Getting a mortgage in Spain

Obtención de un crédito hipotecario en España
June 18, 2014
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Buying residential property in Spain continues to be one of the most attractive investment options both in the short and in the long term, largely due to the favorable conditions of obtaining a mortgage for foreign nationals.

Spanish banks offer mortgages to both residents and non-residents of Spain, with some differences in credit terms.

Terms of mortgage for foreign citizens (as well as the required documents) will vary depending on the bank, but can distinguish the following general points:


Step by step procedure of obtaining a mortgage in Spain:

  • Opening a current account in a Spanish bank.
  • Order the official certified translation of a full package of documents into Spanish (the necessary dokumet see below).
  • Determination of the appraised value of the acquired property (to be ordered in the bank and usually takes 6-10 days).
  • Transfer the full package of translated documents to the bank.
  • Deciding Bank (central office) on the amount of loans to be granted. Takes 4-6 weeks.
  • Enumerating client from his personal account outside of Spain on his own account in Spain shortfall considering the amounts that will be spent on related expenses (taxes, fees, insurance, taxes).
  • In the case of a positive decision, the signing of notarial documents (deed and mortgage contract) and their registration in the state register.
  • Payment of taxes and spending.

Necessary documents for obtaining a mortgage in Spain:

  • Valid passport (copies of all pages).
  • Foreigner identification number (NIE), which is made on location in Spain.For its design requires a valid passport with an expiration date of at least 6 months and a Schengen visa.
  • Help or income tax return for the previous year and for the year to date (Form 2 PIT).
  • Extract from the personal bank account in your country, indicating the movement for the past 12 months, which can be seen regular cash flows.They may be less than the amount specified in the personal income tax, as workers in Russia often are paid cash on hand through the company.
  • Inquiries about existing deposits (if any).
  • Official letter from the employer on company letterhead indicating the employee data: position, size of salary, seniority, with the signature of the head and chief accountant, as well as with the company seal.
  • The ownership of your own business is provided a certificate of registration of the company and the relevant documents stating that you are the owner or co-owner.
  • Certificate of ownership of real estate in the country of residence, indicating the total area of the facility and the lack of any encumbrances (if any real estate owned).
  • Treaty provision on purchased property in Spain (contract signed by the buyer and seller prior to making the purchase and sale in the presence of a notary and containing all the terms and conditions of the transaction).

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