The five major banks have already renegotiated more than 100,000 home loans as families struggle to pay monthly installments.
Caixa Geral de Depósitos, the last of the major banks to present accounts, said it had restructured more than 40,000 credits in October.
As for other banks, which had already presented their results, Santander Totta renegotiated more than 36 thousand home loans from the beginning of this year to September. Novo Banco conducted 17,700 renegotiations and BCP more than 16,000 renegotiations.
BPI did not reveal the total number of renegotiations, only stating that the credits renegotiated up to September have a total value of 950 million euros. Only under the government’s legislative decree (80-A/2022) were credits worth 414 million euros renegotiated, covering 3,400 customers, he said.
Thousands of loan renegotiations are carried out under government legislation, but the majority take place on the basis of a commercial agreement between the customer and the bank (commercial renegotiation).
Credit renegotiations can be done in several ways, by the scatter (the bank’s commercial profit margin), an extension of the credit payment period or a grace period on the capital payment (for example, the customer pays only interest for a year, which reduces the monthly payment, but capitalizes the value in the future without ).
The rise in interest rates has caused problems for many families in paying mortgage loans, as it affects variable rate contracts, with monthly installments increasing significantly.
To mitigate the immediate impact, banks have renegotiated credits and the government has taken measures such as subsidizing housing loans for families in difficulty (subject to a number of conditions).
On the 2nd, the mechanism that allows customers to ask the bank to pay a fixed monthly amount for a lower amount than the current amount came into effect for two years.
CGD said it has received an average of about 50 requests per day to determine mortgage loan repayment.
Source: DN
