Buying a home is one of the most important decisions in a person’s life, and any help available at this time is welcome: knowing how to choose the type of home well, knowing the economic possibilities, carrying out the corresponding procedures … Advice from experts and professionals is essential and, therefore, your bank is responsible for facilitating this entire process, accompanying the new owner in all the necessary steps.
As a preliminary step, the notary where the purchase and mortgage will be signed and in advance of the signing day, explain the loan conditions and will clarify any doubts that exist. Later, the bank is in charge of preparing the signing of deeds before a notary, both for the sale of the home and the constitution of the mortgage in the same act, under the terms agreed with the seller and with the bank.
The Bank facilitates the payment of the house as agreed and, in addition, with the collaboration of trusted managers, it will be in charge of registering in the Property Registry both the change of ownership and the mortgage and ensuring that the payment of the Necessary taxes involved in the transaction. It should be remembered that the entity also takes care of all the expenses derived from the mortgage loan (except for appraisals) and the client assumes those arising from the sale of the home.
The bank will continue to assist in everything that is needed related to the new home, such as the change of direct debits of the basic bills or the home insurance for your home.
Is home insurance mandatory?
Once we become the owners of our dream home, in addition to the mandatory basic insurance, it is highly recommended hiring insurance that will cover the claims that occur in the home. You should hire a basic damage insurance, but it is worth considering the possibility of expanding it with the hiring of home insurance to cover, among other things, robberies, domestic accidents and even the damages that we can cause to the neighbors. The policy will reflect the existence of the mortgage loan.
According to data from the Cooperative Research Association between Insurance Entities and Pension Funds (ICEA), three out of every four Spanish homes now have home insurance. ICEA points out that 35.2% of the claims produced at home in 2020 were due to water, followed by glass (15.4%), assistance services (12.1%), electrical damage (10 %), atmospheric phenomena (8.1%) and theft (3.4%).
- If you are dreaming of a new house, at Ibercaja they can advise you on mortgages, loans and all questions related to the sale of a home.
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