The buyer must have a minimum amount of savings to request financing from the financial institution
Buying a home is a long and expensive process for the future owner. Even more so today, when inflation marks a global rise in prices throughout society. The Bank of Spain, which warns about problems in the use of bank cards, has issued a notice about how financial institutions finance the amounts of mortgages.
Before proceeding to pay the purchase amount, an appraisal study must be carried out. This consists of an estimate of the price of the property by objective means, through which the market price of the house can be found. Once known, the purchase price of the house can be established.
According to the Bank of Spain, entities can finance up to 80% of the total purchase amount. For its part, the remaining 20% would be borne by the buyer, so when requesting financing from the bank, you must ensure that your savings reach that amount. In addition, to this 20% is added approximately 15% of associated expenses (taxes, appraisal…). For example, if a house has a value of 150,000 euros, the buyer must have saved something more than 50,000 euros to be granted the financed mortgage.
On the other hand, the bank also has to meet a series of requirements. One of them is to make sure that the monthly installment of the letter does not exceed 30% of the salary of the future owner to prevent suffocation of his economy. Guarantees, borrowing capacity or the existence of several holders will also play a special role in financing the purchase of a home.