NEW MORTGAGE LAW: IN FORCE TODAY 06/17/19
- The ground clauses of mortgages disappear, that is, in the case of variable interest loans, the bank will not be able to set a limit if the reference indicator goes down - the one-year Euribor is usually the most frequent one.
- The bank must take care of the payment of the Tax on Documented Legal Acts (DLA), the first copies of the notary, the expenses of registration and management.
- The clients, for their part, must pay the appraisal expenses and the second copies of the notary.
- Prior information is reinforced to the client. Financial institutions must provide all the necessary information so that the mortgaged futures can understand the credit conditions. The bank must offer this information at least ten calendar days before the mortgage is signed.
- The bank must dump the conditions of the credits in the notaries' technological platform.
- The notary is given more prominence. It must certify that the banks comply with their obligations, and that the clients understand the conditions of the mortgage.
- The notary, free of charge, must explain to the users the conditions of the credits, perform a comprehension test to the citizen, and reflect that information in a notarial deed.
- The standard also toughens the solvency requirements of mortgage claimants, since banks must analyze the employment situation, present and foreseeable income, assets in property, savings, or fixed expenses.
- Early amortization fees are halved for fixed rate mortgages (2% during the first 10 years and 1.5% from this period).
-The conditions for evicting the client due to non-payment are hardened, since the process can only begin if there are twelve unpaid installments or 3% of the capital in the first half of the life of the loan, or 15 installments or 7% in the second half of it.
