Since Russian citizens do not receive their income in Italy, it is necessary that a document certifying the existence of these incomes in the client's country of residence be translated into Italian and notarized at the Italian Consulate. The monthly income of the person applying for the loan must be at least three times the amount of the monthly payment on the loan. A mortgage can be obtained for the purchase of real estate under construction or already existing. Certain restrictions apply to facilities under construction. Loans for purchases in them are possible only if the object under construction is at the stage of readiness of less than 70-80%, and no more than 6 months remain until the end of construction and commissioning of the object. The broadest lending opportunities are available to buyers purchasing primary market objects in already commissioned complexes, as well as secondary market objects and elite real estate . When issuing a loan, the bank significantly overstates the price of the object in case the borrower cannot repay the loan so that it could be sold at an auction and returned the money back. For non-residents, a mortgage is possible only on residential real estate, so the property must be registered in the land registry as a residential property. Mortgages in Italian banks are available only in euros. In the third quarter of 2012, floating rates on loans in Italian banks amounted to about 3.5-4%, fixed rates - 4.7-6%. Moreover, the exact level of interest rates depends on the size of the down payment. At the moment, the most extensive opportunities for mortgage lending in Italy exist in the following regions: Ligurian coast, Lake Como, Lake Maggiore, Stresa, Tuscany, Amalfi coast, Sardinia, Rome, Milan, Venice, as well as the vicinity of these cities. In most other regions of Italy, including in agricultural zones, there are opportunities for obtaining a mortgage, but in the south of the country, in particular in Sicily and Calabria, buying real estate on credit is problematic. General requirements of banks When lending in Italy to non-residents, citizens of Russia and CIS countries, only an individual can act as a borrower. As a rule, in Italian banks there are no restrictions on the minimum amount of a mortgage loan, however, in practice, banks practically do not consider applications from non-residents if the loan amount is less than 100,000 euros. The maximum loan amount is 65% of the cost of the purchased residential property, minus commissions and other fees. The mortgage is given for a period of 5 to 30 years with an age maximum of 75 years. Clients can enter into an agreement at both fixed, floating and mixed rates. Italian banks require confirmation of the applicant's income in the form of a salary certificate or account statement, and all existing financial obligations of the borrower are also taken into account, including bank loans, personal loans, rent, alimony obligations, payments on loans to individuals, which are considered expenses. Current monthly expenses and payments on an Italian property mortgage must not exceed 35% of the borrower's total monthly income or total family income. Required documents When applying for a mortgage loan to the bank, you must provide the following documents: - a copy of the passport; - INN-CODICE FISCALE (drawn up in Italy after signing the deposit agreement, or at the consular center of Italy in Moscow); - if you have your own company, in this case you need documents confirming its existence; - certificate from the place of work (if the client is employed); - payment statement; - certificate of payment of taxes; - information about the bank account; - movement of funds on a bank account (account statement). You can also provide as guarantees: - documents confirming the timely payment of taxes; - information about payments on previous loans, alimony, etc .; - the bank may ask for a certificate of family composition, birth certificate or driver's license; All documents must be translated into Italian and notarized at the Italian Consulate. As a rule, the package of documents required by the bank is individual. General requirements remain, but there are always nuances. Also a prerequisite for issuing a loan is the provision of a preliminary purchase agreement and the availability of the selected object. Terms The term for making a decision on a loan in Italian banks is considered within 3-4 weeks. From the moment of filing an application to the completion of the process, it can take from 1.5 months. Completion of the transaction If the loan decision is positive, then the procedure for acquiring a home is as follows - the seller and the buyer open accounts with the creditor bank. The buyer makes an initial contribution to his account, called a deposit. Next, the seller and the buyer sign a sales agreement, here called Compromesso. After signing the agreement, the bank transfers the loan amount to the seller's account, and with it the amount of the initial payment made by the buyer to his bank account. Within 2-5 days the transaction is notarized. Only after that the seller can use the transferred money in his account. Additional costs In Italy, mortgage transactions become a little more expensive than usual due to the following costs: - insurance of the acquired property (deducted from the loan amount) and the borrower's life, which is optional (from 150-600 euros per year); - Bank commission for issuing a loan - 0.5% -1% of the amount of the loan provided; - commission for consideration of a loan application is 100-160 euros, which are deducted from the loan amount upon its issuance; - notarization of documents - 1-1.5% of the loan amount; - Tax for registering a mortgage - 0.25% of the loan amount, if the purchased housing is bought by a resident, like the first house and he pays 2% when buying a second house, for non-residents the rate is 2% of the loan amount. The costs associated with the appraisal of the property are paid directly to the appraisal company and amount to approximately EUR 300, plus VAT. Evgenia Lisina HomesOverseas.ru HomesOverseas.ru would like to thank Kirill Dolginsky from Lowell Finance, Olga Kibenko from Grand Milano Studio and Victoria Tamburini from Victoria House for help in preparing this article.
