Let’s see what are the characteristics of the mortgage loan offered by Onecredit, with the interest rate applied and the amount that can be requested through this product. We will then see the necessary requirements to have access to the desired credit, a fundamental aspect when we are looking for financing that is right for us. Finally, how to apply for the Onecredit mortgage loan, setting an appointment at the branch.
Mortgage loan: what it is and to whom it is addressed
The mortgage life annuity loan is one of the many Onecredit loans offered to its customers. This is a form of financing aimed at the elderly, in particular for customers aged between 65 and 85. As underlined by the name of the product itself, it is a mortgage loan, ie a loan in which the guarantee requested by the bank is the mortgage of a property owned, in particular of the first house. The value of the latter will therefore depend on the sum to which one can have access.
The second key word that identifies the product we are talking about in this article is “life annuity”. This underlines how the duration of the loan itself is not defined at the time the contract is stipulated, as is the case with other forms of loans. In this case, in fact, the reimbursement must be made at the time of the death of the customer who received the loan, so the reimbursement must be made by the heirs. As regards the other characteristics of the loan, it is necessary to make a distinction between the two options of the loan itself.
The first option provides for the annual capitalization of the interest we will have to pay to the bank and all the related expenses. As an alternative, it is possible to pay only the interest and expenses related to our financing each month. Based on the option that the applicant will choose between these two, there are limits on the amount that can be requested. Regarding the first option, there is a maximum threshold that will go from 15% of the value of the property, for customers between 65 and 68 years, up to 50% for customers between 82 and 85 years.
By choosing the monthly payment of interest, the maximum threshold for the first age group will be 30% of the value of the property, while the maximum amount that can be requested will always be equal to 50%. Finally, with regard to the interest rates applied by Onecredit, a fixed rate of 4.50% is envisaged by choosing the capitalization of interest. As regards the option that provides for the monthly payment of interest, in this case the rate will be variable and equal to the three-month Euribor 365.
How to apply for a mortgage loan to Onecredit Bank
We have therefore seen the main features of this product. Before seeing how to make the request, it is good to underline the risks involved in choosing this form of financing. In case the heirs had problems in repaying the sum loaned by the client, the bank can sell the mortgaged house. For this reason, therefore, we advise you to choose this product only if strictly necessary, and above all if you do not have the possibility to request a loan of another type such as the sale of the fifth, which certainly provides better conditions.
If you are interested in applying for a Onecredit mortgage loan, what you can do is visit the company’s website, thanks to which you will be offered the opportunity to make an appointment at the branch. Here you will receive further information about the conditions of the loan, and you can proceed immediately with the request for the amount you need.
The documents that you must have at hand will obviously be the identity card and the tax code, without which it is not possible to apply for a loan. As regards in particular this form of financing, all the documentation relating to the property that is to be mortgaged will be required. This will be analyzed by an expert who will determine the value, from which, as we have seen, the maximum amount to which you will have access will be calculated.