Q. I am not an European Union citizen, nor an Italian resident. I would like to know if, as a non-resident, I am allowed to get a mortgage on the Italian house.
A. Non-Italian residents, regardless of their citizenship, are allowed to get mortgages on Italian properties. Certain banks in Italy, both Italian and non, offer mortgage contracts to non -esidents who want to buy an Italian property. One should be aware that applying for a mortgage does lead to additional costs such as the mortgage application fee, mortgage broker fee, mortgage taxes, a property value survey, notary fees, insurance and even interpreter fees if the applicant does not speak Italian. After the submission of the application for an Italian mortgage for a property purchase, banks would take approximately two months to complete the procedure and issue the funds.
You can save on mortgage process time and costs if the vendor already has a mortgage on the property. In particular, if you are happy with the terms of the existing mortgage you might be able to undertake it at no cost and no fee which is a very interesting option for certain buyers. By way of example of costs that can be saved, on a mortgage to borrow EUR 50,000 you might save approximately EUR 5,000 should you take over the existing mortgage.
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