New rules for stress rate in housing credit come into force
The new recommendation replaces a previous one, of 1 July 2018, establishing as a rule that banks should only approve a credit if the effort rate of
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Summary
The new recommendation replaces a previous one, of 1 July 2018, establishing as a rule that banks should only approve a credit if the effort rate of all customer loans does not exceed 45% of the monthly net income, when, until now, the percentage was 50%. In certain cases, banks may approve a credit with a higher stress rate, and the exceptions may not go up to 10% of the total amount of credits granted over a six-month period, according to the recommendation. The recommendation removes the rule allowing banks to lend 100% when the purchase of a property owned by the bank itself was concerned.
Furthermore, Customers up to the age of 35 may apply for a loan with a maximum maturity of 40 years, and those over 35 years of age may pay the benefits within 35 years. The 45% corresponds to the maximum share of income that a private person or household can allocate to the payment of the loan, in an effort scenario where interest rates increase by 1.5 percentage points. The BdP continues to recommend that banks do not grant loans to housing for the purchase, construction or construction of works in own and permanent housing exceeding 90% of the value of the property and 80% in the case of housing credits for other purposes.
In addition, In addition to this change, the BdP also reviewed the guidelines for the maximum period for payment of benefits, which continues to vary depending on the age of the debtor, but only with two steps instead of three. BPI leader advises customers to look more at fixed rate The BPI leader today recommended to customers who are looking for housing credit, to choose a "more predictable" financing modality, advising them to look "more at the fixed rate".
Cross-referenced from 3 sources.
Factual coreconfirmed by several independent voices
The new recommendation replaces a previous one, of 1 July 2018, establishing as a rule that banks should only approve a credit if the effort rate of all customer loans does not exceed 45% of the monthly net income, when, until now, the percentage was 50%.
reliability low1/3 sourcesIn certain cases, banks may approve a credit with a higher stress rate, and the exceptions may not go up to 10% of the total amount of credits granted over a six-month period, according to the recommendation.
reliability low1/3 sourcesThe recommendation removes the rule allowing banks to lend 100% when the purchase of a property owned by the bank itself was concerned.
reliability low1/3 sourcesCustomers up to the age of 35 may apply for a loan with a maximum maturity of 40 years, and those over 35 years of age may pay the benefits within 35 years.
reliability low1/3 sourcesThe 45% corresponds to the maximum share of income that a private person or household can allocate to the payment of the loan, in an effort scenario where interest rates increase by 1.5 percentage points.
reliability low1/3 sourcesThe BdP continues to recommend that banks do not grant loans to housing for the purchase, construction or construction of works in own and permanent housing exceeding 90% of the value of the property and 80% in the case of housing credits for other purposes.
reliability low1/3 sourcesIn addition to this change, the BdP also reviewed the guidelines for the maximum period for payment of benefits, which continues to vary depending on the age of the debtor, but only with two steps instead of three.
reliability low1/3 sources
Reported detailssecondary facts, each attributed to its source
BPI leader advises customers to look more at fixed rate The BPI leader today recommended to customers who are looking for housing credit, to choose a "more predictable" financing modality, advising them to look "more at the fixed rate".
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