You can buy your own home in Spain

How to apply for a loan

Did you know you can apply for a mortgage at one of the top Spanish banks with your income from your home country? More so you can benefit from favorable credit conditions.

We help you with the mortgage and all you have to do is find the perfect home.

General Information

Buying a home in Spain is not as complicated as it may seem.
You don’t have to go to the bank in person numerous times and you don’t need dozens of certificates and extra documents to gain access. The mortgage application is 100% online and as far as being there in person, you only need to do that one time when you sign your purchase agreement at the notary. Of course, if you want to visit Spain multiple times and you want to get a feel of what it would be like to live there we won’t stop you?.

Do I have to be a resident of Spain in order to apply for a mortgage?

No, you do not. In order to apply for a mortgage with a Spanish bank, the property you are purchasing needs to be in Spain. More so, the whole application process is 100% online and you only have to go to Spain once, when you sign the paperwork with the notary (contract of sale, contract for your mortgage, etc.).

Who can get a mortgage?

Anyone who has an income of 4.000€ per month or the equivalent in any of the following denominations: RON, EUR, USD, GBP, SEK, DKK, NOK, CHF, CAD, BGN, CZK, HRK, HUF, PLN.

What is the maximum period of time you can get the mortgage for?

Regardless of your country of residency, if your income is in RON, BGN, CZK, HRK, HUF or PLN then the maximum period for your loan is 15 years. However, if you receive your income in EUR, USD, CAD, DKK, SEK, CHF, NOK or GBP (for example if you receive rental income in euros), then the maximum length of the credit is 20 years.

What kind of income do I need to get the mortgage?

You can use your salary, dividends, rental contracts, management contracts. The most important aspect to remember is that to prove that income you have to show your banking statements in the last 3-6 months where you show that money coming in.

What is the minimum down payment?

If your income is in a hard currency such as EUR, USD, GBP, SEK, NOK, CHF, DKK or CAD then you can put down as little as 30% of the value of the property that you are looking to purchase. However, if your income is in RON, CZK, HRK, HUF or PLN, then your minimum down payment is 50%.

What documents do I need to provide?

• ID, preferably your passport
• Your banking statements from the last 3-6 months, in which you have received the income you are using for the credit
• Work contract
• NIE – Foreigner Identity Number. You need this identification number for any legal procedures in Spain, including purchasing a property or a car, opening a bank account or starting a business. You can apply for a NIE in person at the Spanish Consulate, through a lawyer or online through websites that provide such services.

All the documents must be provided in hard copy as well as translated and with an apostille in spanish.

What commissions/taxes do I have to pay?

• Fees and commissions related to the loan
• The real estate broker’s fee
• Bankata.ro’s fee of 1% of the value of the loan amount payable as follows:
  • 300€ down payment at the time of mortgage request
  • and the rest up to 1% when the mortgage is approved.

If your mortgage is denied by the Bank for a reason that is independent of you, we will refund you the whole amount paid. However if you have changed your mind throughout the process and we have made all the necessary steps for the loan to be approved then the down payment will not be reimbursed.

How long does it take to get the mortgage approved?

If all the documents are in order, you can find out the amount you qualify for within 1 week. If you have already found a property and all the paperwork for said property is in order, then the whole purchasing process can be ready in 2 weeks maximum (including the period in which your financial documents are analyzed).