LEGAL TERMS AND CONDITIONS OF IMAGINBANK MORTGAGE
*Offer valid until 31/01/2024.
1. Mortgage loan granted by CaixaBank S.A. Financial conditions for the purchase of a home secured by a mortgage, taking into account the representative example for ImaginBank Discounted Fixed Mortgage with a maximum repayment period of 30 years as follows:
DISCOUNTED AER: if all the discount terms and conditions are met, based on the assumption that you are eligible for the discount. (i) amount €150,000; (ii) duration: 25 years; (iii) arrangement fee 0%; (iv) interest rate: fixed; Discounted NIR: 3.70% (v) discounted AER: 4.424%; (vi) monthly payment: 767.12 euros; (vii) number of payments: 300; (viii) total amount due (including expenses): 245.479,60 euros. (ix) total cost of the loan: 95,479.60 euros; (x) interest: 80,136.00 euros. French repayment system. 1
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, NIR 4.45%; (v) 4.951% AER; (vi) monthly payment: 829.50 euros; (vii) number of payments: 300; (viii) total amount due (including expenses): 258,529.10 euros. (ix) total cost of the loan: 108,529.10 euros; (x) interest: 98,850.00 euros. French repayment system. 1
The AER may vary depending on the term and the amount of the operation, as well as on monthly reviews of compliance with the discount conditions.
2. Financial conditions for the purchase of a home secured by a mortgage, taking into account the representative example for ImaginBank mixed mortgage with 5 years at a fixed rate and the rest of the years at a variable rate with a maximum repayment term of 30 years, as described below:
Representative example for ImaginBank Discounted Mixed Mortgage with 5 years at fixed rate and the remaining years at variable rate:
Discounted APR: if all the discount conditions are met, assuming you are eligible for the maximum discount: (i) amount: €150,000; (ii) duration: 25 years; (iii) arrangement fee from 0%; (iv) interest rate in initial period: fixed for first 5 years, discounted NIR of 2.75%; (v) Variable for the remaining years; Euribor NIR at 1 year + 0.75%; (vi) monthly payment for the first 5 years fixed: €691.97; (vii) monthly payment for the remaining years variable: €835.97; (viii) Discounted variable APR: 4.737%; (iv) number of instalments: 300; (x) total amount due (including costs): €257,494.60; (xi) Total cost of the loan: €107,494.60; (xii) Interest: €92.151,00. French repayment system. 1
The discounted APR may vary depending on the term and the transaction amount, as well as the monthly checks on whether customers continue to meet the terms and conditions of discount. Benchmark rate: 1-year Euribor (4,160%) published in the Official State Gazette (BOE) number 263 of 3 November 2023.
Representative example for ImaginBank Non-Discounted Hybrid Mortgage with 5 years at fixed rate and remaining years at variable rate:
Variable APR without discount: if the discount conditions are not met: (i) amount: €150,000; (ii) duration: 25 years; (iii) arrangement fee 0%; (iv) interest rate in initial period: fixed for first 5 years; NIR 3.50% (v) Variable for remaining years; Euribor NIR at 1 year + 1.50%; (vi) monthly payment for the first 5 years fixed: €750.94; (vii) monthly payment for the remaining years variable: €902.43 (viii) Variable APR: 5,258%; (iv) number of instalments: 300; (x) total amount due (including costs): €271.318,70; Total loan cost: €121.318,70; (xii) Interest: €111,639.60. French repayment system. 1
The Variable APR without discount may vary based on the term and transaction amount. Benchmark rate: 1-year Euribor (4,160%) published in the Official State Gazette (BOE) number 263 of 3 November 2023.
Common Terms and Conditions for the discounted variable APR and the non-discounted variable APR:
a) Remaining life of the mortgage from 6th year onwards: The interest rate is made up of a one-year Euribor variable rate, which is reviewed every year, and a fixed percentage (the spread).
The index is called the one-year Euribor, published by the Bank of Spain on a monthly basis in the Official State Gazette. The current circumstances of this sum and its economic burden, as well as its behaviour and historical variations, can be viewed at www.boe.es and the Spanish National Institute of Statistics, www.ine.es, which shows the performance of different mortgage indices and the average interest rates when mortgages are arranged, both in fixed and variable interest loans.
This index is defined as a simple monthly mathematical average of daily values of the Euribor benchmark as set out in the annex of Commission Implementing Regulation (EU) 2016/1368 of 11 August 2016 establishing a list of critical benchmarks used in financial markets pursuant to Regulation (EU) 2016/1011 of the European Parliament and of the Council. The index is benchmarked against the 12-month Euribor.
To determine the nominal interest rate applicable, the last rate published in the Official State Gazette on the last day of the second month prior to the start of each yearly review period shall be taken into account. If different index values are published in the same month, the value of the index published on the date closest to the start of the review period will be taken into account. Example: for a transaction in which the review period begins on 1 March, the value of the benchmark rate to be taken into consideration will be that published in the Official State Gazette in January.
Terms and conditions that apply to both mortgage offers; imaginBank Fixed-rate Mortgage and imaginBank mixed mortgage:
a) Other common financial conditions Fixed Mortgage: compensation or commission for total or partial repayment that may not exceed the amount of the financial loss that CaixaBank may suffer, with a limit of 2% of the principal repaid during the first 10 years and 1.5% of the principal repaid until the end of the life of the loan.
b) Other common financial conditions Mixed Mortgage: compensation or commission for total or partial repayment that may not exceed the amount of the financial loss that CaixaBank may suffer, with a limit of 0.15% of the principal repaid during the first five years and 0.00% of the principal repaid until the end of the life of the loan.
The calculation of the AER for the imaginbank fixed-rate mortgage and mixed mortgage will take into account the cost of maintaining the account on a day-to-day basis. The calculation of the discounted and non-discounted AER and Variable AER will take into account this maintenance fee.
c) 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.
d) Preparatory expenses to be paid by the customer: (i) valuation: €254.10 (if the transaction is completed, CaixaBank will pay you this amount within a maximum of 45 days following the date of incorporation).
e) 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 a result, 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 AER And Variable AER, 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 assumption that it will not vary for the duration 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 principal 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 AER and Variable AER will take this maintenance cost into account.
Discount terms and conditions: these are percentage points that will be deducted from the NIR, if the following products are taken out: (i) 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 if they are self-employed, 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. 0.30 points. (ii) for taking out and staying current on payments of a life insurance policy from VidaCaixa, S.A. (except MyBox Jubilación), marketed by CaixaBank, S.A., for a minimum insured amount corresponding to 50% of the financed amount. The borrower (sole or joint) will be eligible for the discount as long as they are the holder of this policy: 0.30 points. (iii) for taking out and staying current on payments of a home insurance policy for the mortgaged property as a guarantee for the operation with SegurCaixa, S.A., sold by Caixabank, S.A. or for taking out and staying current on payments of an insurance policy that covers damages that most often affect buildings under construction or refurbishment with SegurCaixa, S.A., sold by CaixaBank, S.A.: 0.15 points.
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 borrower's compliance with said requirements.
Life insurance: (simulation of a life insurance policy and amortisation) €226.58 per year (based on the assumption that the premium will not vary throughout the term of the operation, nor will it be updated according to the amortised capital or the passage of time). the premium is calculated based on the purchase of a life insurance policy for 50% of the capital for a 30-year-old policyholder.
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) In the case of the fixed imaginbank mortgage, the AER, in accordance with the law, includes the financial conditions of the example, expenses and ancillary services on the assumption that the insurance premium will not change during the term of the contract. In the case of the mixed imaginbank mortgage, the variable AER has been calculated under the assumption that the reference rates do not vary and, therefore, will vary with interest rate revisions. (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 of principal and 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 amount remains unchanged as long as the interest rate does not change. 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. By contrast, 20 years later, the final payment will be €1.85 in interest and €591.04 in principal.
Mathematical formula (French fee)
ak = Ck * [(r/m) / [1-[1+(r/m)]−n]]
"ak" being the mixed principal repayment and interest; "Ck" being the outstanding principal at the start of the period; "r" being the annual nominal interest rate, in decimal form; "m" being the number of loan settlement periods included in a year; and "n" being the number of repayment periods (principal and interest payment) pending.
