An outstanding credit balance insurance (life insurance) is highly recommended and sometimes required.
A fire insurance on the property you are intending to buy is required.
Action steps
- Check your borrowing capacity via an online calculator (at financial institutions and banks) before you search for a property to buy.
- In Flanders and Wallonia Region you should add 15% to the price of the property for taxes and costs. In Brussels Capital Region only 3% is to be added if you only own 1 home and the price is not more than 175.000€. In this case you will not get any fiscal advantages on the mortgage credit, which you will get in the other 2 regions.
- Contact one or more financial institutions for their interest rates and conditions for the mortgage credit. Many financial institutions will also offer you the insurances, but make sure to also check the prices and conditions.
Attention points
Compare interest rates, conditions and prices of the mortgage credit and the insurances. Ask around in the international community or to your colleagues to get some recomendations.
Do not make an offer before you are sure about the state of the property and the price (report of a real estate expert) and your borrowing capacity, because an offer in Belgium (stating object and price), when accepted by the seller, counts as the effective start of the buying process.
If you have the Special Tax Status for Foreign Executives in Belgium, first check with your employer or the tax provider of your employer to find out the impact of the purchase of a property, before making an offer.
Supplier, channels and tools
Choose a financial institution or insurer that has special services for internationals in Belgium.