Costs for obtaining a mortgage loan in Spain:

Costs for obtaining a mortgage in Spain

                    Independent appraisal of the purchased property (Tasación) - establishment of the real value of the property to guarantee the bank for the loan provided. The cost of appraisal services for a property in the middle price category will be approximately 250-500 euros.

                    Bank fees for opening a loan (Comisión de apertura) - 1- 2% of the loan amount. The amount of commission depends on the conditions of a particular bank.

                    Home insurance (Seguro de hogar) - depending on its category, insurance coverage and the company with which the bank works, approximately 200-500 € per year. Many banks, in addition to insuring the property itself, oblige the buyer to insure life (necessarily the first year). The amount of insurance depends on the gender and age of the buyers and can range from 150 to 350 euros in annual terms.

                    Notary fees - Notary fees for the certification of the mortgage lending agreement (Escritura del Préstamo Hipotecario). Notary fees are the same for all notaries. The notary fee rate is calculated on a scale that progresses depending on the liability for the mortgage. Approximately 600-800 euros.

                    Registration fee - registration costs charged for the submission of the mortgage lending agreement to the Companies House (Registro de Propiedad), approximately 300-500 euros.

                    Legal fee - payment for the services of lawyers for the preparation of documentary acts and their submission to the Companies House.

                    Tax on documentary registration of legal acts (Impuesto sobre actos jurídicos documentados) - the tax that is levied when drawing up any notarial deeds to be registered. The tax rate is 1.5% of the cost of housing specified in the mortgage lending agreement.

                 Estimated ownership costs new residential property without a mortgage will amount to about 13% of its value, with a mortgage - about 15% of its value.

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