Is a loan lent with a rate under the inflation rate free money? Suppose we have an inflation in a country with an annual 2% and we get a loan for an annual 1% (real interest). Is the money we receive free? 
This is a common practice in some European countries, where the mortgages are around 1% fix rate plus the Euro Interank Offered Rate.
If so, why? Are the banks loosing money by lending in such low rates?
Inflation: 2%
Interest:  1%

This means the real rate is 3%. 
So no; not free money. 

Free money would be negative interest rates. 
Example: Inflation: 0%.
         Interest on loan I get from the bank: -1%.
This would mean they are paying ME 1% to take the loan from the bank.

Negative interest rates are a real practice, with many historical examples that can be researched.

The banks are theoretically losing 1%(+2% inflation) on the loaned amount, however it's important to understand that deals are made among negotiations with central banks in the background that can still produce gains from this.