Young and living in the Balearic Islands?
We'll help you with your mortgage

If you're between 18 and 35 years old, get 90% financing for
your imaginBank mortgage * thanks to the Institut Balear de l’Habitatge.

Download the app

Apply for your mortgage easily

Apply for your mortgage from the app and get help from an adviser if you need it.

Discounted mortgage ¹

3.30%
NIR

3.777%
AER

Non-discounted Mortgage ²

4.05%
NIR

4.541%
AER

Financing up to

90%

Of the lower of the purchase price and appraised value.

I'm interested!

Fixed-rate and no surprises

The same amount each month.

Discounted mortgage

You need to have your salary paid
directly into your account.

NIR: 3,30 % FIXED
AER: 3,777 % ¹

Direct deposit your salary with us
and always pay the same:

€734.94 a month ¹

For €150,000 over 25 years

Non-discounted mortgage

Without having your salary paid
into your account.

NIR: 4,05 % FIXED
AER: 4,541 % ²

Without having to bring your salary,
always pay the same:

€795.90 a month ²

For €150,000 over 25 years

Housing assistance requirements
in the Balearic Islands

You are of legal age and no older than 35.

You can legally prove that you lived continuously in the Balearic Islands in the 5 years before you apply for the financing.

It is your first home purchase and you can prove that you don't own any property.

The property is located in the Balearic Islands.

It will be your primary and permanent residence for at least 2 years. And you can show that you have had a checking account in your name for more than 2 years.

The purchase price, without the expenses and taxes inherent to the purchase, does not exceed €270,150.

Our imaginBank mortgage

Fixed rate

Pay the same amount for the duration of the mortgage.

Enjoy a discounted mortgage

Get the imaginBank discounted mortgage by having your salary paid directly into your account, it's that easy!

We will refund
the valuation fee

If you take out an imagin
mortgage, we will refund
the cost of the valuation.

Contact a specialist

Steps to apply for a mortgage

Find your home

Find out more and look for the property that suits your needs.

View Property Guide

Learn more about our mortgage. We'll contact you!

Fill in our form from the app so that we can give you a personalised calculation.

Documentation

Once you know which mortgage suits you best, you will need to prepare the necessary documentation:

Property documents.
Your current employment status:
Employee or self-employed?

Valuation and signature

When we approve the study, we will value the property. You must then choose a notary for an interview and schedule a date for signing.

To apply for aid from the Balearic Islands, you will need to provide the following extra documentation*:

Original identity document
Certificate of census registration for the last 5 years.
Land registry clearance certificate.
Certificate of registration from the Land Registry index.
Contract of option to purchase, reservation or sale of the property.
Personal income tax return (IRPF) or income certificate of the applicants issued by the State Tax Administration Agency, corresponding to the tax year closed immediately prior to the last tax period with a deadline for submission at the time of the application for funding.
Application and responsible declaration in accordance with the established model published on the IBAVI website.

If the property is social housing or a pre-priced property, the current certificate or document accrediting the maximum authorised sale price will be requested.

*All original documents must be provided and notarised by the notary.

FAQs

1. What is a "discounted mortgage" and how can I benefit?

A discounted mortgage is, simply put, a discounted interest rate enjoyed by the user when a series of services or associated products are contracted with the banking entity. At Imagin, we only require you to direct deposit your salary with us if you want to be eligible for the discounted mortgage.

2. How much should my monthly mortgage repayment be?

Your monthly payment should not exceed 40% of your total income.

3. What documentation do I need to submit to request a mortgage?

Once you have sent your mortgage assessment request, we will need you to send us a number of documents to carry out the evaluation. The documentation required will vary depending on your employment situation. As it is a mortgage, you must also provide information on the status of the property.

Salaried employee

Tax ID.
Proof of income (last 3 payslips, rents, revenue, etc.) and employment contract.
Your last annual tax return.
Signed declaration of property or capital gains tax.

Self-employed

Annual VAT summary (form 390) and statements for this year.
Annual summary of personal income tax (IRPF) deductions and statements for this year.
Payment of business tax (IAE).
Last three social security payments and the payment of the quota for self-employed workers.
Annual statement of activities with third parties (form 347).
Certificate attesting you are up to date with social security payments.
Certificate attesting you are up to date with tax obligations.

Property documents

Supporting document of the Property Registration.
Last property tax (IBI) bill for the property to be mortgaged.
If necessary, certificate demonstrating being up-to-date with homeowners' association fees.
Property purchase and sale agreement or deposit contract.

4. How long will it take to approve the application?

Once you provide us with all the necessary documentation (personal documents, property and appraisal documents), after assessing your viability, we will be able to give you an answer in a matter of days.

5. Once the mortgage is approved, when can I sign the contract?

This will depend on the schedule of the notary you choose. You will have to choose the notary to schedule the signing day and to receive advice.

Please note that, by law, once the ESIS (a binding document containing the mortgage conditions) and its annexes have been signed, you will have 10 calendar days, or 14 calendar days in Catalonia, to reflect on and review the mortgage conditions, before signing before a notary.

During the consultation, the notary will issue a certificate of compliance to be signed, and this document will state the date from which the contract can be signed.

As a minimum, you must complete the reflection period that applies in your case.

We are what we do

We go above and beyond the standards that certify us as a company with good social, environmental and corporate practices.

IRN: 6647-2024/17317
imaginBank by CaixaBank

LEGAL TERMS AND CONDITIONS OF IMAGINBANK MORTGAGE

*Offer valid until 31/05/2024.

Mortgage Loan issued by CaixaBank S.A. in collaboration with the Government of the Balearic Islands. Financial conditions for the purchase of a second home with mortgage guarantee, taking into account the following representative example:

1. DISCOUNTED AER: if all the discount terms and conditions are met, based on the assumption that you apply for the discount: (i) amount €150,000; (ii) duration: 25 years; (iii) arrangement fee 0%; (iv) interest rate: fixed; Discounted NIR: 3.30% (v) Discounted APR: 3.777%; (vi) monthly payment: €734.94; (vii) number of payments: 300; (viii) total amount due (including expenses): €230,161.10; (ix) total cost of the loan: €80,161.10; (x) interest: €70,482.00. French repayment system. ¹

2. NON-DISCOUNTED AER: if the discount terms and conditions are not met: (i) amount: €150,000; (ii) duration: 25 years; (iii) arrangement fee 0%; (iv) interest rate: fixed, 4.05% NIR; (v) 4.541% APR; (vi) monthly payment: €795.90; (vii) number of payments: 300; (viii) total amount due (including expenses): €248,449.10; (ix) total cost of the loan: €98,449.10; (x) interest: €88,770.00. French repayment system. ¹

The APR may vary depending on the term and the amount of the operation, as well as on monthly reviews of compliance with the discount conditions.

a) Other common financial conditions: compensation or commission for total or partial repayment or early redemption that may not exceed the amount of the financial loss that CaixaBank may suffer, with a limit of 2% of the capital repaid during the first 10 years and 1.5% of the capital repaid until the end of the life of the loan.

b) Preparatory expenses that will be paid by CaixaBank: (i) taxes: 1,125.00 euros in documented legal acts for a mortgage liability of 150,000 euros and a tax rate of 0.75%; (ii) registry verification: €10.91; (iii) notary: €597.00; (iv) management: €363.00; (v) registration: €283.00.

c) Preparatory expenses to be paid by the customer: (i) valuation: €254.10 (if the transaction is completed, CaixaBank will pay you this amount no later than 45 days after contract signing).

d) Related ancillary services to be paid by the customer: the customer must take out a mandatory damage insurance policy. CaixaBank does not sell damage insurance. as such, below we offer you the premium resulting from calculating a home insurance policy (which is the closest to a damage insurance policy that the bank sells, with the difference that home insurance offers greater coverage). For the purpose of calculating the APR, the premium resulting from simulating the home insurance will be taken into account. However, the customer is free to apply for a damage insurance policy, which is compulsory, with the insurance company of their choice.

Home insurance policy: annual premium of €317.00. The amount of the annual premium is based on the hypothesis that it will not vary during the validity of the operation. The amount is merely intended to serve as a guide and is based on home insurance products offered by CaixaBank, S.A. (e.g. based on a mortgage with a capital sum of €150,000 and buildings coverage of between €100,001 and €120,000 with a built-up area of 100m2, the total amount payable throughout the term of the operation would be €7,925.00). The amount is the result of a calculation made based on a guidance screening and this value can vary according to the building and square metres of the property.

imagin payment account: you must maintain an account with CaixaBank throughout the loan term. The customer will pay maintenance fees for the payment account, which is free in the case of an Imagin account, €15 per quarter in the case of an everyday account. The calculation of the discounted APR will take this maintenance cost into account.

Discount terms and conditions: these discounts involve percentage points (pp) that will be deducted from the NIR if the following products are taken out: one of the parties to the transaction has had their salary or pension paid directly into an open deposit at CaixaBank, S.A for the last 6 months, provided the amount exceeds 1,200 euros per month or has had their average net income paid in directly in the last 6 months, provided the average amount resulting from this period exceeds 1,200 euros. Compliance with the requirements to apply the discount terms and conditions will be reviewed on a monthly basis, and the interest rate may be adjusted upwards or downwards in accordance with CaixaBank's said monthly review of the recipients' compliance with said requirements: 0.75%

Warnings: (i) Any breach of the loan obligations deriving from the loan can incur serious consequences for the mortgage holder, for his or her guarantor or for the owner of the mortgaged property, such as the loss of his or her property and of other goods. (ii) CaixaBank reserves the right to refuse to grant the operation or to approve it under the terms and conditions that it deems appropriate, after assessing the solvency of the applicant and according to the bank's risk criteria; (iii) the AER, pursuant to the law, covers the financial terms and conditions of the example, the expenses and the ancillary services under the assumption that the premium of the insurance policy will not vary during the term of the contract; (iv) the maturity of the transaction shall be such that the age of the youngest party is no more than 75 years old at the end of the term.

¹ French repayment system: a constant payment consisting partially of capital repayment and partially of interest. The portion of interest included in each payment will be the result of applying the effective interest rate to the outstanding principal at the start of each monthly period. The difference to the amount of the payment is the part corresponding to principal repayment. Every month, interest must be paid on the outstanding principal. When the loan is first taken out there is a lot of principal to repay, which is why the interest payment is higher than the principal payment at first. As we want instalments to remain constant, the interest part declines, and the principal part increases as time progresses. The instalment remains unchanged while the interest rate is not modified. For example, if you have a twenty-year loan of €100,000 at an interest rate of 3.75%, each monthly payment will be €592.89. The first payment will consist of €312.50 in interest and just €280.39 in principal. In contrast, 20 years later, the final payment will be €1.85 in interest and €591.04 in principal.

Arithmetic formula (French fee)

ak = Ck * [(r/m) / [1-[1+(r/m)]−n]]

"ak" being the mixed capital repayment and interest; "Ck" being the outstanding capital at the start of the period; "r" being the annual nominal interest rate, as per one; "m" being the number of loan settlement periods included in a year; and "n" being the number of repayment periods (capital and interest payment) pending.