The annuity loan is one of the preferable solutions when, in the third age, there are no other guarantees outside of a property owned. CrizzyCredit proposes “Loan without installments”, in which, as required by law, the loan will not be repaid on a monthly basis but at maturity, together with additional interest and charges. As the term itself life annuity says, the loan ceases with the death of the obligor and the eldest among the coobligated (in the case of joint account). More exposition at sift-life.com
Features of CrizzyCredit Loan without installments
The maximum amount that can be requested is 00 350000 (but CrizzyCredit reserves the right to disburse greater amounts if it deems suitable guarantees) but cannot exceed 50% of the appraisal value of the property. At the time of stipulation a property insurance will be activated against damage from fire and explosion. The tan is determined by the IRS plus a spread that can range from 3% to 4%, the preliminary costs reach up to 600 euros maximum. Among the ancillary costs: Appraisal charged to the customer, 100 euros for the release of the authorization to sell the property, 100 euros for Mortgage Renovation and the same for the consent to its cancellation.
The early termination penalty is calculated on the residual capital and consists of 5% if the repayment takes place within three years from the start of the loan, 3% between the third and tenth year, 1% beyond this period and before the thirtieth year. Beyond this date the extinction does not provide for penalties.
Who can request CrizzyCredit Loan without installments
The loan can be requested by all those who have reached the age of 65, have a property owned (with a value of over 100,000 euros) where they have residence and live continuously. Although it is not a finalized loan, there are exclusions on the intended use of the capital: it cannot be used to purchase or renovate other properties, finance the work activity of the obliged party, speculating on the financial markets.