After a few months of closing the doors to non- resident borrowers it would appear the newly formed Bankia is back lending again.
Via Bancaja branches they are saying up to 70% loans are available although Caja Madrid branches are quoting 60%. Either way this is a positive move from where they have been.
Rates appear to be based on overall profitability of the loan. Higher opening rates may achieve lower rates and once again the more compulsory products taken the lower the rate can be.
Rates apparently start from 1.8% above 12 month Euribor which in today’s market is very good.
Bankia was formed in December 2010 by the merging of seven of Spain’s savings banks. The group is controlled by Caja Madrid with 52% of the shares.
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