Italians are increasingly looking for personal loans up to 90 years , having lengthened the average age and also the life expectancy of the population. However, it is not easy to obtain this type of financing, since credit institutions and finance companies very often prefer to set precise age limits, especially when it comes to loans to retirees with assignment of the fifth, but much depends on the single bank that decides freely until when to dispense capital on the basis of the registry factor. Below we will explain in detail all the various possibilities of personal loans up to 90 years , with or without transfer of the fifth, and the various limitations provided for each type of product offered by the credit market.
- The limitations of the assignment of the fifth
- How is age calculated: at the end or at the beginning of the loan?
- Loans and age limits: how do the financials settle?
- How does it work for those with other retirement benefits?
- Alternatives to the assignment of the fifth
The limitations of the assignment of the fifth
The financial institutions usually offer pensioners loans with a fifth sale , which provide some limitations, regardless of whether they are paid or not even 90 years of age, a limit that as we anticipated varies depending on the bank to which you are addressing, according to their risk policies: firstly the pensioner can only give one fifth of his social security allowance, the transfer of double fifth is not allowed, even for those who have recently retired, then the transfer can not exceed this 20 for one hundred of the total income even if implemented through two or more loans. We also remember that
the minimum pension, net of the sale, for 2017 is set at € 501.89, so it is not possible to fall below this amount by paying the installment. Finally, the duration of the loan by transferring the fifth of the pension is strictly between a minimum of 2 years and a maximum of 10 years .
How is age calculated: at the end or at the beginning of the loan?
The question that creates confusion about the age limit is whether it should be calculated at the beginning or end of the loan: in the case of a personal loan of up to 90 years, the applicant must have a maximum of 88 years at the beginning of the loan because the minimum duration of the loan is 2 years. If the possibility of funding is then proposed, the pensioner may transfer the fifth of the pension by repaying it necessarily over a period of two years in order for the payment to be concluded in any case at 90 years. The resulting logic is that
at the end of the loan , or when the last installment has to be paid, the beneficiary can do so no later than 90 years at the latest . This is what the regulatory rules provide in principle, but now let’s see how some of the major Italian financial institutions and banks behave, because, we reiterate, each institution is free to choose how to act on the provision of the assignment of the fifth to pensioners based on at the age limits set according to their own risk policies.
Loans and age limits: how do the financials settle?
Here is how some of the major financial companies and credit institutions regulate the age limits to request the assignment of the fifth of the pension:
- Poste Italiane retired loans: the final term of the loan must be within the age of 84, so if you want to take advantage of the maximum payment period in 10 years you have to apply for 74 years, however the minimum amortization period is three years Italian Post Office, the maximum age within which to retire is 81 years
- Findomestic retirement loans : as with Poste Italiane, the request with Findomestic must be made within 75 years, to finish, in the case of a 10-year repayment, the loan before the age of 85
- Retirement loans Compass : the financial plan provides for the final repayment of the transfer of the fifth by no later than 85 years with a request starting from 75 years
- Intesa Sanpaolo Retirement Loans: The age limit includes 82 years at the time of application and 84 years at the expiry date. These conditions apply to all the subsidiaries of Intesa Sanpaolo, such as Banco di Napoli or Cassa di Risparmio del Veneto
- Unicredit retirement loans : with regard to the maximum age, Unicredit is the most reluctant to disburse funding as the master record limit is reached, choosing to end payment within the 79 years, ie before 80 years. At the time of application you must be from 69 years up to two years before the maximum limit.
- Retirement loans Bnl : through the subsidiary Bnl Finance , pushes the term of the loan up to 90 years completed, so the request can already be presented from the age of 80 up to 88 years
How does it work for those with other retirement benefits?
The transfer of the fifth is not open to all pensioners: in fact, every social security allowance below the minimum pension threshold, such as social pensions, income support grants, pension pensions, are excluded from the provision of this type of product civil disability and those paid to the deceased’s survivors. The non-civil invalidity pensions, that is related to a work activity for which contributions have been paid, deserve a separate mention. In this particular type of pension
the refusal to grant the fifth is not automatic, but is subject to a medical-legal examination that will establish whether or not the pensioner has the right to transfer the share of his social security allowance. The assignment is denied in the case of serious diseases, while for those with milder forms of disability the possibility of obtaining the go-ahead is more concrete.
Alternatives to the assignment of the fifth
If due to age limitations or due to the absence of other requirements it is not possible to obtain loans up to 90 years with assignment of the fifth , there are other alternative ways to go: first there is the classic personal loan, which normally for retired persons needs the addition of a compulsory insurance policy or third-party guarantees to be disbursed. Other possible options are a mortgage liquidity to light up on the home that will continue to be paid by the heirs, and the mortgage or bank life loan if you want, which must be returned in one solution by the heirs or let the bank sell the property to take back the paid-up capital. Of these three solutions proposed,
what the experts recommend as the second most economic and convenient, but the easiest to obtain, although more burdensome for the heirs, is probably the life loan. Apart from these three options, there are only more extreme forms of financing such as loans that have been changed , or you can try private loans via the web , and see if any of these online platforms allow you to provide personal loans up to 90 years. .