If you are a foreigner resident in Spain and need financing, you should know that there are personal loans for foreigners . You only have to prove that permanent residence in Spain by providing the Residence Card, the Foreigner Identity Number or the passport.
Personal loans for foreigners
Do you live in Spain and have you decided to invest in a new project that you had in mind for years? Are you autonomous and this month an unexpected expense has arisen? Or do you just want to give yourself a whim? Be that as it may, this is your opportunity to apply for a loan while abroad . Although the requirements are more demanding coming from another country, nothing is impossible, and here we explain how to order it.
A mortgage loan to buy a home
Being a foreigner and residing in Spain does not have to be an impossible task when applying for a loan, as long as you meet the minimum requirements demanded by financial institutions. Many banks and private lenders grant mortgage loans to citizens who do not have residence in the national territory, although their obstacles are greater:
You will pay more
Do you know the term pircing? In the real estate market, the pircing is an interest rate that is applied to the share of the borrowed amount and that must be returned in the form of monthly payments. This tax is usually higher for non-residents in the country than for Spanish citizens. The reason for this rise in interest is because “the financing for the acquisition of a second home and have more difficulty in meeting some links that could benefit the mortgage , such as direct debit of payroll or life insurance”, explains the director of the mortgage advisory Ibercredit, Santiago Cruz del Pozo.
Requirements if you are foreign
To apply for the loan, you must have:
- DNI or NIE (Foreigner Identity Number). You can request your NIE by filling out an administrative form only if you have a valid passport and you will have to pay an administrative fee of € 9.64. This document is granted to foreigners with legal residence in Spain.
- Enough income to cope with the repayment of the loan. You must show that income through payroll or some type of justification. Even so, there are private entities and creditors such as Atrapacrédito.com that grant loans with ASNEF, as we explained in Difficult Credits: RAI and ASNEF .
Although sometimes it is not enough to have a residence, but also to present a minimum age of said residence, it is not the most typical case, but it is true that the longer you have lived in the country, the wider your range of options will be. to financing.
What foreigners can get a loan?
Those who are holders of permanent residence in Spain, a right that is fulfilled by all those belonging to a member state of the European Union or that forms part of the Agreement on the European Economic Area and have lived legally in our country during a continuous period of five years
In addition, foreigners can obtain permanent residence if they retire or cease their activity if they have resided in Spain for a period of more than 3 years and have worked in the country in the last year, presenting, yes, a certificate that can prove it.
Loans for foreigners not resident in Spain
Each country, whether or not it belongs to the European Union or the Schengen area, has its own internal regulation regarding immigration. Although it is true that citizens of Eurozone member countries acquire greater guarantees and privileges, private banks will regulate the granting of their loans in a different way. So if you’re thinking of moving, do it to a country where getting citizenship is relatively easy like Austria, Belgium, Canada or Costa Rica.
Loans for foreign students in Spain
Spain is a country with a distinctive support system and grants for students, both national and foreign. European students who are residing in Spain may opt for both public and private assistance . Public assistance will be determined by the Government and to receive it, the student must comply with a series of requirements. On the other hand, private grants are granted by banks and private creditors. With us, you can find out about the best student loans .
Foreign banks that give loans in Spain
Yes, residing in Spain and being a Spanish citizen you can use foreign capital to finance your debts . The options are many, from requesting a loan from a foreign financial institution such as Deutsche Bank or advocating for private lenders from another country , who, fulfilling a series of requirements such as identity verification, can grant you the credit.