Debt Consolidation Home Loan: Discover Solutions!
The Debt Consolidation Home Loan is the solution dedicated to those who already own a property and intend to consolidate all its commitments in a single installment. Debt consolidation mortgage is a solution designed to guarantee a m it adds serenity to the family unit, in some cases significantly reducing the exposure of monthly installments.
During 2016, home mortgage applications grew and the banks’ response marked a positive result. The credit to families through the home mortgage or rather the home purchase mortgage is recovering; this factor determines and will determine a positive effect for the whole economy of our country. Now let’s see in more detail what it is, who can request it, how the home debt consolidation loan works.
Debt consolidation home mortgage: what is it?
The home debt consolidation loan is a loan dedicated to those who already own a property. This loan allows you to consolidate other personal loans, other loans in general besides of course the existing home mortgage. To maintain the mortgage ownership relationship, the maximum amount that can be granted will be limited to 80% of the value of the property.
This means that if you are the owner of a house worth € 200,000.00, you can request a maximum amount of € 160,000.00 from the bank. As we will explain below, the loan will be granted based on the income received by the applicants or guarantors of the transaction.
Home Debt Consolidation Mortgage: Who Can Request It?
This solution is aimed at those who already own a property with a current mortgage. The first aspect to consider is the regularity of payments, data highlighted in the various databases such as CRIF and Experian.
In the case of late payment, so if you are reported as a bad payer (both for late payment of the loan and for late payments for other personal loans), you cannot obtain this mortgage. For bad payers the only possibility to get a new loan is through the sale of the fifth. This personal loan is only for employees and retirees.
If regular in the databases, you can request the debt consolidation loan. As mentioned above, the bank can assess the request if the mortgage / property value is respected in the 80% ratio. The value of your home will be estimated by a technician in charge of the bank who, after an inspection, will carry out a property appraisal.
Before instructing the technician, the bank will assess the financial sustainability of the request, so if the new estimated loan installment will be sustainable with respect to the monthly income received. As a guideline we can consider that the loan installment (the same applies to the simple home loan) must not exceed 40% of the monthly income received.
Once the maximum amount granted has been determined, if sufficient to renegotiate the home loan and consolidate , therefore extinguish, the other personal loans in progress or part of them, the notarial stipulation of the new mortgage deed will be activated.
The various accounts will therefore be requested (the document that certifies the exact amount to be returned to the credit institution, net of interest not accrued) to the banks or financial institutions involved. Concurrently with the disbursement of the new home mortgage, other financial commitments will be closed.