More than 30 banks in Spain (La Caixa, BBVA, Popular, Sabadell, Santander, Bankia) are ready to offer a mortgage loan to foreigners and prepared a variety of programs for their solvent customers, including for Russians. The following factors make an attractive mortgage in Spain: No price restrictions and an increase in the loan body from 2017. The size of the mortgage loan today may not be 50-60% of the value of the property as previously, but 70-80% (for example, in the bank Sabadell); Individual approach to customers, the ability to choose the most advantageous terms for the borrower loan repayment-from 5 to 30 years, depending on what is desirable in a particular case-the possibility to repay the mortgage faster and not overpay excess or reduce amount of monthly payments; Registration of mortgage for purchase of any type of real estate; Possibility of early repayment of the loan – this right is specifically prescribed in the contract; You do not need a mortgage guarantee. Of particular interest is the question of interest rates – in Spain a foreign client can choose between floating, fixed and mixed. The fixed rate is unchanged and valid for the duration of the mortgage payment. The calculation of floating rates is made from the sum of the average European interbank offer rate (Euribor) and the margin of the bank-creditor, which can be from 0.75 to 2%. In May 2018, the floating rate for a loan for a period of 5 to 30 years in the bank Bankia amounted to 2.39%, while fixed-4.06%.
Citizens of the CIS countries, who decided to buy property in Spain, can claim to receive a mortgage under such conditions: at the time of its repayment the borrower’s age will not exceed 70 years; Availability of work experience and successful credit history from three years; Proof of solvency; The presence of an open account in the bank-creditor and the deposit of the amount of 500 euros. This money will later be used to pay for the mortgage and credit payments; obligatory consent of the spouse to receive the credit. Conditions of registration of a mortgage in Spain as a whole are characterized by advantageous interest rates and in different banks do not differ significantly. Nevertheless, it is necessary to approach the question of the Bank’s mortgage program carefully.