How to make a mortgage?
Who is Belfius?
Belfius, which was previously known as Dexia, is a Belgian-based bank headed by Marc Raisière. It is characterized by its banking services but also its insurance services.
It was initially founded to meet the needs of local communities. But it later became popular with individuals and entrepreneurs.
Its sector is only concentrated on the local territory. That is to say Belgium.
It has a very good reputation for its relationships with its customers and its accessibility. In addition, all of its services are available in agencies, but also on the internet. This is a point not to be overlooked during a health crisis of such magnitude.
Does Belfius Bank offer mortgage loans?
If you have lived in Belgium for a while, you should know that real estate is a very popular sector with Belgians. Since Belfius’ business sector is focused only on Belgium, it is inevitable to respond to this service as well.
This is the main reason why this company decided to develop its activity in insurance.
In other words, if you want to take out a mortgage, you’ve found THE bank you need.
How much is needed to obtain a mortgage with Belfius?
Before asking yourself this question, you must put together a clear and complete file for your request. Make sure you have all the necessary papers, and an impeccable organization in order to put the best possible luck on your side.
Belfius authorizes mortgage loans from 12,500 euros. Which, indeed, is little. This bank adapts to everyone, and especially to your assets.
Below 12,500 euros, it will therefore be impossible to obtain a mortgage. However, Belfius offers an alternative, which is called “the installment loan”. It’s a simple loan, but one that in your case can help finance part of the property you want.
What are the repayment terms for mortgage loans at Belfius Bank?
If you sign a contract with Belfius, the maximum period you can obtain is 30 years. Of course, you also have the option of committing to a much shorter contract. Much depends on you, how much you are able to repay each year, and how secure your income is.
What kind of mortgage loans are offered in this bank?
Mortgage loans with Belfius depend to a large extent on your file. Effectively, the employees will carefully study your case, and then decide what kind of mortgage you can get according to your overall situation. Basically, loan proposals depend on individual to individual, because everyone is not in the same position. It is therefore difficult to estimate without prior study of the file what kind of credits you will be granted.
However, you should know that Belfius only allows home loans if you want to avail them for your personal use. This bank does not cover the real estate aspect if it is not for private purposes. If you want to apply to buy your house or apartment and the like, it is possible. But if you want to get a mortgage in order to buy a property to resell it, or rent it out, that will not be possible.
The same formulas as in the other banks are available, that is to say the classic formulas. The term “from fixed to variable” is understood to mean. The annual cap is therefore revisable after a period of 20 years for the first time on a 30-year contract.
How many administrative fees do I have to consider to apply for a mortgage with Belfius?
As you can imagine, paying administrative fees is systematic when you apply for mortgage loans. And that, whatever the bank. But these are inexpensive at Belfius, especially they differ according to the value of your loan.
We therefore consider that beyond 50,000 euros, your application fees amount to 500 euros. But below this amount, you will only have to pay an amount of 350 euros.
What other alternative is there for me if I cannot afford to borrow?
If you’re not in a position to borrow, don’t worry. A real estate purchase is not given to everyone, do not forget it!
In addition, depending on each person’s situation, it may be wiser to never do it or to wait for a certain financial comfort. Otherwise, borrowing money to buy real estate will be more of a burden than a real investment. So go at your own pace and don’t take unnecessary risks, and there are plenty of alternatives available to you.
In this specific case, it makes more sense to go for a rental. If you are renting accommodation, the bank can help you set up a rental guarantee with Belfius . You will open an individual account with Belfius to house the amount of your rental guarantee. The bank will take care of sending the certificate to your landlord.