The process of buying a newly built housing in Spain is quite similar to what occurs in the same circumstances in any of the countries of Europe. In this post, from Europahus, we list the main forms of payment when you buy a new home in Spain.
Given the value of homes, it is usual that a mortgage loan for the down payment is constituted. The mortgage is to sign a mortgage loan with a bank that will advance the amount needed and it will be returned, according to the agreed conditions, in monthly payments, interest rate and for a number of years.
Loan repayment is guaranteed by the home itself. In some cases plus additional guarantees (a second mortgage, guarantees, etc.) they are required. The consumer can choose the mortgage loan that is most appropriate, and may even be subrogated (take over) the mortgage loan already constituted by the builder or developer for building housing.
Before entering into the contract of sale housing, make sure that you can get a mortgage for the amount needed for the purchase.
It occurs when the consumer pays the builder or developer amounts in different time frames. Such amounts are deductible from the final price. If the construction of housing is not complete, the developer or builder must ensure the quantities delivered by the following ways:
- Constitution of insurance.
- Deposit of quantities in one account established for this purpose.
In EUROPAHUS we took 15 years helping people like you find the home of your dreams in Spain. Please contact us if you are looking to buy in this area.
Our close collaboration with many local real estate agents and property developers makes our catalog includes all types of properties, both new build and resales, and throughout the provinces of Murcia and Alicante.