{"id":8672,"date":"2024-07-02T12:26:15","date_gmt":"2024-07-02T10:26:15","guid":{"rendered":"https:\/\/www.iimarbella.com\/8672-kredyt-hipoteczny-w-hiszpanii-jak-uzyskac-kredyt-i-kupic-nieruchomosc"},"modified":"2026-03-20T10:41:30","modified_gmt":"2026-03-20T09:41:30","slug":"mortgage-in-spain-how-to-get-a-loan-and-buy-property","status":"publish","type":"post","link":"https:\/\/www.iimarbella.com\/en\/8672-mortgage-in-spain-how-to-get-a-loan-and-buy-property","title":{"rendered":"Mortgage in Spain. How to Get a Mortgage and Buy a Property?"},"content":{"rendered":"\n

Thinking about buying a house or apartment in Spain, but unable to fully finance the purchase of the property? You need to obtain a mortgage, but you are concerned about contracts, installment payments, and furthermore, you are a foreigner in Spain? Don’t worry! Taking out a mortgage for an apartment is a good solution due to attractive interest rates and relatively low acquisition costs. <\/strong><\/p>\n\n\n\n

Many Poles are increasingly boldly pursuing their dreams of buying a house or apartment in sunny Spain. This is encouraged by both the excellent weather (especially on the Costa del Sol, where the sun shines over 300 days a year!), but also by property prices, which are comparable, and often even lower than in the largest cities in Poland. EURIBOR also plays a significant role, being a key indicator that has a significant impact on property prices and mortgage conditions in Spain. Its low level and downward trend translate into growing demand for real estate. <\/p>\n\n\n\n

In this article, we will analyze the steps necessary to obtain financing for the purchase of real estate in sunny Spain and discuss why now is the perfect time to invest on the Iberian Peninsula.<\/p>\n\n\n\n

How to get a mortgage in Spain? Step by step<\/strong><\/h2>\n\n\n\n

Here are the steps worth following when planning to obtain a mortgage in Spain:<\/p>\n\n\n\n

    <\/ol>\n\n\n\n
    \"\"<\/figure>\n\n\n\n

    1. Start the process in advance<\/strong><\/h2>\n\n\n\n

    When planning to buy a house or apartment in Spain using a mortgage, it is recommended to start the mortgage process about 3-4 months before the planned property handover date<\/strong>. This provides enough time to complete all formalities and allows for negotiating the best loan terms. <\/p>\n\n\n\n

    Preparations for starting the mortgage process include, among others, obtaining a foreigners’ identification number<\/strong> at the Spanish police station or the Consular Department of the Spanish Embassy. N.I.E<\/strong>, or in Spanish N\u00famero de Identificaci\u00f3n de Extranjero,<\/strong> is the equivalent of the Polish NIP<\/strong>. It is essential for obtaining a mortgage by a buyer who does not permanently reside in Spain. A tax resident of Spain, on the other hand, is a person staying in the country for more than 183 days a year or whose center of vital interests is located within its territory. <\/p>\n\n\n\n

    It is also necessary to have a Spanish bank account<\/strong>. Furthermore, all documents<\/strong> should also be translated into Spanish<\/strong>. Nowadays, these activities usually do not take much time, but they should be kept in mind. The bank’s decision-making process regarding granting a loan is, however, quick and takes about 2 weeks.<\/strong><\/p>\n\n\n\n

    It is worth knowing that deciding on a lawyer<\/strong> and granting them power of attorney will significantly facilitate some processes. Among other things, they will handle obtaining the NIE number, opening a bank account, and submitting a mortgage application to the bank.<\/p>\n\n\n\n

    2. Prepare your documents<\/strong><\/h2>\n\n\n\n

    If you want to get a mortgage in Spain, the bank will require you to present your tax declaration for the last 2 years<\/strong>, a bank statement<\/strong> for the last year or 6 months (depending on the bank), a completed application, and a financial statement<\/strong> to verify the borrower’s income. These documents help financial institutions assess creditworthiness and are crucial in the application process. This applies to both employed workers and the self-employed. <\/p>\n\n\n\n

    3. Take care of your credit history<\/strong><\/h2>\n\n\n\n

    As in other countries, the bank will want to see your credit history before granting a mortgage. It is therefore advisable to check your Credit Information Bureau (BIK) reports<\/strong> before applying to ensure there is no data that could negatively affect the bank’s decision. Taking care of your credit history will significantly reduce unnecessary stress and speed up the decision on receiving the loan. <\/p>\n\n\n\n

    4. Remember the rules regarding loan installments<\/strong><\/h2>\n\n\n\n

    For those who want to buy property in Spain, it is recommended that the monthly mortgage payment does not exceed 35% to 40% of monthly income (depending on the bank).<\/strong> This criterion is important to ensure that you will be able to maintain liquidity in repaying the loan without financial risk. In addition to the down payment mentioned, you should also secure funds amounting to approximately 10% of the property value for various fees<\/strong> (which the bank does not finance).<\/p>\n\n\n\n

    5. Understand the loan amount and term<\/strong><\/h2>\n\n\n\n

    Spanish banks typically offer foreign nationals mortgage loans of up to a maximum of 70% of the property value<\/strong>, which means you will need to have at least 30% of the property value as a down payment. The maximum loan term is usually 20-25 years<\/strong> (depending on the bank), which is important for long-term financial planning. It is worth remembering this when choosing your new property. <\/p>\n\n\n\n

    6. This you must know! Age restrictions<\/strong><\/h2>\n\n\n\n

    It is also worth noting that a Spanish bank grants a loan to a person who will not exceed 75 years of age at the end of the loan term<\/strong>. This means that age can be a significant factor when applying for a mortgage on real estate.<\/p>\n\n\n\n

    Summary<\/strong><\/h2>\n\n\n\n

    When planning to buy property in Spain, especially when a mortgage is required (and not only then), it is advisable to use the help of local specialists \u2013 including real estate agents. As International Investment Marbella, we offer assistance starting from choosing the ideal property within your budget, through safely obtaining a mortgage, up to managing the entire transaction. Our experience and knowledge of the local real estate market guarantee that everything will proceed smoothly and without any problems. <\/p>\n\n\n\n

    <\/p>\n","protected":false},"excerpt":{"rendered":"

    Thinking about buying a house or apartment in Spain, but unable to fully finance the purchase of the property? You need to obtain a mortgage, but you are concerned about contracts, installment payments, and furthermore, you are a foreigner in Spain? Don’t worry! Taking out a mortgage for an apartment is a good solution due […]<\/p>\n","protected":false},"author":2,"featured_media":419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[61,61],"tags":[],"class_list":["post-8672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.iimarbella.com\/en\/wp-json\/wp\/v2\/posts\/8672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.iimarbella.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iimarbella.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iimarbella.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iimarbella.com\/en\/wp-json\/wp\/v2\/comments?post=8672"}],"version-history":[{"count":1,"href":"https:\/\/www.iimarbella.com\/en\/wp-json\/wp\/v2\/posts\/8672\/revisions"}],"predecessor-version":[{"id":8759,"href":"https:\/\/www.iimarbella.com\/en\/wp-json\/wp\/v2\/posts\/8672\/revisions\/8759"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iimarbella.com\/en\/wp-json\/wp\/v2\/media\/419"}],"wp:attachment":[{"href":"https:\/\/www.iimarbella.com\/en\/wp-json\/wp\/v2\/media?parent=8672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iimarbella.com\/en\/wp-json\/wp\/v2\/categories?post=8672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iimarbella.com\/en\/wp-json\/wp\/v2\/tags?post=8672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}