Nicol Real Estate has extensive and successful experience in providing our clients with mortgage loans from Spanish banks for the purchase of real estate. Spain is one of the few countries, which even in the tough financial situation in the world during the past years, did not withhold funding of foreign nationals.
In case of meeting certain requirements and submitting the necessary documentation, a foreigner can rightfully expect receiving a credit with a 30-year loan period, amounting in 50-70% from the cost of real estate, under the terms of EURIBOR (European Interbank Offered Rate), plus annual 1-2% from the mortgage amount. Sometimes, in case of the real estate purchase directly from the developers, who have agreements with certain banks, the loan amount reaches 95% from the cost of the real estate (see the “Special offers” section on our website).
You may be interested by purchasing real estate directly from the banks, in which case the banks are ready to provide special preferential terms of crediting, starting from annual 2% of interest rate.
The main requirements, that the Spanish banks set for the Loan debtors are financial responsibility and legal transparency of income. At that, the monthly mortgage payment to the bank must make 30-35% from the net earning of a potential Loan debtor.
You can accurately calculate the monthly mortgage payment by using our “Mortgage calculator” service.
The standard list of documents, which should be presented to the bank for the consideration of your application for receiving a mortgage loan:
- A valid international passport.
- Two most recent tax statements for the previous calendar years of the individual person (TIPI-2).
- A reference from the National Bureau of Credit Histories (NBCH).
- Employment reference with the mentioning of the occupied position, term of employment and the rate of wages.
- Employment agreement.
- In case of having other sources of income, apart from the actual salary, it is required to submit documents, serving evidence of such income.
- Bank statement of your account for the last 6 months.
- N.I.E.( Foreigner Identification Number).
All the above mentioned documents must be translated into Spanish and certified by an official court interpreter in Spain.
