General features:

• Variable interest rate, comprising the 12-month Euribor* plus the agreed spread
  • 12-month Euribor + 0.50% for the part guaranteed by the Parish Council.
  • Euribor + 1.50% for the part not guaranteed by the Parish Council.
• Amount you can apply for:
  • As much as 100% of the amount for refurbishments set by the Parish Council, up to a maximum of €60,000 If the refurbishment exceeds the maximum amount set, the owner will cover the difference between the cost of the work and the maximum amount set, or.
  • Maximum refurbishment prices (including IGI tax)
    • Bathroom and kitchen - €15,000
    • Bathroom, kitchen and 1 bedroom - €35,000
    • Bathroom, kitchen and 2 bedrooms - €45,000
    • 2 bathrooms, kitchen and 2 bedrooms - €50,000
    • 2 bathrooms, kitchen and 3 bedrooms - €60,000
• Term and repayment**:
  • Up to 15 years, with payments of monthly instalments.
• Guarantee of the Parish Council:
  • Guarantee of 100% of the guaranteed amount.
• Subsidy:
  • The Parish Council will subsidise 30% of the guaranteed amount, up to a maximum of €18,000. This amount will be returned to the owner at the end of each 5-year period for the assignment of the flat during the Reviu programme, at a rate of 10% every five years.
• Fees associated with the loan:
  • Arrangement fee: 0%
  • Partial cancellation fee: 0%
  • Total cancellation fee: 0%
  • Deferral of loan principal and interest: none
• The financing is subject to an assessment by MoraBanc and its approval.
• The information obtained from the simulation of the loan interest does not constitute a binding offer, as it is merely informative.

Documentation and requirements necessary for the loan application process:

• Documentation for the assessment:
  • Passport or ID card.
  • Residence and work permits, as appropriate.
  • Account opening contract.
  • Salary paid directly into the bank.
  • Direct debits of receipts and instalments.
  • Statements of contributions over the last 12 months.
  • Proof of any other undeclared income.
  • Sworn declaration of assets and debts, in accordance with the template.
  • Tax return for the previous year (income tax).
  • Financial statements for the previous year, in the case of an entrepreneur or self-employed worker.
  • Detailed and signed budget for the refurbishment.
  • Resolution of the Parish Council linked to the Reviu programme.
  • Obligatory life insurance.
  • Any other information required for the assessment.
• Requirements for formalising or taking out the loan:
  • The property must be located in the parish of Andorra la Vella and meet the requirements of the Reviu programme.
  • The flat must be free of occupants.
  • The property must be free of any charges and encumbrances.
  • The Parish Council must issue a favourable resolution.
  • The owner must have an account at MoraBanc.
  • Sufficient return capacity, in accordance with the individual risk analysis.
  • Additional guarantees may be required in the event that the economic rights resulting from the assignment agreement do not cover the service of the debt.

Other terms and conditions

* The interest rate applicable to the part guaranteed by the Parish Council will be the 12-month Euribor + 0.50%. In the event that the amount of the refurbishment exceeds the maximum set by the Parish Council, additional independent funding may be considered for the non-guaranteed part at the 12-month Euribor interest rate + 1.50%, subject to the individual risk analysis. In the event that the Euribor is negative, the Euribor = 0% + spread will be applied.

** The maximum term will be 15 years, with monthly instalments. Any potential extension of the term will be subject to the Risk Acceptance assessment and the provision of additional guarantees.

If the owner chooses to receive the rental income in advance over five-year periods, the amount received will be pledged as a guarantee of the payments of the financing instalments.

Early withdrawal from the programme before the agreed expiry date may give rise to early termination of the financing, and it may only be formalised if the loan is cancelled.

In the event of more than one property being covered by the programme, a financial report and a refurbishment project may be required to assess their viability.