A home loan is generally required to cover the costs of renovating or maintaining a property and, even if the installments have higher interests than those of a mortgage and a specific destination is required, it can also be requested without guarantees or almost.
The loan to buy a house, being a finalized loan, has a fairly fast disbursement and can be received in a time ranging from 24 hours to 15 days.
The mortgage, however, is usually requested for the simple purchase of the property, which must already be pre-established before applying for the loan. Since it involves a loan of large sums, it always provides collateral, for example a mortgage, and has a fairly long duration that can even exceed twenty years. A point in favor of the mortgage is the fact that you can have tax breaks, for example different tax deductions.
When it is convenient to apply for a loan to buy a house?
We have broadly seen the differences between the home loan and the mortgage.
The loan to buy a house is a valid alternative to the mortgage when the amount necessary to buy a house has a low price, that is, it is less than 50 thousand euros. The mortgage for this amount would not be absolutely convenient, since the expenses would be greater than the sum requested. This figure, of course, is ideal for those who do not claim a large house or for those interested in a modest property or for those who already have a part of the amount they need and only need to supplement or complete it.
We also said that the whole procedure and the provision of the loan for the house is fast, so it is absolutely suitable for those who urgently need to receive the money as soon as possible.
As we said earlier, no collateral is needed for this type of loan, but it has its pros and cons. The privileges regarding the absence of collateral are based on softening the preliminary investigations, the cons instead of the fact that the credit institution, precisely because it has no guarantees, could significantly increase the interests and the Taeg which would be much more high mortgage.
What are the conditions for applying for a home loan?
The loan to buy a house can be requested both for the purchase of a first house, for a second one, and for the purchase of a garage or garage. This is provided by credit institutions and banks that require no special requirements other than income. The applicant must have a profitable position which guarantees that he can be reliable in the eyes of the financial institutions in question. Each Institute then, of course, applies its own rules regarding the acceptance or otherwise of the loan which is however based on particular statistical data. These data allow the Institute to decide: the of course, the acceptance or otherwise of the requests is also and above all evaluated on the basis of the evaluation of the person’s income and the relationship between the latter and the repayment of the installment.
Finally, each Institute relies on a careful evaluation through research that it does by evaluating the list of the Risk Center. The Institute will evaluate whether the customer has “gaps” such as delays or delays in payments: if these situations are encountered, it will certainly struggle to grant the loan.
When these cases occur, a solution can be adopted that could give guarantees to the credit institution. We are talking about the assignment of the fifth.
The assignment of the fifth is nothing but another type of loan so called because the maximum installment cannot exceed 20% of the applicant’s salary, which is equivalent to a fifth of it.
How to apply for a loan to buy a house?
Requesting a personal loan seems easy, but there are some small tricks to respect if you want everything to go well. Looking for the amount necessary for the purchase of the first home is the first step to take and, for this, you must rely on a credit institution or a reliable bank that not only satisfies the customer’s needs, but also manages to cover the request for money.
After identifying the bank, requesting information and after making a careful evaluation, we are ready to make the request. The request requires the completion of the loan application to buy a house which requires the following information:
– personal data of the applicant
– residence of the applicant
– housing status, that is, if it is rented or lives in a home
– the applicant’s family unit
– how many dependents the applicant has
-current employment (permanent or fixed-term contract)
– if the applicant has a qualification
– the length of the applicant’s job
– monthly net credit
– annual net credit
– declaration of the value of the property with due description of it
-declaration of their banking problems, or whether they have debts or not.
As we have seen, the loan for the first house is a very valid mortgage option: the first, in fact, brings several advantages as well as a remarkable speed of execution. The loan to buy a house, being a personal loan, can also be granted to particular self-employed workers or with a VAT number. In this case, however, a loan for the self-employed worker will be called.
Having these subjects a remuneration that derives from themselves, the credit institution will apply particular and specific regulations for each individual subject, meeting the person with particular installments of the amount requested. There is, however, a limit: the self-employed worker applying for a loan of this type can only receive 80% of the property’s value.