Joining a loan is a quick and advantageous way to acquire a good. Through it, the consumer gets all the value they need, buy your property, and then pay installments until you pay off your debt. However, the chosen bank does not always offer the best conditions.
Therefore it is possible to rely on the portability of financing!
Porting a loan involves transferring debt from one bank to another. The alternative is useful when the interest rates and payment terms of one prove more advantageous than another. As funding is already underway, the solution is to transfer the debt.
To do this, the consumer should look for the new bank he wants and request the payment of debt with bank A. With this process, bank B installs the amount paid and establishes monthly installments with which the customer should pay. The walkthrough is overseen by the Capital Lender.
Funding Portability Rules
Knowing these rules makes it easier to portability!
Bank vs. Bank
The portability process should be done from bank to bank without the need for customer interference. Accordingly, information on the amount still in installments and other information on real estate financing should be passed on by bank A to B as soon as the borrower requests it.
Deadline for information
After requested by the consumer, the current bank has up to two days to make all financing information available to the new bank chosen. Still, he will have up to five days to present a counter proposal to the funded.
Upon receiving the agreement information at the new bank, the consumer should verify in the document:
- Your social security number and telephone number;
- Bank credit agreement contract number A;
- Proposal of the new institution, with annual interest rate, Total Effective Cost, term, payment system and value of benefits listed;
- Installment correction index;
- Full address of the destination bank.
With the data in hand, the customer may or may not accept the offer of portability.
Since 2006, portability between banks is exempt from any fees. Thus, if you request any amount for the process, the bank will be acting against the law, and you can report it to the Consumer Protection and Protection Program (Procon).
Deadline for payment
Even changing financial, the consumer can not request new deadline for repayment of their debt. If bank A had 36 months left to pay off debt, bank B would have the same time.
Only debts of real estate already built can be ported. Properties still in the plant or works do not have the possibility.
There is no minimum value for funding portability.
When to make the transfer?
Real estate financing portability is only worth it when the new bank’s Total Effective Cost (CET) is lower than the previous one. This means that it is not enough just that the new interest rates are lower: the full value of the new debt must be beneficial to the consumer.
The CET corresponds to the amount of interest and all other fees charged for the financing, including, for example, the variable reference rate.
In case of late payment of installments, or the consumer’s name is “dirty”, portability is not possible. As well as to approve the financing, the bank will verify that there is enrollment in the Bank Service Centralization (Serasa) and Credit Protection Service (SPC) before approving the transfer.