The news has been skillfully revealed and disseminated for a few weeks. According to some experts, almost half of the mortgage loan contracts in France do not respect the rules. Missing mentions, wrong calculation of TEG, these omissions can cost a bank dearly and make you big. Indeed, a simple error of 0.01% on the TEG obliges the lender to apply the legal rate of the Banque de France to you.
The TEG, also called APR (Annual Effective Total Rate) represents the effective cost of a mortgage. It takes into account not only the nominal rate , but also the borrower insurance premium, application fees, brokerage fees as well as the deposit or mortgage. In fact, all the costs relating to the real estate transaction added to the debt must be taken into account in the calculation of the TEG. This calculation is relatively simple to perform, especially since the bankers have software. And yet mistakes are common, to the extent that some find it in 50% of loan contracts. Note: if your personal contribution is used to pay the notary fees , these will not be included in the calculation of the TEG. It is also necessary that the loan contract specifies that the notary fees were paid by your contribution. The period rate of a home loan contract is little known to the general public. This is a percentage allowing in particular to maintain the balance between paid-up capital and interest paid. It is used in particular when payments are made at an irregular frequency. Forgetting to mention the rate and the length of the period is equivalent to a disputed offer . As the Challenges.fr site recalls, this was concluded by the Montpellier Tribunal de Grande Instance on September 2, 2013. Following the absence of the mention of the period on a loan contract, a borrower is seen receiving € 35,000 from its lender. When a home loan is granted by a mutual bank , the borrower is required to buy shares in this mutual. This obligation must imperatively appear in the credit agreement. Recent studies have shown that many borrowers who have borrowed from a mutual bank do not have this kind of clause. This common mistake on a loan contract bad credit signature loans no credit check mainly affects the elderly. Indeed a borrower insurance could cover them only until a certain age, the last years of the credit will not be included in the guarantee death disability . Sometimes the employee responsible for calculating the TEG forgets that the borrower insurance will end before the end of the mortgage. In his defense, it is true that this situation is not common, this error could still have serious financial consequences for his employer. The law specifies that in the event of a defect in the form of a mortgage contract, the legal interest rate that automatically applies for the entire duration of the contract. As soon as the court found the formal defect, the amount of interest that the borrower should have paid at the legal rate is calculated. The lender reimburses the overpayment, and will now collect said interest at the legal rate. Comments are closed.
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