The Studio Romizi

Some examples of our restoration

HOW TO HAVE A LOAN IN ITALY

Dear buyer,   Studio Romizi  can help you to be informed how to get a loan, from a primary italian, bank to buy or to buy and restore a property listed in our web site.

If you're interested please read the   following information and ask for the
forms needed to get  an opinion based on your financial situation:

write to:  E-Mail: romizi@romizi.com
 

MAXIMUM AMOUNT LOANED
 80% of the property value as it result in the survey and valuation

TERM OF THE LOAN
 The term of the loan is between 10 and 30 years.

INTEREST RATE
For a 10 years loan:
- rate is fixed at the Euribor 360 –6 months index plus  1.5 for the 1st two years (for instance now, November 23 2001, the  Eurobor is 3.2%, so the rate will be 3.2+1.5= 4.7%);
- between the 3rd and 5th year you can decide to maintain the fixed rate or to change it to the variable rate;
- between the 5rd and 7th year you can decide to maintain the fixed rate or to change it to the variable rate;
- the last 3 years has to remain as in the last choice;

For more than 10 years the above periods will be consequentially increased .

PERIOD TO HAVE THE LOAN APPROVED AND TO GET THE MONEY:
From 30 to 45 day from the form where you ask the loan adding the needed documents:
the form that show your revenue; the report that describe the property; the preliminary.

Studio Romizi can help you  to ask informally to the bank about the loan before any  preliminary.

ADMINISTRATION FEES
 No charges

MONTHLY REPAYMENTS
 Monthly mortgage payments must be made  to the Italian Bank, directly or sending the payment by another italian or foreign Bank.

SURVEY AND VALUATION FEES FOR MORTGAGE PURPOSES
 The cost of the survey and valuation is that of  the official professional you made in charge of it.

For instance if the value estimated is of 100,000 Euro ,Studio Romizi  cost is 292 Euro plus taxes (tot. 357); if the value estimated is 250,000 Euro Studio Romizi  cost is 565 Euro plus taxes (692); if the value estimated is 500,000 Euro, Studio Romizi  cost is 930 Euro (tot. 1,138).
 

INSURANCE POLICY
 The Bank provide for free the insurance against the fire if  the property is your first property acquired in Italy; If the loan is also for the restoration of the property the Bank provide with its insurance company at a variable cost (for instance for 185,000 Euro property value and a 10 years loan, the total cost of the insurance can be about 300 Euro).
 

EARLY REDEMPTION CHARGE
No charge if decide at the moment of the  3rd -5th  or  5th-7th year rate choice.
 In any other period the charge is 1% of the capital reimbursed .

 ADDITIONAL COSTS
The purchase and loan Act cost, that depend on the value of the property .
These costs are different case by case.
Studio Romizi  help its clients verifying these cost before any purchase.

Last upgrade: November 23, 2001
 

Please write, with your suggestions to enable us to improve our service.

Thank you.

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