Today we will see how to get a loan for the first home without a fixed paycheck. This is a precise loan, aimed at young couples who want to buy their first home, without having a paycheck or an indeterminate contract as a guarantee. That’s why today we’ll show you all the procedures and requirements necessary to get this type of loan. Read carefully so as not to miss anything.
Loan without payslip for the purchase of the First House: requirements
We have already clarified how, in today’s times, there are many who wish to buy a first home, and live outside the family unit. However, it is not very simple nowadays to be able to buy a house without being able to apply for a loan. That is why today we will talk about a very special loan, designed specifically for those who have this need to buy their first home, but do not have the opportunity to prove the payslip, or do not have a permanent contract. So, the solution could be the first home loan without a paycheck. It is good to first of all clarify what we are talking about when we mention the first home loan, without a payslip. This particular loan has specific characteristics that cannot be changed. It is good, therefore, to make sure you understand everything, before requesting it.
First of all, the short repayment plan is up to 96 months. The maximum capital that can be requested cannot exceed 30,000 euros, therefore a higher sum cannot be requested, and as can be seen from the name, there is no need for great guarantees, as can be the payslip. This loan is designed for those who want to buy the first home, and not for other purposes. In fact, it cannot be used for purposes other than buying or renovating a first home. Furthermore, this loan cannot cover the total cost of the house, but only up to 70% of it. It can last up to thirty years and does not require a mortgage on the house, which some banks still require.
Therefore it can be said that the first home loan without payroll is designated as a finalized loan. It is clear that, in fact, this loan is aimed at buying a property. However, other guarantees must be presented, for those who are unable to show their paychecks, which make it possible to prevent those requesting the loan from being able to repay it or to remain behind with the payment of the installments.
The maximum loan, as mentioned, is 30000 euros, with an amortization plan that reaches 96 monthly installments, subject to change based on the financial resources of those requesting the loan. Being a loan for the purchase of the first home, at the time of stipulation, the bank or the bank has the right to request where the loan money will go, for what purpose. Obviously second homes, beach houses or anything else are not included in this loan.
Guarantees for a loan on your first home without a payslip
We have often seen how complicated it is to request a loan without a payslip, and as obviously, other types of guarantees are required from those who request this loan.
The first thing that must be considered is the sum of the installments of the amortization plan, and the timing of the return. Of course, equally important to consider are the interest rate, the TAN and the APR.
In any case, to apply for this loan before home without a payslip, certain documents must be shown. First of all you need to own a property where the credit institution can make up. Something like a heritage home that can be used as a guarantee. You must have an asset or a value that can be equal to or greater than the capital that is required, and a current account with monthly revenue. A fixed entry is also required, such as a rented house and a guarantor.
There is also another type of first home loan without payroll: let’s talk about the first home loan requested by young couples without a permanent job. Nowadays, in fact, many couples, despite not having a permanent contract, want to buy their first home. It is not always easy to afford it, which is why many of them ask for a loan. In this regard, a special subsidized loan was arranged with reduced interest rates compared to the normal loans granted. This is a special Fund for Young Couples, which was specifically dedicated to married children with or without children and single parent groups with dependent children, aged less than 35 years. This particular subsidized mortgage allows the purchase of the first house, which however cannot exceed a square square footage of 90. There are several banks and banking institutions that have joined this project, and which grant this type of loan to young people couples, without these having a permanent job or a permanent contract. Fast Credit Bank, first of all, proposes the so-called Good Loan, which allows the disbursement of a loan of 30 thousand, up to 200 thousand euros. Among the requisites requested by the bank, there is in fact no possession of a permanent job or a permanent contract. In this way, even those without pay may request a loan. The amortization plan has a limit of thirty years which will allow for the achievement of comfortable monthly installments for any economic situation. Obviously the Mutual Project Work has basic requirements, and cannot be requested by anyone. As anticipated, this specific loan is designed for young couples who want to buy their first home, but do not have a fixed salary, but guaranteeing the payment of capital up to 70% of the value of the home. Only workers who manage to present a business continuity of at least 60 months can obtain a loan that is equal to 80% of the value of the property. The interest rate is chosen, and is fixed. You can choose it for 5, 10, 15 or 20 years. The rate is naturally variable. If the capital required is very high, of course, the chances of receiving the loan may increase in case a property is presented in which to place a mortgage. Otherwise a good or a home, which is able to guarantee a fixed income to the bank or institution that is making you credit. In this way the bank will have a certain guarantee, and you will be able to get your loan, without pay, and without too many problems. So, the way to get a loan without a payslip, to buy the first property, surely exists, it is enough to simply know the procedures, and of course, have the necessary requisites requested by the bank or the credit institution.
First home loan without paycheck: the mortgage
For many years, when a loan was requested, it was necessary to have a payslip as a guarantee of the request. Nowadays, however, requesting a loan for the first home without a payslip is not so complicated, it is possible to do it thanks to some guarantees other than the payslip itself.
The first method, although very often not used, is that of the mortgage. If you want to buy your first home, or renovate it, and don’t have the money to do it, the best solution is to ask for a dumb. Not all, however, are workers with an indeterminate contract, and not everyone can show the payslip that gives that certainty to the bank or credit institution. This is why some of these require a mortgage on the home as a guarantee. In the event that you fail to return your loan, the bank, or the credit institution you are addressing, may decide to foreclose your property, as you have given it as collateral by mortgaging it. However, there are not many institutions that allow the mortgage on the house, since, being a material asset, it is subject to deterioration, and therefore risks losing value over the years. That said, it should also be considered that the value of a home varies a lot over the years, as the real estate market alternates between good times and times when prices are lowered. Therefore, for this reason, a mortgage on the home is not always an idea that is considered by the banks or who is granting you a loan.
Therefore, other options should be considered if you want to get your loan to buy or renovate your first home. Usually the solidity of a payslip can be set aside only if we are able to show an income as a guarantee. This does not mean that if you do not have an income you will not receive the loan, but that you have two options before you: a co-obliged person and a guarantor.
How to receive a loan without a payslip for the first home: co-obligated person and guarantor
We have therefore seen that it is not impossible to obtain a loan without a payslip, but we have also ascertained that any bank or credit institution properly, does not grant loans and mortgages to those who cannot guarantee in any way to repay the loan granted.
That’s why we talked about the mortgage in the previous paragraph. However, this choice is not entirely secure, both for the banks and for those requesting the loan. And it is indeed a path that is not chosen by many.
We have also said, however, that there is another way to create the guarantee that the bank or credit institution requires those who want to receive a loan. In reality the ways are two and they are the co-obliged person and the guarantor.
In the first case, we talk about a co-obliged person when we decide to request a loan in two. This means that the loan applicant forces a second person to pay the loan installments with him, and to request it. If the second person has a solid income, with a fixed salary, the loan is usually granted without problems. Of course, the borrower and the obligating person must have some kind of relationship or bond. Usually we speak of a co-obligated person when a brother, a sister, a parent or a trusted friend applies for the loan. In case you have a person of this kind, with a permanent job and a paycheck that can be proven, you have solved your loan application problem for the first home.
The second way to apply for a loan without a payslip, to buy a first home or renovate it, to proclaim a guarantor. This person is different from the co-obligated person, as the guarantor intervenes only when the borrower is no longer able to repay it or pay the repayment installments. Usually, when a loan is requested by a self-employed person or a professional, the bank requires the sole model of the last two years of the guarantor. In this way the bank, or the bank to which you apply for the loan, will be certain of the guarantee of receiving their money.
These two cross streets are great for being able to apply for a loan without a payslip, especially if you have a person who can help you. However, we remind you that there is a big difference between the two. As in the first case, the co-obligated person signs the loan request with you, receives the loan money with you and undertakes to return it together with you, giving your wage or indefinite contract as a guarantee. In the second case instead, the guarantor does not receive the loan with you, and he is not obliged to return it, simply, when you are not able to repay an installment or more, he will cover this lack of you. Being in this way an excellent guarantee for the bank, your home loan will be granted to you much more easily.