Kutxabank will also finance the properties from Sareb.
Kutxabank is the sixth institution to sign an agreement with the bad bank to finance the sales of its properties. It puts 1.000 million Euros at their disposal. The Basque Country and Sareb have signed this morning the agreement through which Sareb will finance individuals and companies that acquire properties from the bad bank. In line with what Santander, Sabadell, CaixaBank, Popular and BBVA have already done, the institution born out of the merger of the Basque savings banks puts 1.000 million Euros at the disposal until December 2014, a period which could be extended. The agreement has been signed this morning by the general directors of Sareb and Kutxabank, Walter de Luna and Ignacio Sánchez Asiaín, respectively.
The mortgage Sareb-Kutxabank offers an interest rate which starts at 2,25 points over the euribor, only if the customer has contracted other products. This rate can be applied to the acquisition of principal residences, with a maximum loan to value of 80%, which means that the loan cannot exceed 80 of the valuation amount. The maximum period is 30 years.
In the case of the acquisition of a secondary residence, the interest rate is Euribor plus 3,25%. The maximum period is 25 years and the loan to value is 60%. The conditions are very similar to the ones offered by other institutions that have reached agreements with Sareb.