We usually resort to loans for inheritances to pay for notaries and lawyers who will help us to assume the taxes that we have to face at the moment of accepting a legacy such as an inheritance.
Many still do not know about them, but there are different credit modalities for inheritances that can help us accept it and then, we can return more comfortably in installments.
However, when trying to access loans for inheritances, traditional banks usually place many obstacles in the way. Not only getting to reject the application, but also delaying the process if it will be approved.
In general, loans for inheritances can be rejected by:
- The bank does not work with advances.
- The beneficiary of the loan does not have a payroll.
- The beneficiary is part of a list of defaulters.
Requirements to access loans for inheritance
Normally, any type of request for credit has a long list of requirements that we must meet in order for it to be proven, otherwise we must start a new application with another bank entity.
This is why many private financial entities have been in charge of granting loans for inheritances without the need to manage a lot of paperwork.
For the most part, the financiers who grant loans for inheritances only ask their clients to present the guarantee of a home.
However, it must be remembered that the non-payment of the monthly installments of the loan can lead to an embargo and the consequent loss of the house.
Personal loans to pay loans for inheritance
Definitely a totally viable option, we should only carefully study the advantages and disadvantages this option offers.
Personal loans to pay previous loans for inheritances can offer us amounts from 3,000 euros to 60,000 euros, to settle in a period between 12 months and 10 years, everything will depend on the amount requested.
The cost of loans for inheritances is around 8% APR and may have formalization fees or require us to contract related products in order to access them.
When we apply for these loans, the lender will ask us for personal information and about our economy. These data will serve to analyze our financial profile and decide if we can pay all the loan installments without this entailing a serious financial imbalance.
What happens with loans for inheritance when accepting it?
Something that we must always keep in mind, and that many go through something, is that when we accept to assume an inheritance we are not only accessing the inherited good, but also the pending obligations left by the deceased.
In addition, there is an option that we can take in case we can not afford the debts left by the deceased at the time of his death called: the benefit of inventory. This alternative allows us to obtain the goods once we have settled these debts, giving us a margin of time for the acceptance of the inheritance.
In addition, the holder of the credit for inheritances could have contracted life insurance when signing the loan contract. Therefore, it is important to check the existence of this insurance and contact the insurer to know if the policy could cover the remaining expenses of the loan. This could help us get rid of the debt, making the costs of inheriting cheaper.