For non-residents of Spain there are no problems in providing a mortgage. The main thing is to consult with a competent lawyer who understands the intricacies of the mortgage market before making a decision and choosing a bank. Alicante Real Estate specialists will not only help you deal with a mortgage, but also advise a reliable bank and a developer that has proven itself on the positive side.
Mortgages in Spain
Before deciding where to get a mortgage, you should carefully analyze the offers you like and carefully read the requirements that financial institutions impose on borrowers. Alicante Real Estate will help you find out the conditions for any specific program and compare suitable mortgage options in Spain.
The nuances of providing a mortgage loan by banks are as follows:
- It is easier to take a loan for a residential property worth up to 500 thousand euros than to purchase expensive commercial real estate;
- The term of the loan is from 5 to 30 years;
- The interest rate is indicated in the range of 2-3%;
- The amount of own funds is 40%. 60% - provided by the bank. Real estate tax is not
- included in the loan amount. The amount of tax is 10-12%;
- Early repayment is allowed with a minimum commission.
Banks study the submitted documents very carefully, but if the mortgage is approved, then everything is fine, there are no pitfalls. The process will be transparent and open.
The following documents are required to obtain a loan:
- Passport with valid visa and entry stamp for Spain.
- Documents confirming that the client is solvent (account statements, information on the movement of money, income tax returns).
- Housing reservation agreement.
- Alien identification number.
- If there is registered real estate, then documents confirming the right of ownership.
- An arbitrary presentation of the information provided, a brief summary.
Additionally, you should have copies of the documents provided with you.
After checking, the bank most often approves the issue of granting a loan, and housing in Spain becomes a reality.