For approval was a diploma that foresees to mitigate the increase of the interests in the credit habitation, for families that are being affected by the successive increase of the interests.
Yesterday, Thursday, November 3, the Government approved the respective diploma that allows the population with housing credit to renegotiate it with the financial entity that is in charge of the financing contract.
What are the changes in housing credit? We have gathered a set of information that may be essential about the diploma.
#1 Does it include all the financings?
No. According to the diploma, the financial entities have the duty to be attentive to the effort rate of their clients with permanent home loans with amount in debt up to 300.000 euros.
"Whenever they detect a significant worsening of the effort rate or a significant effort rate, they are obliged to assess its impact on the customer's financial capacity and possible risk of default, and must present negotiating solutions to customers" - Council of Ministers.
#2 When to renegotiate credit?
The financial entities must act when the effort rate reaches 36%, after reaching this level, the credit must be renegotiated. Another situation that foresees renegotiation is when there is an increase of five percentage points.
Still during the meeting, the Secretary of State for the Treasury, João Nuno Mendes, stressed that the renegotiation must occur when the effort rate exceeds 50%.
#3 What happens to the early repayment commission?
The suspension of the commission for early repayment of the credit is also foreseen in the diploma approved by the Government. This measure is aimed at credits for owner-occupier mortgages with a variable rate.
"From the date of entry into force of the diploma there will be no payment of the penalty for early repayment of credits" - Secretary of State
The suspension of the commission applies to "own and permanent housing contracts" that have a variable rate, and the renegotiation of clients with financial institutions applies to credits up to 300 thousand euros (majority) - João Nuno Mendes.
#4 What are the solutions?
- Extension of mortgage credit term;
- Realization of a new credit;
- Reducing the interest rate over a certain period;
According to João Nuno Mendes, "there will be a clear condition: there can be no increase in the interest rate".
#5 What is the period to which it applies?
The measures contained in the diploma are foreseen to come into force from the moment of approval until the end of 2023.
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