HolaBank grants up to a maximum of 70% for second homes in Spain
HolaBank grants up to a maximum of 70% for second homes in Spain

Can non-residents get a CaixaBank mortgage to buy a property in Spain?

As a non-resident looking into buying a house in Spain, you might want to investigate the various mortgage options available. Thankfully, Spain offers a wide array of mortgage opportunities for both foreign nationals and Spanish expats. Find out how to obtain a mortgage with CaixaBank, including steps and insights to guide your decision-making.

Delia Mihuț
Written by Delia Mihuț
Published at 2023-08-08T07:52:02Z
Last updated at 2024-01-03T12:45:53Z
Readtime 4 minutes

Are you looking for a mortgage to buy a property in Spain? CaixaBank could be the solution you're seeking, offering loans tailored to those who want to make the most of their property budget.

If a CaixaBank mortgage aligns with your goals, continue reading to discover the step-by-step process to secure one, along with essential insights to guide your decision-making.

Is it hard to get a mortgage in Spain as a non-resident?

It's easy to get a mortgage in Spain as long as you have the foreigner’s identity number (NIE) and meet the eligibility conditions imposed by the lender. 

Keep in mind that when you apply for a loan, the lender must ensure that it is not taking any risk when deciding to grant you the money. For this reason, it is necessary to demonstrate that you have a permanent employment contract and benefit from a stable income.

Can non-residents get a CaixaBank mortgage to buy a property in Spain?

Yes, non-residents can access a mortgage at CaixaBank. 

If you earn your income in EUR, GBP, USD, CAD, CHF, DKK, NOK, SEK, BGN, HUF, RON, CZK, and PLN, you are eligible for the Holabank mortgage plan, designed exclusively for non-residents.

What are CaixaBank's mortgage options for non-residents?

CaixaBank's HolaBank scheme offers two main mortgage options: fixed interest rate and variable rate.

Both mortgage options allow for loan amounts between 100,000 and 2,900,000 EUR, with a maximum loan-to-value (LTV) ratio of 70%.

If your income is in GBP, USD, CAD, CHF, NOK, SEK, or DKK, you can choose between the following:

  • a fixed-rate mortgage in your currency
  • a variable or fixed rate in euros convertible to your currency. In this scenario, the monthly payment will be in euros, and you can request conversion to your currency for the duration of the mortgage

CaixaBank also offers a variable or fixed rate in euros, convertible to your currency for other EU currencies: BGN, CZK, HUF, PLN, and RON.

Whether you choose a fixed or variable interest rate, remember that HolaBank grants up to a maximum of 70% for second homes in Spain.

What is the process for getting a CaixaBank mortgage to buy a house in Spain?

  1. Hiring a mortgage broker to assist you throughout the process, helping you with all the procedures in Spain, and avoiding you having to travel. Homevest is one option that simplifies the mortgage application process for non-residents and helps you secure the best deal.
  2. Conduct a feasibility study with HolaBank to determine if purchasing your second home in Spain is viable
  3. Apply for the NIE. The tax identification number can be obtained from the Spanish consulate in your country, but if you need support, HolaBankClub assists customers during the application process.
  4. Open an account in Spain to make any payments
  5. Check the property to see if it is in good condition
  6. Reserve the property and sign a deposit agreement. It's also recommended to ask the Land Registry for a summary of the title to verify all information related to the property. 
  7. Prepare the documentation. Typically, you must provide several documents, including your ID, NIE, proof of income, proof of deposit, credit report, bank statements, and proof of residency. The good news is that you can send these documents in your native language, without translating.
  8. Valuation. A property valuation will be required to establish the property's real value. The valuation cost is refunded when you take out a mortgage with HolaBank.
  9. Sign the pre-contractual documentation. CaixaBank will provide the conditions of the mortgage and explain them in detail. After signing, you will have a reflection period of 10 calendar days (14 days in Catalonia) to clarify any doubts with your manager and receive free advice from your chosen notary.
  10. Choosing a notary to schedule the signing of the mortgage
  11. The purchase agreement between the selling and buying parties is usually signed on the same day as the mortgage. The selling party agrees to hand over the property ownership to the buyer in exchange for money.
  12. Insurance and additional costs. CaixaBank will require you to have home insurance and possibly life insurance as a condition of the mortgage. Be aware of other expenses, such as notary fees, registration fees, taxes, and bank charges.

What are the Caixa mortgage rates for non-residents?

Non-residents have the option to secure a fixed interest rate of 3.75% for up to 20 years, which includes a bonus. Alternatively, a second option is available with a term similar to the first, but without a bonus, carrying an interest rate of 4.75%.

For Spanish citizens, CaixaBank offers flexible mortgage options with a reimbursement period of up to 25 to 30 years. They provide an 80% LTV ratio and a fixed interest rate of 3.4%, available with the addition of insurance and a home security system. 

A variable rate option is also available, calculated as 0.3% plus the current Euribor rate.

Is there a faster way to get a Spanish mortgage from abroad?

While weighing up all of your options, be sure to explore Homevest, a digital mortgage broker that can accelerate your home-buying process directly from abroad.

Through the Homevest platform, you can upload and consolidate all the necessary documents for a mortgage loan. The documents are sent directly to the banks if they fulfill the qualifying criteria. This eliminates the need to re-upload them for various offers.

Choosing the right mortgage option requires careful consideration and significant time investment, as making a rushed decision can be detrimental. Homevest offers a premium service where you can benefit from a dedicated broker who helps you from start to finish, making sure the banks prioritize your case.

CaixaBank mortgage for non-residents: pros and cons

CaixaBank mortgage for non-residents: pros

  • CaixaBank offers mortgages that range from 100,000 to 2,900,000 EUR, providing options that suit various financial needs
  • loan terms available from 5 to 20 years, catering to a wide spectrum of financial situations
  • dedicated English helpline
  • you can apply for a mortgage without the need to translate your documents
  • refund the cost of the property valuation if you take out a mortgage with HolaBank
  • competitive interest rates for non-resident Spaniards who want to access a loan

CaixaBank mortgage for non-residents: cons

  • the current 35% fixed debt ratio may restrict eligibility for borrowers, especially those with lower incomes
  • the maximum loan-to-value ratio for non-residents is 70%, meaning a larger down payment may be required

As a non-resident looking into buying a house in Spain, you might want to investigate the various mortgage options available. Thankfully, Spain offers a wide array of mortgage opportunities for both foreign nationals and Spanish expats. 

Continue reading to learn more about the best Spanish mortgages for non-residents and how to compare the offers quickly and fee-free. If you want to find out 5 tips on securing a mortgage, discover what you need to turn your dream into reality. 

Sources used and checked in November 2023:

  1. The HolaBank Home Guide

We recommend obtaining professional or specialist advice before taking or refraining from any action based on the content in this article. The information in this article does not constitute legal, tax, or other professional advice from Homevest Limited. Prior results do not guarantee a similar outcome. We make no representations, warranties, or guarantees, whether express or implied, that the content in this article is accurate, complete, or up to date.

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