The penalty for early repayment of the loan
by admin on 03/11/08 at 6:58 pm
The loan is a burden that weighs heavily on the family and that often makes it impossible to generate savings in c / c of the borrowers. But if makes a little money, over the years may take place a pile of money with which you want to anticipate the extinction of the loan.
Settling the debt before the due date of the signing of the contract, the bank loses all interest that would earn in the years that have passed. So then it falls on us, the penalty clause. Or a clause that provides for the payment of some extra fee to terminate the contract early.
With the new law Bersani the early repayment of a mortgage on the first house, no longer provides for the clause and that the transaction does not involve an investment that went from ‘1 to 4% of capital repaid in advance. However, if the loan is not the first dwelling house, the clause is penalty and must be paid in the event of early termination of the contract.
According to the different types of loans I have found the weight of the penalty clause:
A VARIABLE RATE LOANS
The maximum penalty will change depending on when you proceed to extinction:
- Third from the prior year: 0.50%
- 0,20% During the third from year: 0.20%
- Over the past two years: None
There is also the so-called “safeguard clause” which involves contracts in which the penalty is equal to or less than the maximum limit.
In these cases you will be entitled to a discount of 0.20% compared with the arrangements at the bank.
A FIXED RATE LOANS
If signed until 31 December 2000 applies to the criteria specified above for the variable rate mortgages.
With funding contracts from 1 January 2001 the maximum penalties are as follows:
- During the first half of the loan: 1.90%
- Since the middle of reimbursement to the fourth year: 1.50%
- During the third from year: 0.20%
- Over the past two years: None
If the original loan contract already provides for a penalty not exceeding the limits stated above you can use the “safeguard clause”.
It provides for a reduction of 0.25% in the case of penalties greater than or equal to 1, 25%. The discount is reduced to 0.15% with penalties less than 1, 25%.
A JOINT RATE LOANS
If at the time of extinction is under way amortization floating rate limits are applied to a variable rate mortgage, but if you are repaying a fixed rate should refer to the criteria established for this mode.
In the case of a blended rate of the separate units serving the debt treatment respectively for the two formulas.
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