Bank morgage

Bank morgage


The mortgage registration system in Spain is currently the most attractive in Europe. Getting a mortgage in a Spanish bank for a non-citizen of Spain is now not more difficult than for a Spanish citizen. The decisive factor in the issuance of a loan is the degree of your solvency.

Mortgage in Spain is issued for 5-25 years, in some cases up to 30 years. For Spanish and EU citizens, the size of the mortgage is up to 60-80%. For persons who are not citizens of Spain or the EU, the size of the mortgage is up to 50% of the value of the property. The size of the mortgage is calculated based on the estimated value or the price specified in the contract of sale (Escritura de compraventa) – the bank takes less value.

Interest rates for mortgages in Spain currently hold at 2.5-4% per annum and vary depending on the European rate of EURIBOR.

The amount of mortgage payments for individuals who are not EU citizens can not exceed 30% of the monthly income of the recipients of the loan.

If the purchase is made by a married couple, you need to present the documents of both spouses. If one of the spouses does not work, then the second one will be able to continue the payment.

The buyer can sell house with a mortgage. When selling a mortgage, a loan can be passed to a new owner.

Any Spanish bank will give out a mortgage to a foreigner who does not have real estate in his homeland, does not have a bank account, there is no corresponding salary or has a lot of debts. You must have a bank account, regularly receive a salary or have a legal business with taxes.


valid foreign passport;
photocopy of a foreign passport;
foreigner identification number NIE. Made in Spain;
Declaration of Income (for Russia – form 2 NDFL) for the last 2 years;
an extract from the Bureau of Credit Histories;
an extract from your bank account in your country’s bank for the last 12 months;
a certificate from the place of employment on the company’s letterhead about the salary for the last 3 months, indicating your position and work experience in the organization;
if you own a firm, then the certificate of registration of the company and the page where it is indicated that you are the owner or co-owner;
if any, a certificate from the bank on the availability of deposits (preferably, not mandatory);
if any, a certificate of ownership of shares or units of enterprises (preferably, not mandatory);
if any, a certificate of ownership of the property in your country or other countries (preferably not necessarily).

All documents must be translated into Spanish by an official Spanish translator and certified by Apostille. Persons who will appear in the contract of sale should submit the same documents


You need to open an account in a Spanish bank;
the bank makes an appraisal of real estate and prepares a conclusion with the help of an appraiser who works with this bank (7-10 days);
to translate all documents into Spanish with the help of an interpreter in Spain, which has the appropriate license (3-14 days) .;
The mortgage department of the bank reviews your documents and prepares an opinion on the issue of a loan to the central office;
making a final decision in the central office of the bank (7-10 days, but sometimes more).

Registration of a mortgage loan is 2-4 weeks. Registration of the transaction at the notary – 1,5-2 hours.


a one-time tax from the purchase of real estate for individuals – 10% of the price stated in the contract,
the percentage of payments on the mortgage loan – a 12-month EURIBOR rate + a percentage of the bank;
real estate valuation (250-500 euros);
fee for registration in the State Register of Property (0.3-0.5%);
Notary service for registration of the credit agreement (0,5-1%);
tax for execution of a credit agreement (I.A.J.D.) (0.1-1%);
commission of the bank for opening and maintaining a settlement account for a mortgage (1.5-2%);
insurance of real estate and property in it (from 250 euros per year);
sometimes, life insurance of the lender, from 350 euros per year);
expenses related to the early repayment of the loan (about 1% for loans with variable interest rates and 4% for loans with a fixed interest rate);
interest for delayed payments on the loan.

Thus, the total cost of buying a property in Spain when registering a mortgage loan is 12% of the cost of housing, and if you buy real estate without a mortgage, the costs will be 10.5-12%.