When you buy house in Spain, you can also choose to apply for a loan from a local bank. The loan can be given up to the age of the youngest buyers of about 70 years of age. Banks have different designations practices so normally it can be said that the maximum loan period of about 25 years. The loan was secured the apartment. The interest rate at the moment (2018) depending on the bank is 2.75% – 3.25%, and the opening of costs is approximately 1%.
The loan application is required for documents:
- A valid passport or NIE number residencia certificate.
- The last year of the tax certificate.
- Three most recent payslips.
- Statement of account at least. 6 months.
Companies is needed in addition to the company’s income statement, balance sheet, and the trade register. Documents must be translated into Spanish. General translations must be made, as well as the official translator for the apostille with. Required documents vary from bank to bank.
It is also advisable to inform the home country of the wealth and property.
The Bank evaluates the value of the apartment:
Mortgage is subject to the bank to carry out reviews of the apartment. The value of the bank from making loans for 60-70%, depending on the bank and the case. Depending on the time bank and price estimates will take approximately 2-3 weeks, but it can vary widely, so patience is needed. The customer pays the bank’s assessment of costs, which depend on the property’s value. Generally 250.00 – 450.00 €