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 2.48%. It comprises:
According to the previous breakdown, the all-in cost of the loan would be € 189,308.16 of which € 32,117.71 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:
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 3.38%).
Risks and warnings
Please note the following warnings and risks entailed in a mortgage:
- Its incomes can vary. Ensure that if your income falls, you will still be able to make your monthly mortgage payments.
- Has you right to examine the project of contractual document in the office of the authorising notary, before it is signed in their presence.
- Can you lose its property if you do not make your payments punctually.
- Universal patrimonial accountability: 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.