Advice 2 : How to take a loan abroad
- Passport, birth certificate may need to collect additional required Bank documents, including a certificate of regular income, to fill the provided questionnaire.
Before checking the creditworthiness of the borrower was purely conditional, now the deadlines are slightly increased for a thorough study of the documents of the applicant for the loan.
Advice 3 : How to get a mortgage in a foreign Bank
Europe is the most popular among Russians from the point of view of real estate acquisition. According to various estimates, every second Russian acquires a property with a mortgage.
Terms of mortgage lending in Europe
European banks issued mortgage loans with interest rates from 2-3% to 7%. This is 5 times lower than in Russia. Loans can be obtained only on real estate, which is located in the region of the Bank. This means that direct loan funds for the purchase of Russian apartments can not. All because at the time of the mortgage, the apartment will be in pledge at Bank, and, accordingly, it will evaluate its liquidity. The Bank should be confident that he will easily be able to sell the apartment, which provided the loan.
It is worth considering that in some European countries with a difficult economic situation, mortgage loans are on less favorable terms. For example, in Bulgaria, Turkey, Spain, the mortgage rate can reach 9%.
Usually the loans are exclusively for residential property. To obtain the credit for purchase of commercial property, the foreigner would be extremely problematic.
A mortgage loan may provide for up to 30 years, but the Bank will assess the borrower's age. Standard borrowed funds you can get 80% of the property value. But now banks in order to attract borrowers approve loans and 110% of the price of the Builder. The 10% will further go to paying additional fees associated with registration. There are countries with more stringent conditions. For example, in Italy will be required to contribute up to 60-80% of equity.
There are limits on the amount of the mortgage. For example, in Germany not welcome "affordable" mortgage of up to 60 thousand euros, in Italy - up to 100 thousand euros in the UK - up to 500 thousand Euro, and in Turkey loans, and for 10 thousand euros.
In case of delay in mortgage banks typically do not go to court, and insist on the immediate sale of the object.
In some countries you can get a mortgage
All countries can be divided into groups from the point of view of availability of mortgage loans. This:
- Mortgage loans are unavailable or to borrowers are so stringent, that to loans practically impossible. Today, the list of such countries includes Italy, Cyprus, Croatia, Austria, Montenegro, Switzerland, England, Romania.
- To get a mortgage it is possible, but its design implies a territorial or procedural limitations. For example, Germany, Czech Republic and France.
- Mortgage, but credit conditions less favorable. Among these countries, such as Portugal, Spain, Finland.
Stages of registration of mortgages abroad
Experts recommend to choose a real estate object. It often happens that the apartment is already in the ownership of any Bank, then to arrange a mortgage will be possible only in him. Moreover, the Bank can offer more favorable conditions for "their objects". If non-Bank real estate, you can contact any Bank.
Next, you need to contact the Bank (personally or through intermediaries) and are familiar with his requirements and list of requested documents.
Most importantly when deciding on the granting of a mortgage is the borrower's ability to perform its obligations under the loan. Requirements to solvency of borrowers vary in every Bank and country. For example, in Spain, you must have monthly income three times greater than the loan payments.
Largely from the results of the evaluation of a borrower depends on the interest rate, which it provided. Therefore, the more documents provide the borrower the better the terms he will offer. This can proof of income; Bank statement from account of the Bank; certificate of the borrower characteristics of the Bank or BCH; the evidence of a real estate, car. Please note that documents will need to be translated from Russian. The cost of this can reach 150-200 euros.
Most banks will require a certificate from Bank about availability of funds for the down payment. In some countries, additionally, can request a training or work visa, the affidavit of a resident of the country, the inquiry about absence of debts on credits, permission from the authorities to purchase real estate.
By the way, is not always the borrower has the need to contact the Bank, you can often receive installments directly from the developer. For example, such proposals can be used in Bulgaria, Turkey, Montenegro. Installment involves the payment of loan amount in the period of one year without interest.
And experiencing a severe crisis of Greek banks halted mortgage lending and installment is the only option to purchase housing with a shortage of own funds. Do not provide such loans in the UK.