The mortgage loan is a financial formula that could be used by you if you have a property and want to have a sum of money at your disposal to invest in certain areas. Let’s now analyze what this kind of loan consists of that has a formula that is very simple to discover.
This particular loan, born in 2015 thanks to the law n. 44/2015 , consists in exploiting the property in your possession in order to obtain a sum of liquid money that you can take advantage of in order to effectively meet all the different expenses that you deem necessary. This loan requires you to have your home analyzed by an external real estate expert of your choice . The task of this figure is that of carrying out a careful analysis that must be objective and useful to establish the value of your property. The expert will have the task, once your home is analyzed, to send the necessary documents to the bank so that it can know the amount of money that can be provided.
For example, if the property in your possession has a value of one hundred thousand euro, the loan that will be paid by the bank could have this amount. Of course you must also take into account your age: based on this will be a calculation that relates to the financing itself. For example, if you are sixty, the percentage of twenty percent on the property will be calculated, and if you have reached the age of eighty, you will have a tax rate of thirty percent. Therefore, the initial loan of one hundred thousand euros is reduced and brought back to your age group.
How funding is requested
This loan must be requested from your bank after you have the certainty that it offers this product and then the appraisal. For the request you will have to forward to your bank several documents, such as those related to your identity and then the appraisal of the immobil and done by the external figure that you have decided to hire. Once all the different calculations are completed, you can get hold of the amount of money you need and based on your age and value of the property itself.
How to repay the loan
The loan must be repaid when a relative of yours, who has decided to stipulate this particular contract with the bank, passes to a better life. The term life annuity means that as long as the contractor is alive, he will not have to pay the installments by letting the debt fall on the descendants . To make the return you can request to redeem the property, paying the installments of the loan by submitting the request within one year after the death of the person who requested the loan.
You can also decide to leave the house to the bank that will sell the property : the proceeds will be used to pay the debt and the excess will be distributed to the inherit . In both cases, you must communicate your intentions to the banking institution so that you can take all the different measures necessary to plan the repayment of the debt.