if any mortgage variable interest rateyou must have noticed increase in interest rates. this increase in mortgage paymentthe strong rise in housing prices and the unstoppable inflationIt can make your livelihood difficult.
For relieve families’ mortgage burden The government has recently passed Royal Decree Law 19/2022, which includes a series of Measures to help you meet your mortgage payment. Of course, you must adhere to a set Requirements.
Banks have committed to implement these measures and assistance, adhering to two rules of good practice. But you should know it’s you measures taken to lighten your mortgage living place usual. In addition, you can only benefit from them if you meet the following. conditions:
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if any mortgage in your house and the purchase price is not more than 300.000 Euro, your salary is less than 3.5 times IPREM (i.e. 29.400 Euro per year until 2023), the mortgage payment is more than 30% of your salary and in addition, the installment of your mortgage loan is at least % increased by 20; You can benefit from the following benefits for 2 years:
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Freeze the mortgage payment for 12 months.
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Change the variable interest rate to a fixed rate.
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Extend the loan term up to 7 years.
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if you salary less than 25,200 Euro per year (3x IPREM) and you spend more than 50% of your monthly salary on the mortgage and this contribution has increased, you can:
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Request a 2-year grace period or pay break.
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Pay a lower interest rate during this shortfall.
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Extend your mortgage payment term up to 7 years.
Moreover, paying off the mortgage is costing you more than it used to (i.e. you set aside a higher portion of your salary to pay the quota) and this effort is more than 50% of your effort. monthly salary, Your grace period may be 5 years. The interest rate you will pay during this payment break will decrease even more (Euribor minus 0.10%) and you can increase the repayment period up to a total of 40 years from the loan date. given.
another Measures approved to ease the mortgage burden related to Settlement. If the restructuring plan you requested is not viable, the time you can get the date will be doubled to two years. However, if your plan is eligible but you’re having trouble paying, you can request it as well.
Also, if the payment is still vulnerable after completing the first grace period, you can request another restructuring.
is also applied measures to reduce the cost of these contract changesaspect Documented Legal Actions tax exemption or a particular regimen notary and registrar expenses.
Banks have to guarantee these rights even if they have transferred your loan to other institutions.
It is also important to note: If you do not meet the above conditions, you can pay off your mortgage early. anyone ask your bank to change the interest rate variable to constant Without paying commissions throughout 2023.