Restructuring your home always involves costs that are quite expensive to bear. Many renovations include the renewal of the systems, the installation of more modern and avant-garde systems and structures and many other actions that are often necessary. Those who face such expenses often do not have all the liquidity they need to perform quality jobs that will improve the home and increase their value on the market. What to do in these particular situations? Well, many banks and credit institutions have created ad hoc solutions to finance renovation work through loans designed specifically for this purpose.
Poste Italiane offers one of the most interesting loan options for home renovation on the market. This is the BancoPosta home loan . This loan is designed specifically for those who have to face restructuring costs that can involve both the structure of the house itself and the facilities or the renewal of energy sources that support the house.
What are the characteristics of the BancoPosta home loan? What are the requirements to request it? Again, how is it possible to request this type of loan and what are the methods of disbursement and repayment of the loan? In the following article you will find out everything there is to know about this loan.
Home Restructuring Loan
The BancoPosta home loan from Poste Italiane is a loan dedicated to BancoPosta account holders that allows you to renovate or renovate your home. Thanks to this loan you will be able to obtain a sum ranging from a minimum of € 10,000 to a maximum of € 60,000.
This particular type of loan is born precisely to meet the needs of the customer who, having to bear the heavy expenses to renovate and renovate his home, is short of liquidity. The liquidity in this case will be offered by Poste Italiane through the stipulation of a loan that is born precisely for this particular type of situation. The home renovation loan will in fact allow you to obtain a sum of money up to a maximum of € 60,000 to cover expenses that may involve both the renovation of the structure and the improvement or installation of more modern and cutting-edge energy systems , like photovoltaic panels.
So, whether you are having to carry out work outside your home, or have to renovate the interior of the house, or still decide to install new, more modern installations, this is exactly the loan for you. The home renovation loan is dedicated to those who already have a BancoPosta postal account . But you will be able to apply for this type of loan even if you are simply the holder of an ordinary nominative savings account. In this case, however, you can only request a sum that does not exceed 30,000 euros. But let’s see what are the requirements for this type of loan.
Requirements for home renovation loan
The BancoPosta home loan is a personal loan that can be requested by individuals who are resident in Italy and have an income from work or retirement also produced in Italy. Income, from work or retirement, must obviously be demonstrable.
Furthermore, as we have already mentioned in the previous paragraph, Poste Italiane’s home restructuring loan can only be requested by natural persons holding a BancoPosta post office current account or ordinary postal savings account. So let’s briefly summarize what are the necessary requirements to apply for this type of loan:
- Being resident in Italy
- Have a demonstrable income from work or retirement
- To be the holder of a BancoPosta post office current account or alternatively be the holder of a Postal Savings Book.
The BancoPosta home renovation loan is suitable for individuals who want to renovate their home, buy furniture and large appliances and perform energy efficiency upgrading of the building that could consist of the installation of solar or photovoltaic panels. Whatever the objective of your renovation projects, Poste Italiane can provide you with excellent help to complete your project.
How to apply for a loan
How do you apply for the BancoPosta Home Loan of Poste Italiane? Rest assured, the application procedure for this loan is not at all complicated. The first thing you will need to do is look for the nearest post office and then call the Poste Italiane toll-free number 800.00.33.22. to make an appointment with a consultant .
At this point, all you have to do is go to the post office on the appointed day and discuss with the consultant about the options available to you. Once you have ascertained that the home renovation loan is the solution that best suits your needs, you can proceed by presenting the actual application . Along with the application, you will also need to present all the necessary documentation; here are the documents requested by Poste Italiane:
- Identity document valid
- Health insurance card
- Income document
Later you will also be asked for other documents, namely:
- Cost estimates or order forms
In addition to all these documents, which must be submitted and without which the application will not be taken into consideration, Poste Italiane reserves the right to request additional documentation compared to the one we have listed. In addition, take into account the fact that, depending on the characteristics of the person requesting the loan and the type of benefits that could be used, Poste Italiane may require you to meet additional requirements than those usually required.
Once all the required formalities have been completed and Poste Italiane has obtained approval, you will be granted a loan exactly the agreed sum and in the manner described in the contract that you will sign with Poste Italiane.
Method of loan disbursement
Once you have signed the contract and obtained approval from Poste Italiane, the amount you have requested will be paid. The BancoPosta home loan from Poste Italiane is paid in a lump sum and directly credited to the BancoPosta account in the name of the loan applicant. I remind you that the sum you can request ranges from a minimum of € 10,000 to a maximum of € 60,000, if you are a BancoPosta post office current account holder, or € 30,000 if you hold an ordinary nominative postal savings account.
If you are the holder of an ordinary postal savings account, the loan will be issued either in the same way as previously mentioned, then by direct crediting to the current account, or if you prefer directly in cash at the post office counter.
The duration of the loan ranges from 36 months to 120 months, also in this the loan repayment duration and methods will be established during the contract presentation phase. In any case, you will always have the possibility to withdraw from the contract; the customer’s right of withdrawal may be exercised within 14 days of the loan being granted. In this way you will not pay any kind of withdrawal fee.
Furthermore, the customer has the possibility of being able to repay in advance a part or the entire sum subject of the loan at any time and at any post office. For greater security there is also an insurance on the home renovation loan which, by paying a few euros more per month, will allow you to take out an insurance package that guarantees repayment of the residual capital in the event of unforeseen events. Furthermore, depending on the job you are doing, there is an additional guarantee that provides for payment of installments in case of loss of employment, total temporary incapacity or serious illness.
How to repay the loan
What about the repayment methods of the BancoPosta home loan? Also in this case the repayment methods are very simple. The duration of the home renovation loan varies from 36 months to a maximum of 120 months. The loan is repaid through the payment of monthly installments from the fixed amount which are debited directly to the postal account held by the applicant.
As for the payment of installments for those who are holders of a nominative ordinary postal savings account, the payment of monthly installments takes place either by debiting the applicant’s bank account or by paying postal bills whose payment costs will fall on the applicant. The table below summarizes the duration of the BancoPosta home loan and the related amounts:
Promotions and discounts on home renovation loan
Poste Italiane until October 31st 2018 is carrying out promotions on the BancoPosta home loan . These promotions are obviously reserved for all BancoPosta current account holders. So, if you are going to apply for a loan to renovate your home, this is the right time. By requesting it by October 31st of this year, you will get promotions and benefits that will affect the interest payable on the loan amount.
These are promotions that have a limited duration and are also designed for those who already have a Bancoposta postal current account or an ordinary postal postal card.
In addition, the state also provides tax breaks for the renovation of a house . These are tax deductions on expenses incurred for home renovation. These benefits have been extended throughout 2018 thanks to the Stability Law. If you want to know the conditions and maximum spending amounts provided for by law, I invite you to visit the Revenue Agency’s website to get all the information you need to know about the various benefits provided.
However, taking advantage of the promotions proposed by Poste Italiane on the Home Restructuring Loan and the facilities provided for by law, you will be able to start your renovation project more comfortably.
Example of BancoPosta home loan restructuring
Below is a typical example of a BancoPosta Home Loan to allow you to better understand the loan arrangements and facilities provided by Poste Italiane until October 31st.
* The pre-amortization interest is calculated over a period of 20 days. Example calculated with delivery date at the 7th of the month.
The economic conditions and the APRs listed above are valid until 10/31/2018.
The BancoPosta home loan offered by Poste Italiane is a loan designed specifically for those who want to renovate their home and need a loan to get the liquidity they need. This type of loan has features that make it really perfect for those who want to renovate their home. The amount you will get on loan will be used to restructure the external or internal structure of the house, to buy furniture or appliances or to create modern energy systems, such as the installation of solar or photovoltaic systems.
Requesting this type of loan is very simple, you can simply make an appointment with a consultant of Poste Italiane to discuss the options available to you and decide the type of loan for which you want to apply. Once this decision is made, you can apply for the loan along with all the required documentation. After the various checks, Poste Italiane will decide whether or not to approve the loan. Once the approval has been obtained, a contract will be signed and the sum will be paid by Poste Italiane to the postal current account.
The repayment methods of the loan are also simple. The amount you will get on loan, from 10,000 to 60,000 euros, will be repaid in the form of fixed monthly installments that can last from 36 to 120 months . You can take out a loan guarantee insurance that you will request and you will be able to get promotions and tax benefits on your home renovation project.