Can the bank prevent a credit transfer? Learn how to avoid this situation.
You are going through a home loan transfer process, and the signing day was canceled? It may have been because your bank did not send the credit information to the receiving bank. Find out how to avoid this situation next.
In order to ensure that processes related to credits occur without challenges, it may make sense to hire the free services of a credit intermediary. The agents of Poupança no Minuto take care of everything, without you having to worry about bureaucracy or unforeseen situations.
Do you relate to this situation? Contact us! Or first read about solutions to avoid similar events.
Mortgage credit transfer: How do you transfer the mortgage between banks?
When transferring your mortgage credit from one bank to another, the mortgage must be canceled at Bank A, and a new one must be established at Bank B.
That is, bank A can charge a commission due to the full debt refund before the end of the contract term. It is called early repayment commission, and the amount may vary depending on the interest rates: in contracts with variable interest rates, the commission cannot exceed 0.5% of the capital that is refunded, and in contracts with fixed interest rates, the commission cannot exceed 2% of the refunded capital.
However, currently and until December 2023, customers are entitled to exemption from this commission in home loan contracts for the acquisition or construction of permanent own housing with a variable interest rate.
Furthermore, bank A may also request fees paid to conservatories, notary offices or the tax administration from the client.
In this case, when proceeding with the total early refund, you also have to pay the interest due by the repayment date, along with the commission amount and expenses on behalf of the client.
Regarding the respective insurance contracts, in order to ensure the payment obligation during the contract, when the conditions do not affect the covered risks, the validity remains.
Can Bank A block a transfer by withholding information from Bank B?
Note that in the transfer process, where a mortgage is canceled in one bank to be constituted in another, the APB protocol (Portuguese Banking Association) is used. This protocol ensures the simplification of mortgage cancellations between different banks.
In this sense, as soon as the customer proceeds with the transfer request, Bank A (current) must provide Bank B (to which it will transfer) with all information regarding the credit, within 10 working days. The information to be passed on must be the necessary elements for a new home loan to be made, such as the outstanding amount and the period of the initial contract already elapsed.
However, what often happens is that bank A delays the transfer of information regarding a client's credit to bank B, in order to discourage the client from transferring. Therefore, on the day of the deed, you may face its cancellation, as bank A runs the risk of not having proceeded within the 10 business days it had to transfer the necessary elements to the other bank.
So, is it possible to avoid this situation? How?
How to avoid this situation as a client?
As a customer, you can ensure that, when the deed day arrives, the bank to which you will transfer has all the necessary elements to establish the new mortgage.
To do this, go to both banks and, if bank A has not yet sent the necessary information to bank B, you can file a complaint.
When requesting the complaints book from bank A and submitting a complaint, it is obliged to provide all the information required by the APB protocol.
If you are sure about your decision to transfer the mortgage credit, even after renegotiating with the current bank, do not allow the bank to postpone the deed to try to convince you to give up the process.
Know that, as a customer, you have the right to transfer credit and make a complaint if the process does not progress as it should, legally.
If you need assistance in this process, for intermediation with the banks, you can always turn to a credit intermediary. The agents of Poupança no Minuto can mediate communication and ensure that situations like these are avoided, at no cost. Contact us and move forward with your housing credit transfer, quickly and efficiently.