In recent years, it has become popular to take loans from foreign banks. The main advantage is the low interest rate, on average 4-6% per annum. The process of granting a loan abroad is the same as in our country. The bank checks the solvency of the potential borrower, evaluates the collateral, one of the conditions of the agreement is compulsory property insurance, the property is registered. The interest rate will fluctuate slightly depending on the client's financial condition.
It is necessary
Passport, birth certificate, you may have to collect additional documents required by the bank, including a certificate of a source of permanent income, fill out the provided questionnaires
Instructions
Step 1
The loan can be taken in any currency of your choice. Repayment terms vary from 10 to 30 years, it is not profitable to arrange for shorter periods, since loan payments will be too high. The amount of monthly payments should not exceed 30% of the borrower's salary.
Step 2
You can get a loan from a foreign bank either with the help of an intermediary or on your own. In Italy, it is not so easy to get loans, Italian banks can provide loans for only half the value of the collateral and the client must have a residence permit. French banks are happy to lend to non-residents and their interest rates are quite attractive. Greek banks provide loans only to residents of the European Union, however, as well as German, Czech and Slovak banks. Banks of Cyprus lend to everyone and are loyal to the documents provided by the borrower.
Previously, checking the creditworthiness of the borrower was purely conditional, now the terms for considering applications have been slightly increased for a thorough study of the applicant's documents for a loan.
Step 3
For a bank, a loan is the main source of profit. The loan agreement of a foreign bank necessarily contains a description of the procedure for the implementation of the pledge, that is, the borrower has the full right to sell the property without any approvals from the bank and the buyer re-issues the loan. Banks give preference to clients who have recommendations from any of the local companies. The loan will be issued if the selected bank considers that you will return the entire amount with interest without complications. Banks are not interested in clients who may have difficulties with payment, since then they will have to resell the collateral.
