Mortgages for foreigners not resident in the country


Mortgages for non-residents have a special character, and it is that a second domicile in our country is very high, which is why many financial institutions have made available to those interested a residence for non-resident foreigners.

Undoubtedly, a financial market niche where banks are responsible for promoting mortgages for non-residents in order to boost the real estate boom. Since there are more and more foreigners who want to apply for a mortgage for a second home in our country.

It is true that this financing for non-resident foreigners is not very different from conventional ones; but it is important to know all the details before considering the purchase of a home in territory.

Therefore, today we will talk about mortgages for non-residents and how to apply.

Housing for foreigners non resident

Housing for foreigners not resident

This type of credit focused on non-residents in our country is characterized by having higher interest rates than normal. Likewise, the property acquired cannot be considered as habitual residence.

Mortgage conditions for non-residents

Mortgage conditions for non-residents

When a foreigner wants to acquire a home in another country, the conditions are usually stricter . For example, the banks that grant this type of loans require that the client contribute between 20% and 40% of the price of the property that he wishes to acquire.

Another important requirement that banks make today is that the loan fee cannot exceed 40% of the applicant’s monthly net income

In addition, Another fact to consider before applying for a non-resident mortgage is that the quota itself with our bank may not exceed 40% of our monthly net income.

In short, a series of characteristics that we should always consider before entering into these types of loans.

Mortgage documentation for non-residents

Mortgage documentation for non-residents

The documentation that every financial entity will request to obtain a non-resident mortgage is:

  • INE

  • Documentation verifying that you are not a resident

  • Work contract in force

  • 3 last payrolls

  • bank account

  • Contract and data of the property that you want to buy. That is, the contract of sale.

  • Tax return

  • Tax Address Certificate

  • Declaration of patrimony of the country of origin

The sea places are the most requested areas by foreigners. Some entities consider mortgages for non-residents as a profitable business opportunity, so that they are creating specific projects for these products. 

Although, not everyone is willing to take a risk because of the difficulty of seizing goods abroad in case of breach of contract. Therefore, houses for non-resident foreigners have more inflexible conditions than those for people with nationality.

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