The total amount paid on the loan will be increased for customers who will have access to a mechanism that allows them to lock in their mortgage payment for two years, Deko said.
This Thursday, the government approved a mechanism under which families can apply to the bank for a fixed installment on a home loan for a period of two years and for a lower amount than the current one. The reduction in contribution occurs because the calculation takes into account an implicit interest rate that does not exceed 70% of the six-month Euribor.
In presenting the measure, Finance Minister Fernando Medina said the mechanism had a “safety clause” to allow “interest to always be paid in full during this period.” [dois anos]“and not increase household debt capital.
“The rule is that people don’t leave that support and see that they have more debt,” Medina said.
For example, if the “initial” loan installment is calculated taking into account the Euribor rate of 4.1% for six months, then in the new installment (with a 30% discount), the index will be 2.85%.
The amount corresponding to the difference between the contribution due and paid is set aside in the capital equivalent.
This amount will be added to the loan debt and customers will have to pay later (after the end of the two years of the facility and four years during which the premium will return to a “normal” value). the interest rate then in effect will be added.
So this loan lock-in mechanism allows for a smaller, fixed premium for two years, but future premiums will increase slightly, meaning families will pay more on the total loan amount.
In a conversation with Lusa, an economist at the consumer protection association Deco Nuno Rico confirmed that “in general, customers who join this mechanism will pay more” for the loan.
“This is very helpful for families with very high effort scores. This is similar to the opportunity cost of obtaining immediate liquidity,” the economist said.
Nuno Rico believes that for families who can pay the current fee, “this does not justify joining this mechanism, since overall the cost of this project will increase,” and they may even get better conditions as a result of a restructuring with the bank.
Author: Lusa
Source: CM Jornal
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