There is not always the right amount to instantly buy the property you want. But this question has always been relevant. There may be many reasons for this, I wanted to move away from my parents, I was tired of rented apartments and dormitories, a new newlywed couple who would soon become parents, or a desire to have their apartments abroad appeared.
To the aid of this issue comes a mortgage, or rather a mortgage loan, which is issued by the bank, on the security of the planned real estate. Spain, in turn, provides such an opportunity, as well as to the citizens of their country, and to foreigners. This is a huge plus, since your choice can be unlimited, you still eventually need to pay the full amount, and the acquired property will delight you throughout your life.
At the moment, almost all banks in Spain are ready to cooperate, and if specifically, you can always contact such companies as: La Caixa, Popular, BBVA, Santander, Bankinter, Sabadell, Bankia. They are the largest and most popular banks in the country.
Unfortunately, the first installment of a mortgage loan has increased since 2017, if previously it was about half of the total amount, now it can be up to 80%.
Mortgage loans are issued for a long time, mainly from 5 to 30 years, and for those who are not citizens of Spain – the period is slightly reduced, is limited to 25 years. The amount of the monthly payment to repay the loan is calculated by the bank according to your wishes, but this payment cannot exceed more than 40% of your monthly earnings. You have the right to vary this payment depending on your ability to pay, a variable rate is provided for such cases. It allows you to change the amount of your installment every 6 months.
In order for you to be granted a mortgage loan, property valuation will initially be carried out. For the best and optimal assessment will be hired by people who understand this. by the bank in which you want to get services. The cost of this work will be approximately 500-600 euros.
A prerequisite for this transaction will be real estate insurance, and insurance of your life as a borrower. You have to pay for everything, but what can’t you do for the sake of your dreams and goals?
The collection of certain documents must be coordinated with the bank with which you want to cooperate, but remember that the translation of documents certified by the consulate of Spain will be a prerequisite. Mandatory documents will be:
– international passport;
– certificate from the place of your work, with the specified salary;
– certificate from the bank on the availability of funds in the account;
– tax number of the alien;
– statement of the tax declaration for the last three years;
– extract from the credit history bureau.
After submission of all documents, an application for a mortgage loan is considered from two to five weeks.
You also need to know that if for any reason you did not pay the fee at the appointed time, then you will be charged a penalty. In case of non-payment of more than six months, the case is transferred to the court.
Buying a property, thus, you need to be prepared for sudden, additional costs. In general, they can be up to 110% for the entire term of the loan itself, but still this does not change the fact that this option of buying apartments can and should be considered, since the benefit from it is large, and all expenses will meet their expectations.
For any questions you can also consult our managers, do not hesitate and contact at any time.