities.
