Guiding results for a supposition of loan to fixed interest rate.
The APR is the all-in cost of the loan, expressed in the shape of annual percentage. Supposing details that they reflect the average of formalised operations and an average risk, the applicable APR is 3.76%. It comprises:
· Amount of the loan: €150,000
· Term: 300 months, monthly payment
· fixed Interest rate: 3.30%
· Start-up fee: 0%
· 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: € 6,024.00. Types of home insurance to choose are: Home Insurance and Comprehensive Home Insurance).
· Valuation: €400.13 (supposition of valuation on property with built area lower than 150 square metre).
· simple Note: €20.72 (charged if not processed through the management agent designated by Bankia).
· Management: € 139.15
· Record:€0
· Taxes: AJD for mortgage €1,811.25
According to the previous breakdown, the all-in cost of the loan would be of € 228,876.69 of which € 70,481.44 the total of interests would be matched.
The expenses of management, record and taxes have been calculated on the procedure of mortgage in Madrid, on an only building, without consolidatiion nor 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 payroll 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 4.69%).
Risks and warnings
Please note the following warnings and risks entailed in a mortgage:
- Its incomes can vary. Ensure that if your income decreases, you will still be able to cover your monthly mortgage payments.
- Has you right to examine the project of contractual documentin the office of the authorising notary, before it is signed in their presence.
- Can you lose its property if it does not make its 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: you should take into account that the interest rate on this loan remains fixed throughout the loan term.
- Regardless of the collected thing in the current note, it will have pay other tax contributions and expenses, for example, notarial expenses.