For loans first time home belonging to the rules set by the European Code customers can request a prospectus ESIS, according to the Law on banks’ transparency.

The Prospectus ESIS consists of 15 items:

• Name of the bank which pays the mortgage.
• Description of the loan: product name, type of collateral required, repayment, ceiling of eligibility, if any, third-party guarantor.
• Annual rate: size and type of rate for adjustable-rate mortgages: Seasonal variation in the rate for mixed-rate mortgages: length of time during which the rate remains fixed.
• Total annual effective rate (APR).
• Amount of funding requested and currency.
• Duration of the contract.
• Number and frequency of payments: the number of depreciation rate, number of installments for interest only, frequency of payments: monthly, half yearly, yearly, etc.
• Loans with repayment installments: it is indicated the amount of the installment calculated according to the rate steady.
• Loan with repayment of principal in a single solution: the bank will indicate in the statement: amount of each periodic payment of interest, amount of each periodic payment for the insurance policy, the principal amount payable by the customer is not covered under the policy, requirement or not the customer to accept the policy proposal.
• List of associated costs once.
• Recurrent costs: not included in the calculation of the installment, such as insurance on the loan.
• Lapse: it is indicated in the prospectus under what conditions it is possible for the early repayment and possible criminal proceedings against the borrower, expressed in percentage on the Group’s capital repaid.
• Complaints office of the bank: references to which the customer can turn to with complaints.
• Amortization: supplied attached identifying each installment, the share capital and share interests.
• Obligations to the borrower: it is indicated if the customer is required or not home at the bank on your bank account and, if an employee, your salary.

Categories : Mortgages