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Written by Administrator   
Wednesday, 30 July 2008 15:06
Loan term
 
The term of the mortgage can vary up to 40 years depending on the age of the purchaser.


Interests:
  
Interest rates are fixed daily by the Bank of Spain. Governed by the Euribor, which is the prime interest rate that applies to banks to raise money in the international market.
When a person requests a loan, banks apply to your mortgage Euribor + an increase of interests that can vary between 1 and 2.5%. The interests as much as the payment period are fixed in the notarial deed of purchase.
Unlike other countries in Spain is amortized capital from the beginning. By signing a loan you can choose a variable or fixed interest (although banks are usually very reluctant to sign with a fixed interest rate).
With a variable interest rate to pay, the bank reviewes every 6 or 12 month (depending of what is accorded in the deed)  the interests and adjusts the monthly fees to the current value.
For the buyer this means in case of a rise in the Euribor higher monthly payment or if a fall in interest a reduction.

With a fixed rate monthly fee is always the same and the loan term is shortened or lengthened depending on fluctuations in interest rates.



Documents needed:

On request a loan is necessary to show the bank how much income one has.
Therefore banks demand a series of documents to the buyer:
- 3 recent payslips (for salaried workers) or
- all bills for the last 6 months (in case of self-employed)
- Declaration of income for last 2 years
 - Bank Statements of the last 6 months

How much money do you need
To secure the necessary amount of the loan, you must take into account the selling price, equity and the expenses of the sale.
Last Updated on Monday, 07 June 2010 18:51
 



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