A popular and inexpensive way to purchase the house of your dreams or to invest in realty -it is a loan from a bank.
There are no restrictions for foreign citizens. You can request a mortgage in many banks.
The terms of the loan and the package of documents are approximately the same.
Mortgage conditions for non-residents of Spain
– 2,5 – 3,0% per annum, the first year
From the second year to the main interest rate is added Euribor.
Last few years, the rate Euribor (the rate of European refinancing) was less than zero.
Fixed percentage 2.5 – 3.0%, depends on:
– Initial payment. The higher the percentage of own money, the lower the interest rate
– Credit term
– Customer profile, salary, credit history
The loan amount is up to 60%.
That is, the first installment should be from 40% to conventional housing.
Fees and products of the bank, an average of 2000 euros.
The interest rate and lending terms can be more profitable if you buy a property from a bank.
It is important that the amount of your monthly mortgage payments does not exceed 35% of the monthly income.
To make a positive decision to provide you with a mortgage loan, you must prepare all the required documents
and translate them into Spanish.
Translation of documents must be certified by the seal of the translation agency.
Costs when approving a mortgage loan:
– Commission of the bank for providing a loan – 1.5 – 2% of the amount issued.
– Valuation of the object by an independent appraiser is approximately 0.02% of the value.
On average, this is 350 – 450 euros, depending on the area of the facility.
– Notary fee for the second notarial deed (which confirms the buyer’s relationship with the borrowing bank) – 800 – 1000 euros.
– Insurance of the property from all risks (mandatory condition of the borrowing bank)
– from 150 to 400 euros per year, depending on the object.
– Registration of a mortgage agreement
– Gestion Escritura – 0,02% of the value of the object.
Other bank products as we wrote earlier, everything is simple, with a mortgage, the total investment is increased by approximately 12% of the cost of housing.
Documents required for mortgage registration
– Copy of passport and NIE (number of foreigners)
– Certificate of ownership of real estate on the territory of Russia, Ukraine, Latvia, etc.
In case of work under the contract:
– Certificate on form 2 of personal income tax for the last 2 years and current
– Labor agreement for at least 5 years
– Certificate from the place of work, indicating from which date it is accepted, in what position, what the firm does, the salary on the letterhead
– Account statement for the last 6 months, if there are deposits
– Show accounts where the funds will go to pay for the purchase (if the account is issued, then there must be a figure that you will transfer from here to your accounts in Spain)
– Certification from the Unified Bureau of Credit Histories that you have no debts. If there are paid loans, then this is a plus.
In the case of own business:
– Accounting balance and accounting for the last year
– A letter from the bank for the last 6-12 months (receipt, expenses, balance)
– Certification on the absence of debt from the enterprise.
– Certificate of registration with a tax authority of an individual at the place of residence in the territory of the Russian Federation.
– A certificate of state registration of law.
– A certificate of entering into the unified state register of individual entrepreneurs.
-Tax declaration on personal income tax (form 3-NDFL) for the last 2 years.
– A letter from the Unified State Register of Individual Entrepreneurs.
– Credit rating
– A letter from the credit bureau
– Who was interested in credit history
– A letter from the personal account of the deposit
– Certificate of deposit
This is the main package of documents that most banks require.
Consideration of documents passes usually quickly enough, you can get a preliminary approval of the loan in a week or two.
Preparation of the contract and the final decision on the issue of a loan usually takes a month or two.
We advise our clients on a case-by-case basis.
Expert view by Irina Grinfeld.