The new real estate credit lawwill enter into force three months after its publication in the Official State Gazette, and not within 30 days of its publication, the Congress endorses the amendment on Thursday that gave more leeway to financial institutions to adapt to legislation .
This change, which was voted on Thursday in theCongress Plenaryalong with the rest of the amendments introduced by the Senate in the law,has been supported by PP, Ciudadanos, PDeCAT, UPN and Foro Asturias, whilePSOE, Unidos Podemos, Esquerra Republicana, Compromís, EH-Bildu and the Canary Coalition have opposed, without success, the change.
In this way, the new real estate credit law, whichhas been definitely approved by Congressand has been ready for publication in the BOE after this last parliamentary procedure, will not enter into force until at least the end of May, once the maximum period to transpose this European directive expired three years ago, in March 2016.
However, Congress has rejected the proposal of the PP to condition the entry into force of the new conditions of material transparency – including the new distribution of expenses – to a regulatory development.
Congress dumps zero rate mortgage tax
On the other hand, the Congress has also reversed other changes introduced by the PP in the Upper House, such as leaving the tax rate of the IAJD, the so-calledmortgage tax, and the regulation of a 'green credit' to encourage energy efficiency investments and the use of renewable energy in buildings.
In the votes of this Thursday, the Congress has recovered the commissions by amortization anticipated in the mortgages to fixed type, that the PP had duplicated in the Senate.The new law sets a maximum limit for these commissions of 2% in the first ten years of the credit termand 1.5% thereafter.
A modification of the Upper House that does remain is that which affects the retroactive nature of the law with respect to those mortgages with early maturity clauses, which regulate the conditions of execution of the loan (step prior to eviction). .
The law finally establishes that consumers with mortgages that contain these clausesthey must decide which regime is more favorableand, therefore, if it accepts the new mortgage law or the current one in the signing of the contract.
A project approved by De Gunidos in 2017
With the votes of this Thursday in Congress, an end to a parliamentary procedure initiated by the then 'popular' ministerLuis de Guindos, which was approved by the Council of Ministers in November 2017.
However, the bulk of the parliamentary procedure was already under the PSOE Government, which tried, without success, an accelerated passage of the law by Congress by way of urgency, and had to negotiate it with the rest of the forces. Finally, the law was approved in Congress with the votes of PP, PSOE, Citizens, PDeCAT, PNV,and the votes against Unidos Podemos, Esquerra Republicana, Compromís and EH-Bildu.