BBVA will also finance the properties from Sareb.

After Santander, CaixaBank, Sabadell and Popular, also BBVA, the only healthy bank that has not entered Sareb´s capital, has reached an agreement with the bad bank to finance the sale of its properties. In line with what has been done by the other institutions, the bank presided over by Francisco González puts at the disposal of these credits 1000 million Euros.

According to the agreement signed today by the director of BBVA for Spain and Portugal, Jaime Saenz de Tejada, and the managing director of Sareb, Walter de Luna, the mortgage launched by the bank will finance any individual wishing to acquire properties, trade premises or storage rooms included in the portfolio of the bad bank. The financing will also reach those properties that appear as guarantees of loans to developers in the hands of Sareb and the assets transferred by the bad bank to another vehicle, such as the Banking Assets Funds (BAF).

For the purchase of a principal residence, BBVA offers a loan at a maximum of 30 years,  with a loan to value that does not exceed 80% and an interest rate of Euribor plus a minimum of 2,25%, for the customer with the maximum link with the bank. BBVA, however, does not inform what would be the differential applied to a non linked customer. When the loan is intended to finance a secondary home, the maximum amount it is financed is 60%, the deadline 25 years and the minimum differential over Euribor would be 3,25%.

Source: Expansion

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