Once the buyer has chosen property and signed a preliminary agreement to buy, he needs to prepare a package of documents for a loan.
Below is list of these documents:
• Completed application form for a mortgage. Each bank has its own application form;
• Proof of identity (copy of passport);
• Birth certificate and marriage certificate;
• Proof of address of the borrower (the bill for rent, telephone, electricity for the last 3 months);
• Proof of income (for the last 3 years);
• Agreement of intent for the purchase of real estate (Compromis de Vente);
• Documents on the property (in case this housing under construction needed contract with a construction company);
• There are other loans, the applicant needs to provide information about how much the monthly payment amount and what is the current residue;
• Documents on the ownership of the real estate in other countries (if any);
• Earnings record over the last 3 months, a letter from the employer stating the position, period of work (to be operated from one year to the same company). The applicant, a self-employed must provide a copy of the audit report for the last 3 years;
• Statement from the current banking account over the past 3 months;
• Evidence of other income of the borrower (for example, rental agreement);
• In the case of the share acquisition of real estate documents are collected for each buyer.
All documents must be translated by a certified translator of French. A list of such translators is available at City Hall.
The process of review of the documents can take from one to two months, and for receipt of the proposal on the loan may take several meetings with the bank employee. This proposal is not a contract of the loan and is valid for 1-2 weeks.
When the proposal for a loan obtained needs to pay attention to the following:
• How much will make expenses for registration of the borrower’s credit file (depending on the chosen bank)
• What is the size of the penalty for early repayment?
• Does the maturity of the credit agreement desired?
• The total cost of the loan, the interest rate, and all expenses on the loan
• How much will the insurance?