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  Processing and obtaining a mortgage in a bank of Spain

      from 1000

  Type: Mortgage in bank


   Turnaround time: from 20 to 30 days


 To buy property in Spain, our customers can take advantage of mortgage lending. Even non-residents can purchase property in Spain and obtain a mortgage in a Spanish bank. Loans in Spain are considered to have reasonable interest rates and terms of obtaining. Moreover, the requirements for obtaining a mortgage loan are equal for both residents and non-residents.


 It goes without saying that the most important factor influencing bank's decision whether to provide a loan or no is your creditworthiness. Therefore to receive a confirmation from the bank when applying for a mortgage loan is not easy. In this regard, SpainHouse company can help you carefully prepare a package of documents for submission to the bank. Using our services you can be sure that we will do our best to obtain a mortgage contract both for new and used property in Spain for you as soon as possible. We are among few companies that provide certain guarantees regarding the issuance of a mortgage loan, at the stage of preparing a package of documents - that will give a better chance to obtain it. We cooperate with a large number of banks in Spain, therefore we can help you choose the most suitable system of lending.


The system, using which banks provide mortgage loan is very special, it can’t be compared to any other systems of banking in other countries. Conditions for issuing a loan are special for each case, and the requirements for Europeans and non-residents of the EU are the same.


    The package of documents required when applying for a mortgage loan in Spain

 The exact set of documents is difficult to specify, because each case is different, but there are basic papers that are a must to get a loan in Spain.


  Basic documentation:

 - Passport - a document confirming your identity and citizenship;

 - Previously assigned NIE - identification number for foreigners;

 - Credit history certificate;

- Income statement of specific form for the past two years;

- Certificate from the central bank of the country of your citizenship for the last 12 months;

 - A certificate for your income for the past 12 months printed on the letterhead by your employer with specifying your monthly salary and position;

 - Reference 2-PIT for the last two years;

 - For the business owners: a certificate of registration and articles of association, where you should be listed among founders.


      It is highly desirable to provide the following documents too:

 - A certificate on your bank deposits (if any);

 - A certificate on any stocks, bonds or shares you own (if any) issued according to the register of the depositary;

 - A title document for real property ownership in any country (if any);


 Of course, all abovementioned documents should be translated into Spanish, except those that do not require translation (NIE certificate). You also should provide data on the acquired property, namely the title document and information on the property valuation. This determines the size of the credit and the possibility of provision secured by this property.


  It is worth noting that mortgage loan is granted to one spouse with the consent of the second spouse, providing a set of documents from the latter as well. This is necessary because in case of income loss, the other spouse will continue to pay the loan. Information based on experience: if you are married, the mortgage contract will be issued for both spouses.


        How does the process of obtaining a mortgage loan look like?


 1. First of all it is necessary to prepare all the required documents, such as NIE, certificates, statements, declarations, certified translations and legalization, if necessary.

 2. Then it is required to open an account at a Spanish bank.

 3. Bank independent assessor prepares a report on the property assessment that will play a role of the mortgage security, it usually takes about 7-10 working days.

 4. Bank financial department considers your case, checks all documentation and prepares a report, which is transmitted to the central office.

 5. Within 2 weeks the central office is to decide on the mortgage loan issuance secured by real estate in Spain.

  In total, loan processing can take anywhere from 3 to 6 weeks, it depends on each case. Notarization of the transaction occurs quickly, within 3 hours.


      Mortgage terms offered by Spanish banks


 Repayment period of the loan is usually from 5 to 25 years. In some cases, banks are more loyal and provide loan repayment term up to 30 years, depending on the age of the financed.

  For Spanish and European residents, the amount of credit available can be up to 80% of the property peer review. For non-residents the sum of the loan will make 50-60% of the collateral value. Also the bank compares its assessment to the cost of real estate in the contract, and the amount of the loan is sometimes provided according to the lower cost, but usually from the bank assessment.


 The interest rate of the loan ranges from 3% to 7% per year, but can be changed, according to the value of pan-European EURIBOR.

 It is worth noting that the required monthly repayment cannot exceed 35% of the total monthly income of the person credited.


The property can be sold to the third party, the mortgage is also transferred to the buyer.

Ordering mortgage loan processing in Spain at our SpainHouse company, you can feel secure about the process of preparing documents and applying for a loan. Our experience and reliable cooperation with Spanish banks will provide you with positive result and you will gain the desired property in Spain as soon as possible.



       Tel. + ( 34 )  722 - 495 - 040