Construction and purchase of houses are quite accessible for foreign citizens through mortgages
Currently, France is the most popular. The size of a mortgage loan in this country directly depends on the cost of the purchased property. The minimum mortgage amount in France is 75,000 euros. As for loans issued for transactions in another currency, the minimum is 230,000 euros. The happy owner of a property purchased in the country of romance and love can repay the loan within 7–25 years.
Unlike the post-Soviet space, where the life expectancy of the population leaves much to be desired and makes bankers "tremble", in France any person up to the age of 80 can take out a mortgage (or any other) loan. Mortgage interest rates here range from 2.75% (mortgage in euros) to 4.75% (mortgage in other currencies). Interest rates are most often fixed.
Many are interested in studying house designs in warm and vibrant Italy. In this country, the construction of houses or their purchase is also quite possible for foreign citizens through mortgages. The most popular for foreigners are Milan (the fashion capital!), Rome, and also the warmest and sunniest region – Forte dei Marmi.
Previously, it was almost impossible to obtain a mortgage or any other loan in Italy, especially for a foreign citizen. However, there is now a trend towards easing what were previously quite stringent lending conditions. The bureaucratic paperwork preceding the granting of a mortgage loan and its processing can take a lot of time and effort. Preliminary signing of the purchase agreement and gathering a large list of necessary documents is the first step towards obtaining a mortgage – the so-called preliminary approval. Next comes the appraisal of the property by an appraiser appointed by the lender, payment for their work, the notary's work, and only after that (at best) the final consent of the lender.
The mortgage agreement is signed together with the contract for the purchase of the house (or building plot). Interest rates in Italy range from 5% to 7% per annum. The maximum mortgage loan amount here does not exceed 70% of the cost of the purchased property.
In no less sunny Spain, the lending system is much simpler than in Italy. Therefore, house construction and their purchase will cost you "with little blood" here. To obtain a loan, you need a passport and a salary certificate (in Spanish or English). A mortgage is processed in 15 to 20 days. The relationship between the lender and the property owner is recorded in the state property register of Spain.
There are several mortgage loan options in Spain, so you just have to choose the most suitable one.