After Royal Decree approved by the Government, The AJD Tax on a mortgage will be paid by the financial entities. Although this payment, which responds to Tax on Documented Legal Acts, will ultimately affect the client. Now we will have to see to what extent financial entities increase commissions or not…
- We begin with the opening commission, Who decides each bank.
- To this we add, the appraisal expenses that depend on the value of the home.
- They follow him Notary fees and registration.
- Also the expenses of agency
And finally, the Tax on Documented Legal Acts (IAJD), which is a percentage of the sum of the mortgage liabilities. And it depends on the location of the property. The differences are important, since they oscillate between the 0,40 and the 1,50%.
As you can see this tax depends on each Autonomous Community and in this link Idealist you can see it.
Taking into account these data, we have gone to a simulator of a financial institution to see all disbursements when hiring a mortgage and how it affects the tax. The chosen example is a mortgage loan of 160.000 euros, the 80% of a house appraised in 200.000 euros and with an opening fee of 1%.
- En Madrid, total mortgage expenses: 5.236,72 euros. The IAJD: 1.572 euros in this case.
- The next assumption is in Álava, the total expenses of the mortgage constitution add 4.712,72 euros, but here it is lower (1.048 euros).
- And a third example, Sevilla. The total cost of establishing a mortgage amounts to 6.808,72 euros, and given that the tax is one of the highest: 3.144 euros.
If we subtract the part of the tax, the figure drops considerably
In our collaboration with Invertia you can see all the itemized assumptions and the general expenses of the constitution of a mortgage.