The Italian banking system has operated in the recent years, even after the crisis of 2008, in an absolutely prudent way and after a boom in loan payments, there has been a slowdown for the granting of the same about the reliability on clients who demanded for.
In any case, the applicant must pass the test of laundering regulations that handles financial transactions and prevents acts of criminal nature (Legislative Decree n. 231/2007).
2) INCOME AS A FUNDAMENTAL ELEMENT
Obvioulsy you have to consider that each bank – under his opinion – can or can not open an investigation, but anyway the basic element that is considered by who is in charge of banking institutions, is the income.
Based on this criteria, the loan is granted by checking the sources of fixed assets of the applicant based primarily on its income earned during the last year or the last three years.
Certainly also the asset will be evaluated during the investigation, but the chances of obtaining the loan will become even more probable if the financial assets are prevalent against the fixed assets.
Normally it is considered a good parameter to have an income equal to 1/3 of the quota attributed to the loan.
Obviously, the simultaneous presence of a reasonable income together with a substantial asset real estate (houses, buildings, land ..) and commercial (corporate shares ..) increase the chances of success in the request.
In examining the practice, the bank officers must request documentation proving the income declared.
Being foreign clients, it becomes crucial the delivery of personal and corporate tax declaration of the applicant.
Some banks require documents regarding the last year, while others require the last 3 years.
The declarations that are in foreign languages, will necessarily be translated by an expert linguist professionally qualified.
4) PROCEDURE FOR FOREIGN CLIENTS
The request by not Italian person, both Community and not, is evaluated carefully by banks with research of information also through foreign branches of the same banks.
Certainly having open positions in branches in foreign countries constitutes preferential element, as the Italian bank may request information and additional documentation to the file for practice.
The knowledge of the client by the foreign branch is a key element for the success of the request.
Finally, the presence of an active account at the foreign branch can guarantee operations collateral that will undoubtedly facilitate the outcome of the inquest.
5) EVALUATION OF THE PROPERTY
The bank requires an expertise of value of the property that is meant to be acquired.
This value is important in relation to both the guarantee connected with the loan (normally the first level), and to evaluate the maximum quota that can be financed from the bank (value of the loan divided by the value of the property).
Once verified the parameters by a qualified professional, the bank has the elements to be able to decide level of guarantee and the percentage of the loan.
Almost all loans in Italy is delivered provided that against the loan there is a mortgage on property equal to twice the loan.
This mortgage will be reported in public registers of properties and in case of non-payment, the bank will can proceed according to the Italian executive procedure of the loan and will be a preferred creditor over others.
In addition to the mortgage, if necessary, the bank may require a guarantee by a third person as additional guarantors.
7) NOTARY ACT OF LOAN
Before signing the final act, the mortgage will be done with the participation of a notary and bank officers.
The mortage is a separate act from the purchase act but it will be into the final act in the part connected with the mortages on the property. In the presence of a previous mortgages , it will be close and it is possible to proceed with the sale.