Italian Mortgage Service
IMS is a branch of Lifeinitaly.it
for buy , restore , refinance
residential properties , in Italy
Other Mortgages Procedures
this page explain
the Restore property in Italy mortgage
procedure and payments
MORTGAGE AMOUNT ALLOWED
MINIMUM 150.000 euro
The Real Estate Restore Only mortgage , can be provided on , existing home or ruines , ONLY at following conditions :
1 - The value of the property,it has no influence on the value of the loan that can be requested. The value of the loan will be equal to 50% of the value of the restorations to be carried out, as stated in the metric calculation, drawn up by the construction manager, and attached to the loan application. The assessment must be confirmed by the Bank's surveyor.
2 - Mortgage Amount from 100.000 euro
3 - Mortgage Duration from 10 years
4 - Fixed or variable interest rate is applicable (for some banks the borrover may request to switch to the fixed interest rate, after the mortgage has ben fully disbursed by the bank and the restoration work , completed)
5 - The Real Estate Restoration Mortgage to Restore in Italy process , can be start ONLY , if the property is newly certified as residential, have a restoration works calculation issued by a licensed technician (Geometra) or an Architect or a Civil Engineer , have restoration licence issued by a commune offices.
6 - The Real Estate Mortgage in Italy to Restore contract signature and first payment , according bank surveyor expertise, can be only after has been made : the roof, the floors of the plants (for homes with multiple floors) the outer walls.
According the italian banks standards requirements , the foreign borrower can receive a mortgage till max 50% on the property to restore, commercial value , calculated once the restoration works have finished . This calculation has to confirmed by the bank surveyor .
Basis Points - 50% LTV mortgage
the borrower is the owner of a property to be restored, the value of which at
the beginning of the restoration is indifferent
B) the commercial value of the property , once the restoration works are finished will 400.000,00 euro
C) the borrower has an income that they can receive a mortgage for 200.000,00 euro
Therefore the bank will pay a maximum mortgage of 200.000,00-euro
1> Upon signature of the loan deed by the bank, no disbursement will be made. the first disbursement takes place after the mortgage on the property is consolidated, usually within 21 days from the registration of the purchase deed.
2> The bank pays the borrower 200,000.00 euros, during the restoration work in one or more SAL (work progress), on the basis of the appraisals that will be carried out by the technician appointed from time to time by the bank following the request for disbursement carried out by the borrower.
3> To make the last disbursement, the borrower must send the certificate of habitability of the property to the bank. The last disbursement must take place no later than 24 months from the date on which the loan agreement 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 .
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.
Profession exercised in accordance with the law 14-01-2013-nr.4