From 5 September, those who go to the bank to request information on financing for the purchase or renovation of a house will finally find comprehensive and precise answers.
From that date, in fact, the six hundred Italian banks that have signed up to the "European Transparency Code" will provide detailed and above all standardized information regarding mortgages, so that it is easier for applicants to compare the various products and understand the actual costs they will incur.
The aforementioned Code was born from a negotiation, promoted by the Brussels Commission, which took place between Consumer Associations and European banks.
In concrete terms, those who request a loan will initially receive general information on mortgages and, once they have decided which product to choose, they will obtain the so-called Esis, or the "European standardized information sheet". This is a standardized information sheet, within which the following information will be indicated: the name of the bank, the name of the loan, the amount of the mortgage, any additional guarantees required, the repayment methods, the indication of any pre-amortization and the maximum amount payable.
Much space will be dedicated to the rate. The entry rate, its duration in months and the parameter used will be specified; the definition of the rate (variable or fixed) and the methods for its variation will be explained. But the novelty is represented by the inclusion of the APR, i.e. the rate that takes into account all the mandatory costs ancillary to the mortgage, such as those for the preliminary investigation, collection of the installment, closing of the loan, etc.
The costs of appraisal and compulsory fire insurance, however, will not be included, since they are not purely bank costs.
Finally, in the Esis you will be able to find the penalties in case of early repayment, the possible obligation to open a current account at the lending bank, the address and telephone number of the complaints desk. Attached to the prospectus you will also receive a copy of the mortgage repayment plan.
source: Time House
Grimaldi Padua
Padua - 35137 - Via G. Matteotti, 27
e-mail: padovacentro@grimaldifranchising.it
Tel. +39 49 663 033 - VAT number 05301660287
Grimaldi Cadoneghe
Cadoneghe (PD) - 35010 - Via G. Franco, 2/A
e-mail: cadoneghe@grimaldifranchising.it
tel. +39 049 88 736 56 - VAT number 05322440289