In the mortgage market there are a large number of concepts that we will need to familiarize ourselves with if we have the idea of ​​requesting financing to buy a home. One of them is late payment interest. We will tell you what they are about. First of all, it is essential to take the time to analyze the concept to know everything that is necessary to avoid overpaying. On the other hand, the different legislations that regulate these interests are also important . It is necessary to highlight that late payment interests are those that are applie as a penalty when the debtor does not comply with the payment obligations that were agree upon when signing the contract. In other words, the main objective of late payment interest is to repair the damage that the creditor has due to the delay in payment of the debt.
Mortgage default interest: What are they?
When we talk about late payment interest on a mortgage loan, we are referring to the penalty that is applie when you are late in paying the mortgage payment. They begin to be applie from the first day of delay. In other words, late payment interest runs from the moment you fail to comply with the payment obligation. This is a type of compensation that must be paid Netherlands WhatsApp Number Data to the banking entity for not paying the installments within the previously agree period. At what point is late payment interest charged? Late interest is charge from the moment the financial institution sends the payment order and your bank rejects it. From that moment onwards, late payment interest begins to apply. For the creditor to have the possibility of demanding late payment interest , several requirements must meet at the same time. First of all, it will be necessary to fulfill your contractual and legal obligations. On the other hand, he must not have receive the amount due on time unless the debtor has the possibility of proving that he is not responsible for that delay.
Is there a maximum late payment interest on a mortgage loan?
Default interest is regulate by law, to be more exact, by Law, regulating real estate credit contracts. The new mortgage law, which came into force on June. Stablishe certain changes regarding the limit of late payment Indonesia WhatsApp Number List interest. First of all, it is now set on the remunerative interest. Not on the legal interest of money as it was before . Furthermore, said law establishes that interest cannot be charge that exceeds the remunerative interest by three percentage points. In other words, it means that late payment interest on the mortgage loan cannot be higher thah. The result of adding three points to the rate you pay for the mortgage. Here is an example to understand it better, if your mortgage loan has a fixe rate of. The late payment interest cannot be higher than per year. If you are intereste in knowing what it is, you should look for it in the mortgage generally, it contains the specific interest rate that applies to your loan.