Questions et réponses sur les nouveaux amendements.
Source: Pexels
Author: Redaction
The new rules on home loans bring changes that can help both in accessing new loans and in those already in instalment payments.
However, what really changes?
We will give you answers to the most frequently asked questions about our law that aims to fight against interest rates.
#What do these new rules consist of?These
rules have been studied and adapted to the situation that families
encounter with mortgages. The consecutive rises in interest rates have
forced the Government to take action on the possibility of an inability
to respond in this area.
#What are the changes?The
main changes in the diploma foresees a help and support in the credits
so that the situation does not drag out to a default in the payments,
that is, accompaniment for and mitigation of the increase of the effort
rate in new contracts of acquisition or construction, as well as, the
possibility of renegotiation of credits, where the commissions and
penalties will not exist.
#In what scope can there be renegotiation of credit?The
possibility of renegotiation has exceptions and can be applied to any
type of contractual process of mortgage credit, provided that it is for
the purchase of permanent home ownership, is up to a maximum of 300
thousand euros of capital in debt and a variable rate - indexed to
Euribor.
#Who can and should renegotiate the credit?In
this process, there are some variables that can exclude the possibility
of renegotiation, that is, to access this verification, it is necessary
that the effort rate exceeds 50%, there is a 5% increase in the effort
rate - that exceeds 36% - or that the effort rate is above 36% and has
suffered a 3% increase.
#How does the credit renegotiation process work?The
process is initiated in the bank where the mortgage credit is, and the
banking entities have 45 days to reassess the whole situation, having to
inform the clients of the whole process.
The families can also, on
their own initiative, ask for the renegotiation of the credit if they
feel that they are in the process of defaulting on the payment of the
credit.
#What is the cost of renegotiation?According
to the Government, this process, that aims to help the families with
their instalments, should not have charges for the clients.
#What solutions can the bank present?Renegotiating
the credit will present you with several possibilities and adjust the
best one for the client. The extension of the credit term, acquisition
of new credit, reduction of the interest rates temporarily or even
credit consolidation are the possible solutions presented.
#How long does this law last?These renegotiation rules presented are in force since its entry and applied throughout the year 2023.
#Can requesting renegotiation bring risks?When
you make this request, it may result in consequences if your situation
is not viable, placing you in a situation of "client at risk".
In the
future, it may bring consequences, such as not granting new credit you
need and even lead to the cancellation of credit cards as prevented by
the Bank of Portugal.