Conditions valid until 31/12/2020.
1. In the event of taking out the mortgage without any discount, the conditions will be as follows:
Subscription to the Relación Account: €30/quarter
The commitment fee will be 1.00% with a minimum of €750.
The arrangement fee will be 1.00% and a minimum of 750 euros.
2.60% NIR (3.25% APR)
Total cost of the mortgage: 82,630.95 euros.
Total amount of interest on the credit: 66,183.23 euros.
Total debt amount: 232,630.95 euros.
Instalments: 359 instalments of 600.51 euros/month and a final instalment of 600.14 euros.
Mortgage amount: 150,000 euros.
Period: at 30.
What does the APR calculation include?
Arrangement fee: €1.500.
Arrangement fee: 1,500 euros.
Mandatory monthly damage insurance throughout the life of the mortgage (it is not necessary to take it out with Banco Sabadell): 30.61 euros.
Costs of registry verification: 25.41 euros.
Appraisal costs: 302.71 euros.
The APR may vary, depending on the repayment period and the amount financed.
Keep reading the conditions.
Repayment system and calculation formula for the repayment of the principal and the interest.
The French repayment system, which features a system of consistent instalments, is used for the calculation of the instalments to be paid. In other words, the same amount is paid every month, provided that the interest rate applicable to the transaction does not vary during the settlement period or that no early repayments have been made.
The mortgage instalment is made up of the interest and the repayment of the total amount of the loan. Since the amount to be paid is constant, the lower the outstanding principal of the mortgage is, the lower the interest generated on this principal will be. Therefore, more interest and less principal is paid during the first years of the mortgage and more principal and less interest is paid during the final period of the loan.
Calculation of the monthly instalment:
Where:
N = outstanding loan capital
i = nominal interest expressed as a decimal fraction of one
p = one year payment periods
t = number of years of the outstanding repayment period
In our example, to calculate the first year’s instalment we will replace “N” with 150,000 (the initial mortgage capital), “i” with 0.026 (nominal annual interest rate for the first year divided by 100), “p” with 12 (number of instalments to be paid per year) and “T” with 30 (number of years), thus obtaining an instalment of 600,51 euros to be paid each month.
Calculation of the part corresponding to the interest of the instalment:
Where:
N = outstanding loan capital
i = nominal interest expressed as a decimal fraction of one
p = one year payment periods
In the above example, the part corresponding to the payment of interest on the instalment is calculated by replacing “N” with 150,000 (the initial mortgage capital), “i” with 0.026 (the first year’s interest rate divided by 100) and “p” with 12 (the number of repayment periods in one year), thus obtaining an amount of 325 euros corresponding to the interest on the first month’s instalment.
The remaining amount of the instalment, after deducting the interest, is what is assigned to the repayment of the capital.
2. In the event of taking out a discounted mortgage, the conditions and calculation of the APR are as follows:
1.60% NIR (2.71% APR)
Mortgage amount: 150,000 euros.
Period: at 30.
Subscription to the Cuenta Relación: 30 euros/quarter.
Maximum discount: direct deposit of your salary or pension and taking out of the associated insurance policies: Constant Capital Life Protection, Home Protection and Payment Protection.
Total cost of the mortgage: 67,048.89 euros.
Total amount of interest on the credit: 38,967.00 euros.
Total debt amount: 217,048.89 euros.
Instalments: 359 instalments of 524.91 euros/month and a final instalment of 524.31 euros.
What does the APR calculation include?
Arrangement fee: 0 euros.
Associated constant capital life insurance with a quarterly premium throughout the life of the mortgage: 93.13 euros.
Single-premium payment protection insurance with 100% coverage of the capital for a period of 5 years: 1,958.57 (example for a 30-year-old man).
Home Protection Insurance throughout the life of the mortgage with a monthly premium: 30.61 euros.
Costs of registry verification: 25.41 euros.
Appraisal costs: 302.71 euros.
The APR may vary, depending on the repayment period and the amount financed. There will be a half-yearly review of the procurement of the products to which the interest rate applicable in the event of taking out a discounted mortgage is conditioned.
Additional information:
Offer valid only for residents in Spain with income and property only in euros.
Offer valid only for natural persons (without a business destination) resident in Spain, with the exception of the Autonomous Community of Andalusia, who have income and equity only in euros.
The mortgage may cover up to 80% of the purchase price or the appraisal value (whichever is the lower) for the first home. The mortgage can cover up to 70% in the case of second homes.
Representative examples of loans secured by mortgages on residential property designed to finance purchases of housing by natural persons acting as consumers. Operation subject to the prior approval of Banco Sabadell. No advisory service is provided. Interest rate conditions subject to risk analysis by Banco Sabadell. These conditions may vary, depending on the result of the risk analysis. In accordance with article 1911 of the Civil Code, which enshrines the principle of universal liability, in the event of non-payment, the debtor and, as appropriate, his joint guarantors and guaranteeing parties and mortgage guarantors shall be held liable for all his present and future assets and may even lose his home(s) and/or any other assets that he owns.
This offer is not valid for a housing operation to be formalised or executed in the Autonomous Community of Andalusia (ask about the existing special offer at your branch).
Additional information on the insurance associated with your mortgage:
Home Protection, Payment Protection and Total Payment Protection are policies of BanSabadell Seguros Generales, S.A. de Seguros y Reaseguros, with Tax ID no. A64194590 and its registered office at Calle Isabel Colbrand, 22, 28050 Madrid, registered with the Madrid Companies Registry and the DGSFP Insurance Companies Registry under code no. C-0767.
Total Life Protection and Constant Capital Life Protection are policies of BanSabadell Vida, Sociedad Anónima de Seguros y Reaseguros, with Tax ID no. A08371908 and its registered office at Calle Isabel Colbrand, 22, 28050 Madrid, registered with the Madrid Companies Registry and the DGSFP Insurance Companies Registry under code no. C-0557.
Insurance policies brokered by BanSabadell Mediación, Operador de Banca-Seguros Vinculado del Grupo Banco Sabadell, S.A., with Tax ID no. A-03424223 and its registered office at Avda. Óscar Esplá, 37, 03007 Alicante, inscribed in the Companies Registry of Alicante, and in the Special Administrative Register of Insurance Brokers of the DGSFP under code no. OV-0004, having subscribed to civil liability insurance pursuant to the provisions of the regulation on the distribution of private insurance and reinsurance in effect.
You can view the insurance companies with which BanSabadell Mediación has signed insurance agency contracts at www.bancosabadell.com.
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