Financing for lift installation is one of the most effective ways to equip your building with a modern mobility system without a large initial outlay. Currently, there are several options for covering the installation cost, each with its advantages and disadvantages.
Below, we present a comparison of the main options available so you can choose the most suitable one for your neighborhood.
Traditional bank loans to install a lift
Requirements and conditions of access
The requirements for accessing a bank loan vary depending on the financial institution, but the following are usually required:
- DNI of the president of the community and CIF of the community of owners.
- Proof of bank accounts for the last two years.
- Documentation relating to subsidies granted or requested.
- Building permit, detailed budget and technical project.
- Energy efficiency certificate and label.
Terms, interest and commissions
- Amortization: up to 12 years, with the possibility of a grace period.
- TIN: around 5.75 %.
- APR: approximately 6.11 %.
- Opening commission: around 1 %.
Specific terms may vary depending on the entity providing the financing for lift installation.
Advantages and disadvantages
Advantages:
- Generally reasonable access conditions.
- Affordable installments for the long term of amortization.
- Possibility of financing 100% of the project.
Disadvantages:
- Need to present guarantees.
- Commissions and fees that can make credit more expensive.
Leasing or financial leasing
Operation and purchase option
This financing system for lift installation allows for payment in regular installments with an option to purchase at the end of the contract. The lift will become the property of the community upon completion of payment.
Fees and residual value
- The residual value is agreed upon at the beginning of the contract and is paid at the end to complete the purchase.
- Fees adjusted according to the duration and residual value of the lift.
- Includes interest associated with the financial transaction.
Tax benefits and key aspects
- Allows for greater tax amortization.
- Possibility of deferring VAT payment.
- It does not affect the community's debt.
- Protects against inflation.
- Compatible with other forms of financing.
Operational leasing: all included
Services included
This option includes lift installation, maintenance, and insurance. Ideal for those seeking convenience and freedom from technical issues.
Contract duration and accounting
- Usual duration: between 2 and 4 years.
- It is not recorded as an asset, but as an operating expense.
Advantages of this modality
- Without significant initial investment.
- Comprehensive management of the process by the company.
- Ideal for communities that prefer to avoid administrative complications.
- Facilitates medium-term financial planning.
ICO lines and public subsidies
Features of ICO credits
- They can cover up to 100 % of the amount.
- Various modalities according to needs.
- Amortization of up to 20 years.
- Grace periods of up to 3 years.
- Bonified interest.
Requirements for public aid
- The community must be at least 2 years old since its incorporation.
- It must not be for profit.
- Have authorization to carry out the installation.
- Certify the technical and economic viability of the project.
Compatibility
These grants and loans can be combined with other financing options to install a lift, provided the limits set by the European Union are not exceeded.
Comparison of costs and conditions
| Method | Deadlines | APR | Initial disbursement | Maintenance: |
|---|---|---|---|---|
| Bank loan | Up to 12 years | 6,11 % | 1 % approx. | Not included |
| Leasing | 2–10 years | 5,99 % | Variable | Not included |
| Renting | 2–4 years | 9,81 % | Minimal or non-existent | Included in the contract |
| ICO/Public subsidies | 1–20 years | 4.28–7.55 % | Variable | Not included |
How to choose the best financing for installing a lift
- Calculate the total budget of the project.
- Study and compare interest rates and fees.
- Evaluate whether you prefer a formula with immediate or delayed ownership.
- Analyze repayment terms and their flexibility.
- Review the contract terms and possible abusive clauses.
At Eleva Balear we are specialists in lift installation in Mallorca.
Obtaining financing to install a lift is the first step, but having an expert company to execute the project is equally important.
At Eleva Balear, we offer turnkey solutions, with a professional team that will handle the entire installation process, from design to commissioning. We specialize in lift installation in Palma de Mallorca. Request your personalized, no-obligation quote and take the step toward a more accessible building.
