mortgages and loans
Mortgages
Thinking about buying a house? What would your dream home be like?
At Creand, we want to help you to start this new chapter, with everything you need to get the home you want.
Mixed Mortgage Terms and Conditions
Interest rate:
- Fixed rate (for the first five years): 2.50%*
- Variable rate (remaining years): 12-Month Euribor + 0.90%*.
- Discounted spread: First five years: up to 2.5%. Remaining years: up to 0.90%. By direct depositing your salary and taking out financial products, insurance and/or savings plans. Otherwise, the spread is 2.85% (first five years) and 1.25% (remaining years).
See details of the interest rate discounts.
* APR: 3.92% – APR calculation for €250,000 over 30 years with a variable arrangement fee of 0.25%. For the variable rate period, the annual Euribor of 15/02/24 is applied.
Amount
Maximum financing up to €650,000.
Assessment fee
0.25%
For houses with A/B Energy Certificate: 0%
Cancellation fee
- Fixed rate period: 2%
- Variable rate period: 0%
Variable Mortgage Terms and Conditions
Variable interest rate
- Annual Euribor + 0,90%
- Spread discounted up to 0.90% when you have your salary paid directly into your account and take out financial products, savings plans or insurance. Otherwise, the spread is 1.25%.
Amount
Maximum financing up to €650,000.
Assessment fee
- Standard fee: 0.50%
- Green incentive: €0 for houses with A/B Energy Certificate.
Interest rate discounts
The conditions to be able to obtain the different discounts on the mortgage loan spread each year are as follows:
All mortgage holders must have their salary paid directly into the mortgage loan account and have at least one debit or credit card.
All mortgage holders must take out Creand Life Mortgage Financing insurance with 100% coverage of the capital granted in the mortgage loan.
All mortgage holders must take out a Retirement Plan or Pension Plan (Insured or Dynamic) with a minimum contribution of €50 per month, or one of the following health or temporary disability products: Creand Piam, Creand Health Plus, Creand Health or Creand Temporary Disability.
Benefits
We help you finance the purchase of your first home in Andorra.
Decide on the amount to finance
With maximum financing of 80% of the value of the property, so that you can get started on your new project easily.
Up to 30 years (for people under the age of 40)
Choose the period of time you will have to make the payment.
According to your income
We will establish instalments based on borrowing capacity, which will not exceed 40% of the household’s monthly income.
Calculate your payments
Calculate your payments
Configure the loan according to your financing needs and benefit from a very advantageous variable interest rate.
Detail of your loan
Check the fee and other characteristics of the loan by clicking on "Calculate".
Monthly Fee
Requested amount:
To be returned in:
Variable interest rate:
APR:
Available for people over 18 years old
Maximum term: 25 years
Study fee:
Total or partial cancellation fee:
PrintCalculation of the APR for the amount of €250,000 to be repaid in 30 years with a variable study fee of 0.50%. The annual Euribor of 11/01/23 applies.
Any financing operation requires a study by Creand Crèdit Andorrà and the granting of a loan is subject to the bank’s risk criteria.
The simulations carried out by the bank’s calculator on the basis of data included by the customer/user are merely informative. Therefore, they do not constitute a binding offer or recommendation by Creand Crèdit Andorrà to contract the product indicated, nor any commitment by the bank to grant said product, nor any commitment by the customer/user utilising the simulator to apply for or take out said product. The information contained in the simulator does not replace or amend that included in the pre-contractual and contractual documentation relating to an application for financing. In particular, Creand Crèdit Andorrà will provide the customer/user with the documents established by the applicable regulations.
Costs
Valuation and appraisal
From €300.
Notary expenses
Property transfer tax
Certificate of habitability
Formalization of the loan
Depending on the type of mortgage, a payment of between 0.50% and 1.50% of the amount borrowed.
Insurance
Life and home insurance are compulsory, and you can also take out management insurance for administrative procedures.
Required documentation
- Creand customers: CASS points.
- Non-customers: CASS points, residence certificate, passport, National Identification Document (DNI) and bank statement covering the last 6 months.
- Property valuation report.
- Actual cost to be paid and, if applicable, photocopy of the promise of sale agreement with the real estate agent or seller.
- Photocopy of the public deed.
Frequently-asked questions
If you are interested in applying for a mortgage, you should inform the bank about your employment situation, your income, your payroll documents, your employment history and also if you have other properties or loans. You should also bear in mind that the monthly mortgage payment cannot exceed 30% of your net income. However, you will have to disclose your family situation and age, as the bank does not allow the holder to be over 65 at the end of the payment.
Irrespective of these factors, there are other ways to enhance your creditworthiness. On the one hand, by contributing 2 holders to the mortgage, as this would represent a double guarantee. And on the other hand, including guarantors, as they would guarantee your commitment to pay the mortgage with their own assets. Of course, they will have to have a stable income or be free of encumbrances.
Finally, you will have to take an appraisal of the property you want to mortgage to the bank, which usually grants 80% of the appraised value. At this point, you will have to consider whether you can afford the remaining 20% and the costs associated with the purchase.
If you sell the property for a higher price than the outstanding principal amount of the current mortgage loan, you will be able to repay the debt when the sale is completed. You can also cancel the loan on the day the deed is signed at the notary’s office.
This is a document created by the banks at the request of the client who holds the loan, certifying the outstanding debt of the mortgage loan.
The information set out in the certificate is as follows: the outstanding principal of the mortgage loan, the date of issue of the certificate. It may also note late payment interest for unpaid instalments and possible fees or penalties for early cancellation.
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