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RE - Payment Examples: |
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Purchase price |
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250.000.- |
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Deposit
approx.
20% |
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50.000.- |
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Mortgage
required |
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200.000.- |
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In
this example the bank lends a mortgage of 200.000.-. The duration
of the mortgage is
fixed in line with the age of the purchaser. Max. 40 years
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Example of a
re-payment plan through ELVIA-Denia |
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Mortgage |
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Duration |
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Interest rate |
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Monthly expenses Inc. Redemption fee
22.12.2006 |
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200.000.- |
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15 yrs |
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4,25% |
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1.504.51.- |
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200.000.- |
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20 yrs |
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4,25% |
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1.248.47.- |
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200.000.- |
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25 yrs |
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4,25% |
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1.083.48.- |
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200.000.- |
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30 yrs |
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4,25% |
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983.88.- |
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200.000.- |
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40 yrs |
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4,25% |
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867.24.- |
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The interest rate is
regulated by the bank and is determined yearly and set by the
Eulibor
index. This is the prime rate of interest as set by the
international money market.
Usually 0.6 - 0,8% is added to the Eulibor interest rate. This percentage
will be fixed and attest
by a notary and certified on the purchase contract.
In contrast to other countries, a
mortgage in Spain must be redeemable!
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It is also possible to
have fixed monthly repayments. The advantage of this is knowing
exactly which sum you will repaying monthly on your property ( even
in 5 or 10 years time).
Using this variation,
the loan may be lengthened or shortened depending on fluctuation of
interest rates.
This informations are supplied without liability.
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