If you are a foreign citizen you are free to buy a home in Spain, without restrictions, and under the same costs and conditions that the Spaniards or other citizens with residence in Spain.
When preparing your finances and allowing for legal costs for a property purchase in Spain one should budget for an approximate additional ten to eleven per cent of the purchase price in case of a new property, and nine to ten per cent in case of a re-sale. This figure is mostly made up of taxes, the rest consists of notary fees, registration costs and legal fees.
If you are looking to use finance the loan to value ratio you will be able to secure from a Spanish Bank Mortgage is 70 per cent of the full sale price, provided you demonstrate that you have income enough to repay the loan. Generally the term is 10 to 15 years and you pay capital and interest in equal monthly or quarterly instalments.
Interest Rates: Normally 1% above the interbanking rate (loans in Euros)
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