A practical loan guide for the purchase of a first home, with all the best solutions currently available. Let’s find out how subsidized Personal Payday Loans for young people work, with the necessary requirements and conditions offered. Finally, the best bank loans and how non-interest bearing loans work. aaltered.com has examples
First Home Purchase Loan: How Personal Payday Loans for Young People Work
One of the most common reasons for which you need financing is the purchase of your first home. In fact, this is a decidedly important expense that is hardly able to be addressed through the only savings at one’s disposal, except in rare cases. For this reason it is essential to access a loan, but what is the best solution among those currently available on the market? There are mainly two solutions that can be found when looking for a certain amount of money to be used for the purchase of the first home. We are obviously talking about the mortgage and the loan. The main difference between these two solutions lies in the guarantees that are requested of us by the company we will address. In particular, in the case of mortgages it is essential to mortgage a property, which therefore gives the company the right to sell the property in the auction if we are unable to pay the repayment installments within the set deadlines.
The mortgage of the property is not required in the case of loans for the purchase of the first home, which are the ones we deal with on this page. The loans for the purchase of a first home can be either Personal Payday Loans or special purpose loans. In the first case there will be no need for a proof of expenditure, while in the second case we will have to present to the bank the deed of sale of the house we are buying, and the amount of financing that will be offered to us will not exceed the expense we will have to face. There are several banks and financial institutions that offer loans for the purchase of the first home at very interesting conditions, however the first solution that is worth considering is that of the subsidized loans. How do they work? These are particular products that allow young people to carry out their project of buying their first home.
Among the subsidized loans that can be useful for young people and are not there are Social Security loans. The conditions of these loans are practically the same as those of the old Inpdap loans, and have the aim of facilitating precisely their members. The form of financing offered by Social Security for the purchase of the first home is the multi-year loan, which can have a duration of 5 years or 10 years. The type of loan is that of the salary assignment, which can be requested by all employees and retirees who are enrolled in the unitary credit and social services management. What have young people got to do with it? The novelty of the last few years is that Social Security offers its customers the possibility of using long-term loans for the purchase of a first home not only for the residence of their own members but also for the purchase of a home for their children.
The conditions of the subsidized Social Security loan are extremely advantageous for several reasons. First of all, as far as the amount that can be requested is concerned, this reaches up to 150,000 euros. Furthermore, the possibility of setting a duration of 120 months allows the repayment to be extended adequately, setting installments within our reach. Finally, from the point of view of interest rates it is undoubtedly one of the best solutions of all: the Tan is 3.50%, to which must be added the administration costs of 0.50% and the premium for the Risk provision, which depends on the age of the client and the duration of the loan.
Bank Loans for Home Purchase: which are the best?
The subsidized loans Social Security ex Inpdap are therefore probably the best solution currently in circulation as regards the financing for the purchase of the first home. However, as we have already said, this is a solution aimed exclusively at employees and retirees enrolled in the unitary management of credit and social services. For those who do not have the opportunity to access subsidized Personal Payday Loans for young people, there are bank loans that allow us to obtain rather large sums of money for the purchase of our first home.
The classic Personal Payday Loans have the problem related to the amount that can be requested. Usually, in fact, banks and financial institutions do not allow us to request a sum above € 30,000. For this reason, many of the products we have already analyzed on our site are not helpful in the event that the project we want to achieve is the purchase of our first home. The amount of money we want to access in this case will be much higher, so we will have to go in search of valid alternative solutions. In the next few paragraphs we present briefly what we think are the best bank loans that can be requested to buy a house.
Findomestic loan for home purchase: requirements and quote
The first company to which we can turn to receive a Personal Payday Loan for the purchase of the first home is Findomestic. The feature of the financing offered by Findomestic is that they meet the needs of a very large clientele. The requirements are always the same, among which the main one is to receive an income that allows us to face the repayment installment every month. For this reason it is a solution aimed not only at employees and pensioners but also at self-employed workers, who can present the single model as an income document. The amount that can be requested through the Personal Payday Loan reaches a maximum of 60,000 euros, and among the purposes we can communicate to the finance company, the purchase of a house appears. Especially if you already have some money, a Findomestic loan of 60,000 euros can be a great solution to reach the total amount needed to buy the house you want.
To get an idea of the economic treatment that will be offered by Findomestic for your first home purchase loan, the best thing to do is to request a quote. To do this you will need only a few minutes, since you can use the online simulator that you find on the Findomestic website. To know the repayment rate and the interest rates applied to your loan, you will only need to specify as a project to be realized the item ” Buy Home “, and specify the amount you need. Finally, we have the possibility to specify the installment we prefer, in order to allow the software to return the solution that is closest to our needs. For example, for a 60,000 euro loan, we have chosen an installment of 800 euros per month. The best estimate presented to us is the one with a duration of 108 months. In this case, in fact, the monthly repayment rate will be precisely 802.20 euros, while the interest rates will be a Tan 8.67% and a Taeg 9.02%.
Unicredit Home Loan: amount that can be requested, interest rates and duration
Another excellent financing solution for the purchase of the first home is offered by Unicredit. In this case on the company’s website we find a product designed specifically for the need we are considering, which takes the name of Unicredit Home Loan. There are several advantages of this product, which is precisely a loan aimed at buying a house or land. The amount that can be requested ranges from a minimum of 5,000 euros up to a maximum of 100,000 euros, so from this point of view we will be able to receive more money than previously seen. As for the duration, we will have the possibility to choose the repayment plan we prefer, deferring the payment of the installments up to a maximum of 120 months.
The Unicredit Home Loan is a fixed-rate loan, which will be defined on the basis of the characteristics of the loan that we will request, the client’s personal data and the economic guarantees that are provided by the customer. The request for a quote for the first home purchase loan offered by Unicredit cannot be made online. Through the bank’s website we still have the option of making an online appointment at the nearest branch, choosing the date and time we prefer. When we go to the branch, we will be able to communicate our needs to a Unicredit consultant and a detailed quote will be presented to help us assess the repayment rate and the interest rates applied.
BNL Loan In Novo 1Click for First House Purchase: installment calculation and interest rates
Among the best loans for the purchase of the first home it is good to also consider the BNL In Novo 1Click loan. This form of financing has a sum that can be requested up to 100,000 euros, which can be used to carry out projects of different kinds, including the purchase of a home. Among the features of this product that are highlighted on the bank’s website there is in particular the speed of delivery. The loan request is in fact carried out completely online, which considerably simplifies the management procedure, in addition to streamlining costs. As stated on the BNL website, in fact, for the loan for the purchase of a first home, zero preliminary investigation fees are provided.
Thanks to BNL’s online simulator, we have the option of calculating the installment and online interest rates in one click. All we will have to do will in fact specify the project to be carried out, which will be precisely ” Purchase housing “, and then insert the amount we need and the monthly installments we prefer into the spaces provided. At this point we simply need to click on ” Calculate Installment ” to view the list of solutions offered by BNL in collaboration with Findomestic, with repayment installments and interest rates for each of the available duration. Consider for example a request for 100,000 euros, for which a figure of 1,000 euros is indicated as the desired installment. In this case the best first home purchase loan will be the one with a duration of 108 months. The monthly repayment installment will be a little higher than the desired one, given that it will have an amount of 1,349.00 euros, while the interest rates will be a Tan 8.90% and a Taeg 9.28%.
Interest-bearing loans to children: how this form of private financing works
To conclude our analysis of the products that we can request to obtain a loan for the purchase of a first home, we find out what are the non-interest bearing loans to children. This solution is not known by everyone, but represents a very important form of loan that falls under the heading of ” loans between private individuals “. In particular we talk about family loans when a loan is granted by a private individual to a relative. In the event that a young person needs to face the expense of buying a first home, it can happen that a parent has kept some savings from his own to allow his child to carry out his project without having to go to a bank. In the event that you want to make this loan by claiming only the repayment of the loaned capital, it is called non-interest bearing loans. In this case, in fact, the interest rate of the loan will be 0, and we will have the opportunity to decide how to repay and by what expiry date.
Many think that it is safe to carry out this money transfer without any problem, given that they are their own child. In reality, to avoid incurring any penalties from the Inland Revenue it is important to write down the characteristics of this non-interest bearing loan paid to your child, by writing in private. This must include the amount paid and the date on which the money was transferred. It is also advisable to specify that it is a non-interest bearing loan, while otherwise the interest rate applied must be specified. The repayment plan must be specified on the private agreement, with the number of installments and the date by which the repayment will be completed. Finally, this document must obviously be signed by both the lender and the beneficiary. The non-interest bearing loans to children are therefore the ideal solution for young people who have to face an expense of this type that has parents willing to make this financing. However, we repeat, it is good to be very careful as money transfers of this type can easily make the Revenue Agency suspicious.