mortgages in spain for non residents calculator-Accessibility and ease of registration of the mortgage in Spain attracted many investors. Today to get a mortgage in Spain nonresident much easier than in other European countries. Interest rates on Spanish mortgage is 4-5% per year, and the conditions required for the package and paperwork are quite simple.
Terms of mortgage lending in Spain
1 The maximum term of the loan depends on the age of the borrower, but in any case not more than 30 years. At the time of referral to the bank, the borrower should not be older than 35 years.
2 Maximum loan amount – 70% of the cost of the acquired property, but not more than 350,000 euros. In fact, the bank can issue a loan and 100% as the maximum loan amount is calculated by the bank based on the evaluation of the object by an independent appraiser, and not on the basis of the purchase price.
3 The interest rate on the mortgage is calculated by the formula: the European index EURIBOR +% of the bank. Every six months, the rate is revised and may change slightly. You can take a mortgage at a constant percentage, but such a loan would be more expensive.
4 Monthly payments on a mortgage for non-residents can not be higher than 30% of the borrower’s monthly income, but check this Spanish bank is almost impossible.
5 is allowed to repay the loan ahead of schedule and pay them 1% commission on the amount repaid.
Documents for registration of the mortgage.
By applying for a mortgage, the borrower must provide a Spanish bank the following documents:
– Registration number of the NIE, assigned to foreigners in Spain;
– Income statement, which sets out the income over the past two years, broken down by month;
– Help with the work on wages and other payments for the last three months. It is necessary to specify the position and length of service at the company. Owning your own business you need to provide a certificate of registration of the company, confirming the ownership of the business;
– Excerpt from a personal bank account in your country;
– A certificate owned by the estate, with an indication of its area;
– Preferably, but not necessarily – bank certificate of availability of funds in deposit accounts, certificate of title to securities companies and other documents proving ownership.
If mortgage draws one of the spouses, the provision of a package of documents to the bank on the other spouse will be an additional factor in favor of granting a mortgage.
All documents are submitted in Spanish, financial documentation must be provided in terms of euro currency.
The cost of obtaining a mortgage in Spain.
When making a mortgage borrower must pay:
– Commission of the bank for execution of documents at a rate of 1% of the loan amount;
– Real estate appraisal – 350-500 euros;
– Notary services – within 0.5-1%;
– Life insurance of the borrower and the property – from 0.2% to 0.7% of the loan amount.
Also, when buying a residential facility in Spain, buyer pays VAT at the rate of 8% and a mandatory fee for the registration of real estate in the State Register in the amount of 0.3-0.5%.
Registration of credit for real estate in Spain usually takes about 3 weeks. When selling real estate mortgage loan, you can re-register the new owner of property.