Getting a mortgage is sometimes a long and laborious operation. this is because the procedure for the disbursement of a mortgage is complex and involves a series of steps. The procedures for requesting and obtaining a real estate loan differ according to the credit institution and the type of loan requested. Most of the steps are common to all credit institutions, let’s see what they are and what needs to be done to proceed.
Mutual disbursement procedure: preliminary investigation
The first step is the opening of the preliminary investigation. The purpose of this step is to verify the feasibility of the loan before proceeding with the subsequent steps. A possible stop would preclude any subsequent step but it would also allow you not to go ahead spending time and money on other activities which, given the outcome, would be useless.
The applicant must present a loan application to the bank and provide the complete documentation relating to the property and its income. On the basis of the application and documentation presented, the bank will carry out checks on the situation
- registry and family
- presence of guarantors
- Credit Scoring
- property value to buy
In the event of a positive feasibility opinion , the bank is not committed to granting the loan. Any discrepancies between the declarations presented and the subsequent verification of the documentation, or a negative appraisal may lead the bank to deny the concession.
Complete documentation for loan granting procedure
If the loan is feasible, the applicant is required to provide the complete documentation proving the statements made during the preliminary investigation and the supplementary documentation that the bank requires
- real estate
- identity card
- fiscal Code
- contextual certificate (family + residence + marital status + citizenship )
- residence permit (non-EU)
- extract from the marriage certificate
- possible separation homologation or divorce sentence
- type of work (employee or self-employed) and qualification
- monthly and annual net income
- CUD model (employees)
- service certificate (employees)
- photocopy of the last 2 pay slips (employees)
- Unico model (autonomous)
- photocopies of accounts (if self-employed)
- debt situation statement
- compromise or purchase proposal
- act of origin
- cadastral planimetry
- certificate of habitability
- energy class certificate
- building permit if it is a new building
In any case, the bank can always ask for any supplementary documentation that changes depending on the case.
Guarantees to cover the loan
To obtain a loan, the bank asks the applicant for a guarantee. It is therefore necessary l ‘registration of a mortgage on the good that you intend to buy with the mortgage. For this reason the bank assigns an expert whose role is to ascertain that the value of the property justifies the granting of the loan by the bank.
First, the appraiser examines the documentation provided, then he will examine the property personally, and finally estimate the market value of the analyzed property . It should be borne in mind that the appraiser fee is paid by the person requesting the loan, so it is included in the expenses to be evaluated when choosing the loan.
Closure of the loan disbursement procedure
Once all the necessary assessments have been completed, the investigation is closed and the bank decides whether to grant the requested loan or not. This phase usually takes some time: 7 to 15 days. If the documentation presented complies with what was declared at the application stage, in most cases the outcome is positive.
In some cases the application can still be rejected. In the event that the loan application is not accepted, the relationship between the bank and the applicant will be deemed concluded.
The causes that can lead to a negative outcome are verified debts or bank protests , or the registration as a bad payer in some database available to the bank.
If the loan request is accepted, the contract will be stipulated , which will formalize the clauses of the contract and the methods for returning the sum received. The loan contract will be accompanied by the drawing up of a capital amortization plan. This document will specify all the installments to be paid, the deadlines and the breakdown between capital and interest.
When the contractual conditions have been established and accepted by both parties, the bank will disburse the required monetary amount.