Mortgage. The rights of foreigners and the process of purchasing property in Spain.
We need to clarify some points regarding the procedure for obtaining a mortgage in Spain, so you can properly assess your possibility in obtaining a mortgage, and thus the cost of the acquired property.
The general condition for a loan - is the customer's solvency. The more information you provide, the better. If you buy a property jointly with someone else, then it will be another plus for getting a mortgage. Theoretically, more income means less risk for the bank. In this case it is necessary to prepare documents for all buyers.
Both residents and non-residents in Spain may acquire real estate in this country. Associated costs. Under the law, when buying a property (the contract) in Spain, the buyer pays VAT (8-10% of the official value of residential property, 18% for commercial property and land), government fees and notary services, as well as the registration of the deed. Periods of loans issued range from 1 to 25 years. Annual tax amounts to about 3%. You can at any time repay the loan in full or partially; in this case it will have a cost equivalent to 0 (zero) -1% of the amount repaid. In case of partial repayment the amortization period of credit or monthly payments on the loan amount can be reduced.
Documents have to be translated into Spanish, and it is strongly recommended to formalize the translation in a notary in the consulate of Spain (it is quite easy). All these documents + the size of down payment, which you'll pay (the more the better) will influence the decision of the bank issuing the mortgage, interest rate and length of the loan. So it makes sense to prepare well. Without providing evidence of your ability to pay the bank will not give you a loan.
The maximum loan size for foreigners can reach up to 90% of the property value. In other words, as a minimum, you should have 20-50% of the cost of the proposed purchase.
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