The most affordable ways to buy real estate in Spain are to get a mortgage or installments. The source – https://spain-real.estate/ – gives the information about how a foreigner can get mortgage loans or installments for the purchase of an apartment.
Table of Contents
Every foreign citizen can buy property in Spain. The conditions for such a purchase are transparent and accessible to everyone. For a guaranteed positive decision from the bank, it is necessary to familiarize yourself with the details of this process in advance. Also, contact Fluent Finance Abroad which benefits from our experience with Spanish mortgages for US citizens.
The mortgage rate for foreigners in Spain is 2.5%. At the same time, there is an important condition: the amount of payments should not exceed the monthly income of the borrower by more than 30-35%. The amount when repaying the loan during the first five years is 0.5%.
Note! The mortgage rate is the same in all Spanish banks. This is convenient, as non-residents do not need to spend their time and effort on a long search for a suitable lender.
There are no requirements for the real estate object, but there is a condition: banks do not give a mortgage for the purchase of an empty land plot.
Before making a decision, the bank conducts an independent study of a potential borrower and analyzes the property. The cost, which is assigned during an independent evaluation, may be lower than the market value. Besides, if the bank sees any risks, it can reduce the amount of loan. For instance, it can be from 60 to 40%.
You can buy an inexpensive apartment in Spain with a decent repair in a good location for EUR 40,000 – EUR 45,000. Luxury real estate in Costa Blanca will cost several times more expensive – about EUR 250,000.
You can buy various ready-made housing or an apartment in a residential complex under construction for a mortgage. The cost of such properties can vary from EUR 120,000 to EUR 230,000. Despite the price, investors and ordinary foreign buyers buy such real estate.
The spread for secondary housing is no less impressive: from EUR 120,000 to EUR 750,000. The most expensive apartments and villas are usually sold on the coast.
A common investment option in Spain is to buy an apartment in a property under construction in installments. Spanish developers are more willing to accept such conditions than mortgages and offer favorable payment plans.
Why are developers in Spain willing to give installments? There are two main reasons:
The conditions for obtaining installments are individual for each developer, so it is necessary to clarify the information in advance. The payment terms can range from three to six months.
The best real estate offers in Spain can be found on Spain-Real.Estate. There are thousands of housing options in different parts of Spain, detailed photos, descriptions and prices, as well as specialists with extensive experience in the Spanish housing sector.
In an era where convenience meets cutting-edge technology, the evolution of audio devices has reached…
Introduction: Nicotine salts and disposable vapes have emerged as effective tools in the fight against…
Do you dream of enjoying your favourite Polish programmes at your own time and without…
Whenever it comes to interior designing for your home, lighting is not just about functionality—it's…
No one will neglect important factors such as security when it comes to buying a…
In today's world, mastering time management is crucial. Juggling numerous tasks, deadlines, and responsibilities often…
This website uses cookies.