Mortgage, Taxes, Costs

Mortgage, Taxes, Costs

Foreign buyers can apply for a mortgage to purchase real estate in Spain. You can get a mortgage in the amount of 60% of the property value (in some cases the Spanish banks are ready to finance 80%) of credit issued by 4-5% per annum for a period of about 30 years. There is also a possibility of an early payment of the loan.

List Of The Required Documents To Apply For A Mortgage

Certificate of employment indicating the salary and the position

Tax Certificate for the last 12 months

Bank statements for the last 12 months

The certificate of Title Deed ( if you have other properties)

List of documents may vary depending on the choice of the Spanish bank

All documents must be translated into Spanish and certified accordingly.

Term of consideration of the bank of your request for the grant of a mortgage loan from a week to a month

Additional Costs

There are some additional costs associated with the purchase of the property:

Transfer tax( Impuesto de transmisiones patrimoniales ) 8% of the value of the acquired property. In this case, the tax rate may vary depending on the autonomous region and the province.

New building 10 % VAT (Impuestio sobre valor añadido, IVA) and the fee for registration of documents at a rate of 1.2%

For commercial property VAT rate is 21%

Notary fees (approximately 0.5 % of the purchase price)

Land Registry fees 0.5 %

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