Mortgages for restructuring , especially in our country, still represent a financial product to which a marginal part of families decides to rely on. On a scale of about 100 loans requested, a negligible percentage, only 6%, is made up of mortgages undertaken to restructure the building . Contrary to what one might erroneously believe, the process of opening a restructuring loan is, by virtue of characteristics and characteristics, almost identical to that of a dumbly considered traditional mute.
But what are the characteristics of the restructuring loan?
First advantage that can be mentioned is given by the possibility that it can be requested either by the single owner or by the owners who are already in possession of the property to be treated. The second characteristic of the restructuring loan is its mere purpose , that is to expand, restructure or intervene in some points of any building that requires similar interventions . The amount that will then be disbursed by the credit institution to which it is addressed will cover variable percentages of costs that the construction company will have to implement at the time of the same restructuring. Obviously, the percentage is linked to the single bank. The more general, the percentages granted are in a range of values between 40 and 70% . The sum of money that, through the restructuring loan, you intend to ask, must be motivated through a document whose function is to certify on paper both the complete estimate of the work to be performed and a metric estimate.
The provision of the loan for restructuring can take place, alternatively, in a single solution or when the works are already in a rather advanced state. The first type of mortgage is usually provided when the work to be done on the property is of a minor size, while for what concerns those provided in advanced stages of the work the situation is relatively different. The advanced loan of the works concerns in fact works that, by their nature and by their connotations, are related to the almost total renovation of the buildings. Going even more in detail and wanting to further re-draft the figures, loans that do not exceed the sum of 70,000 euros are usually paid by a single solution. For loans that exceed this economic threshold, the outflow of money from the bank will be disbursed at multiple intervals. Whether it is a case or another, the bank will make the sum available to the borrower directly within its current account, however, only releasing the loan and only after submitting the bill of work.
Particularly this, which does not at all constitute something secondary and irrelevant, given that in this way the bank will carry to the minimum terms the risk that the subject of the silent person will default on insolvency. Before unlocking the individual parts of the loan, the bamca will gradually proceed to check, using an expert of their own trust, the real state of the work. In the meantime that the tranches are devolved from the bank, the person who has applied for the restructuring loan must pay a monthly installment amounting to 1/12 of the annual interest established at the time of signing the loan. When completed, the bank will provide the last tranche of the loan.
The best restructuring loans
In what is the wide range of restructuring mortgages offered, the ones that turn out to be the best are:
Unicredit Fixed Rate Mortgage
It is a mortgage that sees its maximum practicality regardless of whether it is required for the purchase, subrogation or just the renovation of a building for housing purposes . The rates offered by this particular type of mortgage are as follows:
– for loans that do not exceed 10 years, the rate applied is 1.80%;
– for mortgages that go instead from 11 to 20 years, the rate applied amounts to 3%;
– finally, for loans whose duration is between 21 and 30 years, the rate that will be applied will be 3.30%. The amount of the Unicredit Fixed Rate mortgage can reach 50% of both the value of the property that you intend to purchase and the current value of the property that is placed under warranty and which must be restructured. The suspension of payment of installments, another possibility given to the borrower, may include a maximum period of 12 months. This suspension may be required only once and should not concern the last year of payment of the loan in question. Feasible is also the postponement of payment of installments , with a maximum of three installments also not consecutive between them. Last but not least, the amount of the installment can be reduced by extending the amortization plan up to 48 months beyond the original expiry date.
Mediolanum Riparti Italia
This loan, registered by Banca Mediolanum, can be requested if you hold a current account with this credit institution. The Riparti Italia mortgage by Mediolanum is a variable rate mortgage, calculated on the basis of assets: Spread + Euribor 360 at 3 months. If this last parameter is, after careful recognition, characterized by a negative sign, the annual rate that will be applied for the reference quarter will in any case be equal to the contractual spread. Those that are the fundamental characteristics of this mortgage can be listed as follows:
– the loan that can be requested can range from 4,000 up to a maximum of 100,000 euros;
– the mortgage installments can be spread within a time frame between 12 and 120 months;
– the stamp duty substitute tax is 0.25%;
– the sending of any communication from the bank is free, as well as free are the costs related to the collection of the installment;
– the optional services include a credit protection insurance policy;
– the costs of the preliminary investigation amount to 1% of the sum requested;
Domus Mortgage of Intesa Sanpaolo
Through Mortgage Domus you can choose the rate, fixed or variable, which is more suited to those that are your needs. Depending on the size of the work, you can get even over 100,000 euros . If, at the time of restructuring, the work to be carried out is small, the payment of the sum will take place at the same time as the subscription. The maximum duration of the loan can reach 30 years, with a percentage of the costs of the works that can touch a maximum of 80% . Percentage, this, which far exceeds that conferred by mortgages promoted by many other banks. When serious events arise that compromise the regular payment of mortgage payments, you can protect yourself and your home with the solutions offered by Intesa Sanpaolo Assicura. In the event that you opt for the stability of the Fixed Rate , the rates would remain unchanged for the duration of the loan, with Multi-option which, on the contrary, will give you the opportunity to choose, after 3 or 5 years, the rate to be applied later to this period. If you want, on the other hand, to enjoy the variable rate, in the Base Plan the installments are subject to variation caused by the adjustment of the indexing parameter. For the Multi-option, however, you can choose the rate to be applied every 3 or 5 years, still choosing between fixed or variable. The last option that can be listed for the Variable Rate is the so-called “interest rate cap”, a maximum or fixed ceiling on the interest rate, which may change for the entire repayment plan or only for the first fraction of the course.