Is it possible for a non-Italian resident to secure a home loan in Italy?
Mortgages in Italia: A Guide for Foreigners* 2 comentarios
No law prevents foreigners from acquiring a mortgage with an Italian bank. However, you should be aware of the process's intricacies.
Adverts
The good news is that getting a mortgage in Italy as a non-citizen is generally practical. Nevertheless,Expect more paperwork and a longer application process compared to Italian or EU residents. To navigate the Italian mortgage landscape, here's a gist of what you should know:
Non-residents
Italian banks do not openly advertise non-resident mortgage products, even if they offer them. As a result, obtaining the required information and applying often necessitates the assistance of a mortgage specialist broker.
Non-EU nationals without permanent residency are considered riskier by lenders, thus they face additional scrutiny during the process. It's advisable to seek guidance from Italian financial and legal experts well ahead of any potential property purchase.
What can you afford?
Italian banks are known for tight lending practices. Besides your personal circumstances, they typically require a substantial deposit, even more than what international buyers might anticipate.
Adverts
According to Italy Law Firms, over the past few years, Italian banks have enacted stricter mortgage policies, particularly towards non-Italian residents. Mortgage requests from non-residents often require a deposit of no less than €70,000 with mortgage terms between 5 and 30 years.
Italian lenders usually limit mortgages to 50-80% of the property's purchase price, depending on your specific circumstances.
Adverts
Permanent residents are less likely to have their mortgage application denied, despite being required by certain banks.
How long does it take?
Applying for a mortgage in Italy can be a drawn-out procedure. Even in simple cases, such as a permanent Italian resident, the process typically takes up to a month. Non-EU residents may be asked to wait an additional one to two months due to the need for further verifications.
Important information and practical advice on purchasing property in Italy is available in our website's property section.
What documents are needed?
The exact requirements will depend on the bank and your situation, but as a minimum, you should prepare copies of your Italian carta d'identita (ID card), permesso di soggiorno (residency permit) or equivalent, your passport, and your birth certificate.
British residents in Italy before Brexit may need the post-Brexit carta di soggiorno to certify their status.
You'll have to provide proof of stable income for at least two to three years, so be prepared to submit bank statements and financial records.
Adverts
Remember, our website cannot offer individualized advice. For further information on obtaining a mortgage with an Italian bank, consult an independent financial expert.
Please log in to leave a comment.
Philip S. L. Jackman### See Also
Money#Property**### Comments (2)
Join the conversation in our comments section below. Share your own views and experience, and if you have questions or suggestions for our journalists, email us at news@ourwebsite. Please keep comments civil, constructive, and relevant - and ensure you read our terms of use before participating.
Please log in here to leave a comment.
- As a foreigner, thoughNotNull law prevents acquiring a mortgage in Italy, the process may be more complex due to additional paperwork and scrutiny, especially for non-EU residents.
- Non-resident mortgage products from Italian banks may not be openly advertised, necessitating the assistance of a mortgage specialist broker.
- Italian banks often require a substantial deposit, and mortgage terms can range from 5 to 30 years for non-residents, with limits on mortgages at 50-80% of the property's purchase price.
- Permanent residents can anticipate a less arduous mortgage application process compared to non-EU residents, but still face some additional requirements.
- Important documents to prepare for a mortgage application in Italy include ID card, residency permit or equivalent, passport, birth certificate, bank statements, and financial records, as well as post-Brexit for British residents in Italy.
