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After assuming the mortgage expenses

Bankia markets the mortgage without charges or fees

The entity does not require the hiring of any additional product linked to the granting of the loan, with the exception of domiciling the payroll in Bankia.

Communication Bankia

By  Communication Bankia

Publish on 
29 March 2019 - 11:45

  • In addition, you do not need to contract any additional products to benefit from these conditions. The only requirement is the direct deposit of your payroll in the entity
  • To reinforce its offer, Bankia launches the campaign ‘The mortgage with the largest fine print in the world’
  • “Generally, a mortgage is one of the most important decisions of our lives, which is why we want to offer financing with clear and simple conditions, with transparency and without any fine print”, comments Bankia’s Deputy General Director of Retail Banking, Eugenio Solla
  • The price of Bankia mortgages ranges from an annual Euribor interest rate of plus 0.99% in the case of variable rate mortgages, and of 1.70% for a ten-year period in the case of fixed rate mortgages

Bankia has decided to assume the mortgage expenses as from now. With this initiative, it becomes the only entity with a large number of branches that markets a mortgage free of charge, without fees and, in addition, without requiring the purchase of additional products in order to benefit from these conditions. The only requirement is the direct deposit of the customer’s payroll with the institution.

“Generally, a mortgage is one of the most important decisions of our lives, which is why we want to offer financing with clear and simple conditions”, says Eugenio Solla, Deputy General Director of Retail Banking at Bankia. “Anyone who applies for a mortgage at Bankia will only repay the loan and pertinent interest. It's as simple as that, transparent, with no fine print”, he points out.

The price of Bankia mortgages ranges from an annual Euribor interest rate of plus 0.99% in the case of variable rate mortgages, and of 1.70% for a ten-year period in the case of fixed rate mortgages.

In addition, this product does not require contracting any additional products linked to the loan. “This point is very important in our offer, as it provides us with a differential position”, says Solla. In addition, for new mortgages contracted with Bankia, the institution will bear the notary fees, registration fees, management fees, as well as the Stamp Duty Tax, ahead of the new Real Estate Credit Law, which will come into force next June.

Likewise, these loans will not encumber any opening or redemption fee, whether partial or total.

Therefore, a 30-year, variable-rate mortgage would be 1.27% APR, which includes, in addition to the nominal rate, all associated expenses.

The only requirement to be eligible for these conditions is the direct deposit of the customer’s payroll with the institution.

Mortgage and real estate simulator

Bankia complements its financing offer for the purchase of a home with two free online simulators, which allow the user, whether or not a customer of the institution, to make unlimited inquiries.

The first of these is the mortgage simulator, in which, by entering some basic details, the user has access to information about the amount that can be financed, the monthly instalments to be paid or how the amount would vary depending on the performance of the Euribor.

The second tool is the property appraiser, which calculates, in a matter of seconds, the market price of any home, both for purchase and rental, simply by entering the location details of the same.

‘The largest fine print in the world’ campaign

Bankia has launched a campaign to raise awareness of these initiatives, in which it focuses on transparency in mortgage conditions and the absence of fine print.

“In such a complex scenario, with numerous regulatory changes, it is essential to provide customers with clear and transparent information. In this campaign, we want to capture both the highly competitive product conditions and Bankia’s commitment to transparency”, says Silvia Bajo, Bankia’s Brand Corporate Director.

The campaign shows a mortgage with such clear conditions, that it has ‘the largest fine print in the world’.

Bankia started 2019 with great commercial strength, which is allowing the bank to increase its concession of new financing for families and businesses. This is reflected by the fact that during the first two months of the year, a total of 470 million euros was granted in new financing for the purchase of a home, which is up by 15% on the same period last year. During 2018, the bank formalised mortgages for a volume of 2,928 million euros, up 6%.

In this way, the entity continues to make progress in achieving the objectives set out in the 2018-2020 Strategic Plan related to the mortgage business, which foresee a market share increase of 351 basis points in formalisations during the period, to 10.8%. Bankia ended last November with a share of 8.12%.

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CONTACT

External Communication Direction

Virginia Zafra de Llera
DIRECTOR OF EXTERNAL COMMUNICATION
vzafra@bankia.com

 

Press Relationship

Guillermo Fernández Martín
DIRECTOR OF PRESS RELATIONSHIP
gfernandezm@bankia.com

Mariano Utrilla Cortijo
mutrilla@bankia.com

Irene Rivas García
irivas@bankia.com

Belén Porras Povedano
bporras@bankia.com

María Campos Lages
mcamposla@bankia.com

 

Digital Communication

Ana Bernad Colás
DIRECTOR OF DIGITAL COMMUNICATION
abernad@bankia.com

Leticia Lucio Álvarez
llucio@bankia.com

María Navarro Caballero
mnavarro@bankia.com

   

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