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CREDICHALET

A loan to build your house: from start to finish

  • Finance the construction of your house.
  • It can be your primary residence or a second home.
  • At a fixed or variable interest rate.
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Get a mortgage to build your family home

It can be your primary residence or a second home

Fixed or variable interest rate

Unlike traditional mortgages, the agreed capital is released in tranches as the construction of your home progresses.

  • Land tranche

    The first capital payment, which can be up to 50% of the appraisal value of the site where you are going to build.

  • Certification tranche

    In this tranche the funds are made available in different stages so that you can cover the building costs as the work progresses. Capital is released each time the architect issues a certificate stating the percentage of work completed and the current value of the property.

  • End of works tranche

    This is the last tranche, representing between 10% and 20% of the loan. The rest of the capital, up to 100% of the amount granted, will be available once the certificate of completion has been issued and the first occupation licence has been obtained.

What do you need to know?

Who can apply?

Exclusive conditions for individuals residing in Spain looking to buy their primary residence or second home. Applicants must have a monthly income of at least €2,500.

Up to 80%1

If it’s your primary residence, you can apply for up to 80% of the appraisal value. In the case of a second home, up to 60%.

Maximum term

Thirty years provided that none of the holders will be over 75 years old at the end of the term.

Frequently asked questions about Credichalet

See What requirements must I meet? What requirements must I meet?

To apply for the Credichalet, 100% of the land must be owned by the loan holder(s), or otherwise it must be bought when the loan is signed.

The customer will also need to have a building licence when formalising the loan.

See Can I sign a Credichalet if the land does not belong to me? Can I sign a Credichalet if the land does not belong to me?

No, you can't. When signing, the loan holders must fully own the land, or, if, not they will have to purchase it at the same time as signing the loan.

See Can I sign a Credichalet without a building permit? Can I sign a Credichalet without a building permit?

No, the building permit is essential to be able to formalise the loan.

See Can I disburse the last tranche of the loan without an occupancy licence? Can I disburse the last tranche of the loan without an occupancy licence?

No, this essential document ensures that the mortgage is perfectly noted in the property registry.

See What is the maximum number of years? What is the maximum number of years?

Maximum term of 30 years as long as none of the holders is over 75 years old when the loan matures.

Deferment period of up to 24 months available if it is a variable-rate loan. If it is a fixed-rate loan, the grace period is 18 months.

See What documents do I need to submit to get a customised offer? What documents do I need to submit to get a customised offer?

Application details:

  • Completed and signed financing application form
  • Signed pre-contractual information sheet (copy to be returned signed by all parties involved).
  • If the application is made in Andalusia, all parties involved must sign a copy of the contractual information document before returning it.

Identifying data:

  • National ID card, Tax ID no. or residence card of the applicants
  • Marital status information. If married in an economic regime which includes premarital agreements, a copy of them must be submitted. For the status of separated or divorced, a copy of the regulatory agreement and/or judicial sentence must be provided.

Economic data (employee):

  • Photocopy of the last 3 payslips or proof of receipt of a pension
  • Photocopy of your employment history, when you have been at your company for less than 4 years and/or seniority is not stated on your payslips.
  • Photocopy of the income tax return (IRPF) from the last fiscal year.
  • If submitting a declaration of assets, a photocopy of it.

Economic data (self-employed individuals):

  • Photocopy of registration for tax on economic activity (known as IAE).
  • Photocopy of quarterly VAT and personal income tax (IRPF) returns, as well as the annual summary
  • Photocopy of the income tax return (IRPF).
  • If submitting a declaration of assets, a photocopy of it.

In both cases:

  • Photocopy of the property tax receipt (IBI), if you have other properties in your name
  • Photocopy of property lease contract (if applicable).
  • Photocopy of the last 3 receipts, if there are other debts in your name (loans, leasing, etc.). In case of subrogation, as well as the last three loan payment receipts, a copy must be provided of the deed for the mortgage loan that will be subrogated.
  • Photocopy of proof of other types of income: Pensions from other countries, etc.

Plot details:

  • Photocopy of the title deed of the plot, if there is no sale transaction
  • Land registry report of the updated plot registration. If there are encumbrances, the last three loan receipts and balance to cancel before signing
  • Building project, building permit and budget for the execution of works
  • Project appraisal
  • Fully comprehensive building insurance

What documentation do I need to provide on the day of signing before a notary?

  • Fully valid ID card/tax ID number or foreign-national residence card
  • Custom information sheet and binding offer
  • Complementary custom information document.

Other mortgages you may be interested in

Dual mortgage

Content Dual mortgage
With the dual mortgage you don't have to choose, because you can combine the two interest rates in a single repayment.

Mixed mortgage

Content Mixed mortgage
The interest rate is fixed for the first few years, followed by a variable rate.

Fixed-rate mortgage

Content Fixed-rate mortgage
The mortgage with the peace of mind of knowing your monthly payments will never change.

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