Young couples intending to take out a soft loan can sometimes take advantage of special discounts, as set forth in art. 46, paragraph 2 of law 289/2002 (Financial law for 2003) of the Ministry of Labor. There is an annual contribution drawn from the resources of the National Fund for social policies, in favor of young couples, for the granting of a first home subsidized loan, managed by the regions.
Other important benefits for mortgages are the possibility of obtaining lower interest rates compared to traditional mortgage offers, loans that cover almost the entire value of the property, reduced loan disbursement deadlines and preliminary inquiry facilities. Some banks also offer mortgages that provide for an initial phase (even 5 years) of pre-amortization in which the installment is minimal. In the economic planning of pre and post marriage expenses, it is necessary to evaluate the order of magnitudes of the amount needed. The loan costs are deducted directly from the amount that will be paid to you by the credit institution.
How to obtain the loan
By requesting a loan from a bank, a credit institute or specialized financial companies, finding out about the various conditions offered, especially with regard to financing.
The loan is repaid in monthly, quarterly or six-monthly installments: each credit institution has its own offers and different solutions exist.
However it is advisable to rely on known banks and companies, defining in advance and in writing terms and conditions.
Banks and credit institutions usually cover up to 75% of the value of the property, financial companies reach 85%; banks can ask for more than 1 month for financing while financial companies fall to 15, 20 days.
The interest rate is a sum that must be repaid in addition to the principal.
The loan can be fixed, variable or mixed
A feature of the fixed rate is that the amount to be returned always remains the same, it is agreed during the initial phase with the bank itself, together with the interest rate. The installment of the loan remains constant and with the same conditions until the extinction of the loan itself. The fixed rate formula can be useful when you have fixed income.
A feature of the variable rate is that the interest rate changes over time, based on the cost of money; the installment is lowered or rises, if the cost of money goes down or rises.
Characteristic of the mixed rate is that the installment remains constant for a certain period, at least 6 months, then it becomes variable or, part of the installment is calculated with a fixed rate and part with a variable rate.
The documents to be presented are:
- Identity card and tax code
- personal data: family status, residence certificate, sometimes birth certificate and citizenship certificate
- income data used to show how much you earn
- For employees it is required the Model 101, the last pay slips, a declaration of the employer
- For self-employed workers, the last 740 (or Unico) models are required, registration at the Chamber of Commerce, a photocopy of bank statements for the last few months
- For the technicians the documents relative to the property are required, a photocopy of the preliminary sale deed, the deed of provenance and the cadastral plan