Things to note when buying a house with a loan for immigrants in Ireland

Part 1 Things to note when buying a house with an Irish immigrant loan

1. Loan application conditions

When applying, banks usually examine the application through the following aspects: People's financial ability:

1. Applicant's deposit: Opening a time deposit account will not only help you save money quickly and effectively, but also prove to the bank that you have a stable income.

2. The applicant’s asset management ability: Manage your income reasonably and effectively, and try to minimize or not overdraft your credit limit in advance. This is a way to maintain a good credit record, whether in China or in Ireland.

3. The applicant’s other borrowing status: Whether you have credit bills or other personal loans, before applying for a loan to buy a house, pay off these bills as much as possible to show the bank that you do not have too much to repay. payment pressure. If you borrow too much additional money, it will affect the amount you can borrow to buy a house.

4. Other expenses: When applying for a loan, you need to show the bank that the income after the loan can cover the applicant's other expenses in addition to daily life, such as: stamp duty, lawyer fees, and additional expenses that may be incurred by buying a house. wait.

2. Documents required to buy a house with a first-time loan

Proof of employment, proof of income, if you have already had a loan, you need to provide the corresponding proof of repayment, living expenses, etc., all that can be proved by the applicant Proof of ability to repay the loan.

3. Loan term

For first-time home buyers, the longest loan term is 35 years. Regardless of whether it is a first-time home purchase, the loan term must not exceed the borrower's age of 70.

IV. Loan Amount Estimation

Thanks to the rapid development of technology and the emergence of computers. Online loan calculators can help you calculate the approximate loan amount you can apply for based on your deposit, monthly payment and other data. You can use the following calculator provided by the Bank of Ireland to calculate how many years of hard work it will take to afford a house.

5. Other expenses that need to be considered in addition to the loan

Valuation: Before confirming the loan, you need to find a professional appraiser to appraise the property. This fee is about 150 euros to 200 euros. Oh, tax excluded.

Legal fees: Buying a house with a loan in Ireland will involve a third-party lawyer, and legal fees or commissions will be incurred. This amount may be a fixed fee, or it may be a percentage of the house price.

Stamp duty: The current stamp tax rate is: 1 for the part within 1 million euros, and 2 for the part over 1 million euros

Insurance: including personal insurance and property insurance, this part of the cost must also be excluded. Outside of loans.

Part 2 Extended Reading: Things to note about Irish immigration

1. Incomplete immigration application materials

Although the conditions for Irish immigration are simple, the process of preparing immigration materials is still It will appear complicated and will inevitably take a lot of time to prepare. For high-net-worth individuals, they are usually busy with work. If you still prepare immigration materials by yourself, even if you are familiar with immigration policies, you will inevitably miss the details and be insufficiently prepared. Then it will appear to be inadequate.

In order to ensure that all Irish immigration materials are prepared completely and without error, it is recommended that applicants obtain the assistance of professional immigration agencies. Seeking the assistance of professional immigration agencies will not only save you worry, effort and time, but more importantly, it can ensure the accuracy of immigration materials and improve the success rate of immigration.

2. Insufficient financial preparations

Ireland can be regarded as the country with the lowest investment amount among English-speaking immigration countries, only requiring 500,000 euros. In addition, during the five-year process of immigrating to the UK with 2 million pounds (20 million yuan in exchange), if the funds are less than 2 million pounds, the position must be covered, and the actual final cost is actually more than 2 million pounds. However, Ireland does not require additional capital after the initial investment.

Perhaps when most people see this, they think that Ireland only requires an investment of 500,000 euros. However, they do not know that Irish immigrants also need to provide proof of assets of 2 million euros. This is also the case for many immigrants. Understand the reasons why people with immigration policies are denied visas.