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Mortgage in Spain




Now the maximum mortgage that banks can grant is 65% for non-residents and 80% for residents. Grant or not grant the mortgage in each case the decision is individual. The bank values ​​your ability to pay and takes into account age. The period is varied from 10 to 40 years. Currently, the interests of the bank and EURIBOR total 3.5%, this number is changing according to the economic situation

The list of documents to request the mortgage for the purchase of housing:

Natural person:

  1. Passport copy
  2. Work contract (lasting no less than two years)
  3. Six final payrolls of the workplace
  4. Documents that can prove other income (rental agreement, shares, etc.)
  5. Property deeds (real estate, land, patents)
  6. The movements in the bank account for the last 3-6 months
  7. Last year's income statement.

For freelancers and business owners:

  1. Passport copy
  2. Company deed or registration of freelancers
  3. Company Statute
  4. Balance for last year
  5. Profit and loss.

Pensioners :

  1. Passport copy
  2. Confirmation of pensioner status
  3. Movements in the bank account for the last six months
  4. Property Deeds

When preparing the documentation, the total volume of credits and mortgages should not exceed 30% of monthly income. Banks can take two weeks to a month to make the decision on your mortgage, during that procedure the appraisal of the chosen housing is carried out by an independent company. At the time of the signing of the deed of sale before a notary, the bank representative transfers the mortgage amount to the seller's account. After your account they start charging the monthly amount, for absence of the money in the account they apply an interest. If you cannot pay the monthly fee during the three months, the bank can seize the home through the trial. If you want to repay the mortgage in advance, you will have to pay 1% interest of the anticipated amount. The payment of the total mortgage is a notarized act and is registered in the Property Registry. If you wish, you can sell your property without paying the mortgage.

In case of the purchase of a newly built property, a higher percentage of mortgage can be achieved. The promoters apply for the mortgage and then sell with a mortgage ready. In the deed signature the buyer subrogates the mortgage. It is very comfortable to buy homes at the construction stage. You reserve the house for 3000-6000 euros, and then during the work they make the payment of about 20-25% of the housing price. At the end of the construction you sign the deed and become the owner of the finished property. At the same time they pay all taxes.


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