The mortgage debt moratorium applies to:
Posted: Sun Dec 22, 2024 10:27 am
Royal Decree-Law 8/2020, of March 17 , on extraordinary urgent measures to address the economic and social impact of COVID-19, adopts an urgent measure aimed at ensuring the protection of mortgage debtors in vulnerable situations following the approval of Royal Decree 463/2020, of March 14 , which declares the state of alarm for the management of the health crisis situation caused by COVID -19 (said Decree has been modified by Royal Decree-Law 11/2020, of March 31, which extends its effects).
What is the mortgage moratorium?
A mortgage moratorium consists of giving the client the possibility of deferring mortgage payments for a period of time. In the case of the moratorium approved by the Government in response to the health crisis, this period will be three months. Extendable by agreement of the Council of Ministers.
During this period, the early termination clause in the contract cannot taiwan business mailing list be applied , nor will default interest be applied. The bank cannot demand payment of the mortgage instalment, or any of the items comprising it (principal and interest).
Mortgage moratorium: payment of the installment is postponed for 3 months, without being forgiven .
Scope of application
For the habitual residence of natural persons
To self-employed workers, entrepreneurs and professionals regarding the properties related to their economic activity
To natural persons who have rented properties for which they do not receive rental income due to the application of measures in favour of tenants as a result of the state of alarm.
Those who are in a situation of economic vulnerability and whose loan is in force on the date of entry into force of the Royal Decree-Law. The moratorium is also applicable to the guarantors or endorsers of the principal debtor under the same conditions as for the holder of the mortgage loan.
Requirements
This moratorium may be requested when the debtor or guarantor is in a situation of economic vulnerability .
That the potential beneficiary becomes unemployed or, in the case of being a businessman or professional, suffers a substantial loss of income or a substantial drop in turnover of at least 40% .
That the total income of the members of the family unit does not exceed, in the month prior to the request for the moratorium :
What is the mortgage moratorium?
A mortgage moratorium consists of giving the client the possibility of deferring mortgage payments for a period of time. In the case of the moratorium approved by the Government in response to the health crisis, this period will be three months. Extendable by agreement of the Council of Ministers.
During this period, the early termination clause in the contract cannot taiwan business mailing list be applied , nor will default interest be applied. The bank cannot demand payment of the mortgage instalment, or any of the items comprising it (principal and interest).
Mortgage moratorium: payment of the installment is postponed for 3 months, without being forgiven .
Scope of application
For the habitual residence of natural persons
To self-employed workers, entrepreneurs and professionals regarding the properties related to their economic activity
To natural persons who have rented properties for which they do not receive rental income due to the application of measures in favour of tenants as a result of the state of alarm.
Those who are in a situation of economic vulnerability and whose loan is in force on the date of entry into force of the Royal Decree-Law. The moratorium is also applicable to the guarantors or endorsers of the principal debtor under the same conditions as for the holder of the mortgage loan.
Requirements
This moratorium may be requested when the debtor or guarantor is in a situation of economic vulnerability .
That the potential beneficiary becomes unemployed or, in the case of being a businessman or professional, suffers a substantial loss of income or a substantial drop in turnover of at least 40% .
That the total income of the members of the family unit does not exceed, in the month prior to the request for the moratorium :