"Under the Law on Mortgage Market and the implementing regulations, the only compulsory insurance for a mortgage is the fire.
This means that the entity granting the credit must require the mortgaged demonstrate the acquisition of such insurance on the house Insurance hogarhipotecada, but this does not grant the right to force his client to purchase such insurance on their own an insurance entity or associate. "
He explains in Consumer Magazine Article Mortgages: compulsory insurance "only puts the Mortgage Act as a condition of home purchase insurance that provides basic coverage against flood, fire or earthquake."
Anyone who has signed a mortgage will have had to accept the terms of the bank, not only in terms of interest rates, repayment terms and variable fee, but also in terms of the subscription of other products: debit receipts and payroll, acquisition of credit cards ... a kind of exclusivity with the bank.
Many of these partners offer clear advantages and conveniences to the customer but also must be aware of the costs that may ensue.
Coverage which requires the law refers to the mainland, but not the ground or the content. It is calculated on the basis of "value for insurance purposes" to put on the appraisal. This is to reassure the client, but also to the financial institution. Thus, "minimal risk should be covered are fire and explosion, and natural contingencies such as storms or earthquakes."
It should be clear that hiring a Home Insurance or Life is not mandatory when hiring a mortgage. What the financial institution can do is reclaim the interest rate according to the additional products contracted, but these bonuses must be in writing the mortgage loan. "Thus, a mortgage Euribor plus 1% can be in Euribor plus 0.75% if, among others, hire a home insurance and payroll are domiciled and three receipts. These bonuses will consist in the deed of mortgage. "
The article ends with two paragraphs Consumer inviting, as it can not be otherwise, to learn good advice properly and do the math:
If insurance and other related products functioned as a condition for granting the credit, but not the interest rate bonifican unrecorded in writing, may be removed every once signed this or once the policy has lapsed.
Now if it subsidizes the interest rate for each product associated to cancel, this may rise in the next revision of the quota. So if you decide to cancel a life insurance pact will increase the interest rate, but this insurance is not compulsory. In this case, no doubt, there is a need to do numbers, to see what specific needs.
The best advice is to compare the different offers and weigh the advantages and disadvantages of each. And you are never in doubt and consider that we have no power of decision.
This means that the entity granting the credit must require the mortgaged demonstrate the acquisition of such insurance on the house Insurance hogarhipotecada, but this does not grant the right to force his client to purchase such insurance on their own an insurance entity or associate. "He explains in Consumer Magazine Article Mortgages: compulsory insurance "only puts the Mortgage Act as a condition of home purchase insurance that provides basic coverage against flood, fire or earthquake."
Anyone who has signed a mortgage will have had to accept the terms of the bank, not only in terms of interest rates, repayment terms and variable fee, but also in terms of the subscription of other products: debit receipts and payroll, acquisition of credit cards ... a kind of exclusivity with the bank.
Many of these partners offer clear advantages and conveniences to the customer but also must be aware of the costs that may ensue.
Coverage which requires the law refers to the mainland, but not the ground or the content. It is calculated on the basis of "value for insurance purposes" to put on the appraisal. This is to reassure the client, but also to the financial institution. Thus, "minimal risk should be covered are fire and explosion, and natural contingencies such as storms or earthquakes."
It should be clear that hiring a Home Insurance or Life is not mandatory when hiring a mortgage. What the financial institution can do is reclaim the interest rate according to the additional products contracted, but these bonuses must be in writing the mortgage loan. "Thus, a mortgage Euribor plus 1% can be in Euribor plus 0.75% if, among others, hire a home insurance and payroll are domiciled and three receipts. These bonuses will consist in the deed of mortgage. "
The article ends with two paragraphs Consumer inviting, as it can not be otherwise, to learn good advice properly and do the math:
If insurance and other related products functioned as a condition for granting the credit, but not the interest rate bonifican unrecorded in writing, may be removed every once signed this or once the policy has lapsed.
Now if it subsidizes the interest rate for each product associated to cancel, this may rise in the next revision of the quota. So if you decide to cancel a life insurance pact will increase the interest rate, but this insurance is not compulsory. In this case, no doubt, there is a need to do numbers, to see what specific needs.
The best advice is to compare the different offers and weigh the advantages and disadvantages of each. And you are never in doubt and consider that we have no power of decision.
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