Mortgage Without Fixed Fees (incomes equal to or more than € 3,000) 10 years

Guide results for a fixed interest rate loan.

The APR is the all-in cost of the loan, expressed in the form of an annual percentage. Assuming data that reflect the average of formalised operations and an average risk, the applicable APR is 2.15%. It comprises:

  • Loan amount: €150,000
  • Deadline: 120 months, monthly payment
  • Fixed interest rate: 1.50%
  • Formalisation fee: 0.00%
  • Damage insurance: €240.96 first year (on the basis of home insurance on an 85-m2 property in Madrid, rebuilding value: €85,000, content value: €18,000. Amount to consider total term: € 2,409.60. The types of home insurance to choose from are: Home Insurance and Comprehensive Home Insurance).
  • Valuation: €400.13 (supposition of valuation of a property with a built area of less than 150 square metres).
  • Basic land registry report: €20.72 (charged if not processed through the management agent designated by Bankia).
  • Management agent: € 139.15
  • Registration: €0.00
  • Taxes: Mortgage stamp duty €1,811.25

According to the previous breakdown, the all-in cost of the loan would be 166,405.53 € of which € 11,624.68 the total of interests would be matched.

The "gestoría" (administration) and registry costs and taxes have been calculated based on the processing of a mortgage in Madrid, on a single property, without guarantee or collateral securities.

They are not built in expenses of notary's office nor the ones corresponding to previous trading, for not intervening in the calculation of the APR.

Expenses which Bankia will cover in relation to this mortgage:

  • Notarial copy of the deed requested by Bankia: the expenses derived from the issuance of the notarial copies of this deed requested by Bankia for its own purposes (namely, the electronic copy to be filed electronically and the executive copy).
  • Land Registry: Expenses of enrollment of the present mortgage in the Land registry.
  • Management agent: 50% of the management agent's expenses.
  • These expenses have already been deducted from those indicated previously.

Terms and Conditions subjects to the approval of risks of Bankia, for mortgages where any of the holders receives monthly, and without interruption, direct billing incomes in Bankia according to the conditions currently in force of the Salary Service or of the Pension Service. The fulfillment of the conditions of regular monthly incomes will be revised once a year and in the event of non-compliance the nominal interest rate of the loan will be penalised, increasing by 1.00% (APR 2.96 %).

Risks and warnings
Please note the following warnings and risks entailed in a mortgage:

- Your income may vary. Ensure that if your income falls, you will still be able to make your monthly mortgage payments.

- You have the right to examine the draft contractual document in the office of the authorising notary, before it is signed in their presence.

- You may lose your home if you do not make your payments punctually.

- Unlimited personal liability: you will be responsible to Bankia for the payment of the loan, not only with your home, but with all your current and future assets.

- Fixed interest rate: the fact that the interest rate on this loan remains fixed throughout the period of its validity should be taken into account .

- Regardless of the information given in this note, you will have to pay other taxes and expenses, such as notarial expenses.