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What is a green mortgage and how to get one

Posted by XURES ASESORÍA INMOBILIARIA on May 29, 2023
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In Spain, a green mortgage is a type of mortgage loan that is intended to finance the purchase, construction or rehabilitation of a home that meets energy efficiency and environmental sustainability criteria. These mortgages encourage the purchase of more environmentally friendly housing and often offer financial benefits and favorable terms for borrowers.

To obtain a green mortgage in Spain, these are the typical steps to follow:

Research the available options: Look for banks and financial institutions in Spain that offer green mortgages. Some of the most important entities in the country are Triodos Bank, CaixaBank, BBVA, among others. Check the conditions, requirements and benefits they offer.

Check eligibility criteria: Check the requirements that the home must meet to be considered “green” or sustainable. In Spain, this may include aspects such as energy certification (e.g. energy efficiency certificate), use of renewable energies, use of sustainable materials, thermal insulation, among others.

Apply for the mortgage: Once you have selected a financial institution, submit your green mortgage application. Complete the application form and provide all required documentation, such as personal information, housing data, income and ability to pay.

Credit evaluation and appraisal: The bank will perform an evaluation of your creditworthiness to determine if you are eligible for the green mortgage. An appraisal of the property will also be performed to determine its value.

Approval and contract signing: If your application is approved, you will receive the green mortgage offer. Carefully review the terms and conditions, including interest rate, payment terms, fees and any other relevant details. If you agree, proceed to sign the mortgage contract.

It is important to note that the requirements and processes may vary among different financial institutions and it is advisable to research and compare the options available in the market to find the best green mortgage offer that suits your needs.

In addition, bear in mind that in Spain there are public financing and aid programs for the improvement of energy efficiency in housing, such as the Aid Program for the Energy Rehabilitation of Existing Buildings (PREE) or the State Housing Plan. These programs can provide additional support for obtaining a green mortgage and making sustainable improvements to your home.

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