Often today a person does not live in one place for a long time. It may be driven by work, study, or simply not wanting to stay in one place for a long time. A person who has a temporary registration may wonder whether they can apply to the bank and get borrowed funds, having a temporary residence permit?
Actions under the law
In accordance with current legislation, every person who has left the place of permanent registration for a period of more than three months must obtain a temporary residence permit in the new place of residence. To do this, you will need to contact the registration authority by submitting the following set of documents: an application for registration, a passport, documents of sale or lease, which become the basis for temporary residence in a new place. You can notify the registration authority by visiting it in person or via the Internet by visiting the public services website. If a person has collected all the documents, then register for a new place of temporary residence is carried out no more than three working days in advance.
Ability to apply for a loan
When reading the loan terms of almost every financial institution, you will find an item that says that the potential borrower must reside in the region where the bank’s branches operate. Similarly, it will be easier for lenders to find a borrower in case of problems with repayment of credit debts. They also worry that their credit customers will not have problems making mandatory payments due to the lack of bank branches.
Banking organizations prefer to work with clients who live in the same place, as evidenced by the constant registration. After all, in this case, the bank manages to avoid many problems. Still, there are financial organizations that agree to cooperate with clients who have temporary registration. For the most part, these are banks that are among the largest financial institutions in the country.
The terms of the loans for persons with a temporary residence permit
Cooperation with a person who has a temporary registration is always riskier, and these risks are taken into account when developing credit conditions. Banks that agree to such consumer credit transactions always limit the validity of the loan agreement, they can not be longer than the period of temporary registration of the client.
The least of all difficulties arise when applying for a mortgage loan since it is issued when certain conditions are met. The first of them is the transfer of a real estate object as collateral, which the lender will be able to sell at auction in case of problems with the borrower. The second condition is the mandatory registration of the borrower in mortgage real estate.
It is most difficult to obtain consent to issue a car loan. Such transactions are almost never concluded because the borrower can easily move the collateral object to another region and sell it. In this case, it will be very difficult for the lender to find the sold collateral and the most unscrupulous borrower.
Today, many banks offer loans with a guarantee. But before you agree to the request of friends or relatives to become a guarantor, you should find out what is dangerous to guarantee a loan.