Mortgage in Spain for Europeans and other non-residents
Rusol Prime real estate agency will help you buy an apartment in Spain on a mortgage. Our experts will not only help you choose a suitable property, but also provide professional cooperation with the bank to approve a loan for the purchase of housing on conditions that are comfortable for you. Contact us if you need an apartment in Spain. A mortgage from a local bank will help you complete your purchase without delay.
Apartment for a mortgage in Spain: basic conditions
As in all civilized countries, in Spain one of the most popular forms of property acquisition is a mortgage loan. In Spain, apartments on a mortgage can be bought not only by citizens of this country, but also by foreigners. This method is good because it allows you to buy a home by investing a minimum of your own funds. Residents of the European Union can expect to receive from the bank up to 70% of the cost of the object, and Spanish banks are ready to provide non-EU citizens with up to 60% of the required amount. At the same time, lending rates in this country are relatively low: 2.5% - 3% per annum. Loans are issued for a period of 5 to 30 years with the possibility of early repayment. You can get a loan for the purchase of new housing or on the security of the existing one.
Spanish bank requirements
Lenders take steps to protect themselves from the risks of non-payment of the loan. First of all, they require confirmation of the financial reliability of the borrower. It is determined by the stability of official income and their ratio with the amount of future loan payments. The amount of the monthly installment should not exceed 30 - 35% of the borrower's monthly income.
Real estate is also subject to appraisal, because it will act as collateral when applying for a loan. The object is being evaluated by a tasasoria cooperating with the bank It is an independent and licensed organization. Also, the collateral is insured without fail.
When all the formalities are met, the lender makes his decision to issue a loan. In case of a positive decision, a mortgage contract is concluded between the bank and the borrower, and the bill of sale is signed in the presence of a notary. Then the transaction is registered in the Property Register.
The requirements for buying a home on a mortgage are developed by the Central Bank of Spain. Private and state banks are guided by them, providing mortgage loans to their clients. However, institutions have the right to independently determine the list of necessary documents of the borrower, the rules for their registration, the conditions for repayment of the loan. Therefore, if you are planning to buy an apartment in Spain on credit, contact the qualified specialists of our agency for professional support. We have reliable business relations with the leading banks of the country, and therefore we can provide favorable conditions for obtaining a mortgage for our clients, as well as the correct and prompt implementation of all legal and financial procedures.
How to buy an apartment in Spain on a mortgage: the procedure
The process of obtaining a mortgage in a Spanish bank consists of 6 main steps:
Open a bank account;
Assess the selected object (5 - 10 working days);
Collect a package of documents and send them to the bank for consideration;
Wait for the bank's decision to approve the mortgage loan and its amount;
Transfer funds from the account for the down payment and additional costs;
Execute and sign a loan agreement and a bill of sale, register a transaction in the Property Register.
A surety in Spanish banks is not required. If you want to buy real estate on the shores of the Mediterranean Sea, but your own funds are not enough to buy, then you can always buy an apartment in Spain on a mortgage. This is a good way to realize your dream without putting it on the back burner. Our agency is always ready to provide you with comprehensive assistance in solving this problem.
List of documents for a borrower from Russia and the CIS countries
If you are a citizen of Russia or a CIS country and want to buy an apartment in Spain on a mortgage, then you will need the following documents:
Identity document: valid passport, foreigner's tax number NIE;
Object reserve agreement: drawn up between the buyer and the seller, reflects the collateral amount, the cost of the object and the terms of the transaction;
Proof of income: 2-NDFL certificate for the previous and current year for working citizens;
Bank statement from a personal account or accounts opened in one or another country with an indication of the movement of funds for the last 6 - 12 months;
A certificate from work with an indication of the position, type of employment contract, average salary, length of service at a given place, signed by the head, accountant, with the company seal.
Statement NBKI.ru - National Bureau of Credit Histories;
Business owners and founders provide a certificate of registration of the company and documents confirming ownership or co-ownership, the company's balance sheet for the last 2 years, information on dividends received from the business.
Individual entrepreneurs provide an extract from the USRIP or a document of a similar structure, a 3-NDFL declaration for the last 2 years.
Confirmation of additional up to
moves (if any): certificates of registration of ownership of real estate objects, documents on the ownership of movable property, information on savings accounts, etc.
Also, the bank may require a certificate of no criminal record, a certificate of the amount of monthly pension, etc. These documents are not mandatory, but can help the bank to make a positive decision on your loan.
Mortgage with the help of Rusol Prime agency
Our agency is ready to provide full support when registering a mortgage in Spain. Our experts will answer all your questions related to mortgage lending. By contacting us, you can get services such as:
Assessment of your creditworthiness;
Selection of a comfortable mortgage program;
Advice on additional payments and expenses;
Providing the best possible credit conditions;
Assistance in obtaining a loan secured by existing real estate, etc.
We have extensive experience in the field of real estate acquisition with the attraction of credit funds, as well as extensive business relationships that allow us to offer our clients the most comfortable, profitable and safe conditions for buying real estate.
For a profitable mortgage in Spain, contact us!
If you want to buy a home in Spain on a mortgage in a short time and on favorable terms, contact our agency Rusol Prime for professional support. We will help you make your dreams of your own real estate in the Mediterranean come true! Contact us right now!