Do French banks grant mortgages to Russian citizens? | dom-lazurnyi-bereg.com | Luxury Real Estate Expert Tatiana Larionova

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Clients who are planning to buy property on the French Riviera often ask how realistic it is to obtain a mortgage for residents of Russia, Ukraine, Kazakhstan, Belarus, etc.

Preparing the file and communicating with French banks requires not only time and patience, but also a certain strategy that needs to be understood in advance.

I usually recommend our partner, a mortgage broker, who monitors the situation in banks in France, Luxembourg, and Monaco and will help you prepare the correct application file for discussions with the bank.

At present, mortgage rates in France are very attractive not only for French residents, but also for non-residents:

- variable interest rate from 1.25% per annum

- fixed interest rate 1.25–1.5% per annum

- loan insurance 0.08–0.2%

It is possible to obtain a mortgage to purchase property in France for a term of 5 to 20 years in the amount of 60–65% of the appraised value of the property.

At this stage, it is better to start communicating with the bank before purchasing, in order to understand whether the bank will work with you and what budget you can count on when searching for property in France.

The official response from the bank will, of course, be given when a full application file is submitted for a specific property, but it is important to understand your prospects in advance.

If you have the opportunity to place investments with a Monaco bank, opening an account and obtaining a mortgage for the purchase of luxury real estate in Monaco is much easier and faster than dealing with French banks.

Monaco banks finance up to 100% of the property value. In addition, Monaco banks can be contacted directly, without intermediaries; they respond promptly and are happy to work closely with their clients.

Both in France and in Monaco, it is best to approach a bank by recommendation.