Usual conditions for getting a mortgage:
- mortgage amount must not exceed 80% of the property value
- minimum amount of Italian mortgages is 150.000 Euro
- maturity of 5-30 years, minimum age 18 years, maximum age 75 years
- interest rate is usually between 8-10%
- must be used for the purchase of real estate, including the renovation
- certain restrictions for a mortgage in Italy relate e.g. on objects under construction or objects in the planning stages
- the purchased property is used as security.
Documentation required by the lender:
- proof of identity and residence
- proof of income and expenses (last 3 months)
- bank statements
- documents the object of purchase.
To obtain a mortgage in Italy, it is important to have a tax number (Codice Fiscale). You can apply for it at the Italian Embassy or we will help you during your stay in Italy.
The cost of establishing the Italian mortgage:
- bank fee for arranging mortgages: typically 0.4% -0.7% of the loan amount (deducted from the loan amount)
- bank costs of completion: typically 100-160 Euro (deducted from the loan amount)
- property valuation fee, 200-250 Euro (payable directly appraisers).
The Bank assesses each loan application individually and in its sole discretion reserves the right to request additional documents.