ESIS prospectus

by admin on 21/09/08 at 5:50 am

For Home Loans Before acceding to the rules dictated by the European Code customers can request a prospectus ESIS, according to the Law on Banking Transparency.

The Prospectus ESIS consists of 15 items:

  • Name of the bank providing the loan.
  • Description of the loan: product name, type of collateral required, repayment arrangements, ceiling of eligibility, if any, of the third guarantor.
  • Nominal annual rate: the type and extent of the rate for variable rate mortgages: frequency of variation in the rate for mixed-rate mortgages: length of time during which the rate remains fixed.
  • Overall Effective Annual 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 of interest only, rate of frequency: monthly, semiannual, annual, etc..
  • Loans repayable by installments: displays the amount of the installment calculated according to the rate regime.
  • Loan with repayment of principal in a single solution: the bank will indicate in the prospectus: amount of each periodic payment of interest, amount of each periodic payment for the insurance policy, the share capital to the customer is not covered by the policy, requirement or not the customer to accept the policy proposal.
  • List of one-off costs.
  • Additional recurrent costs not incorporated in the calculation of the installment, such as insurance on the loan.
  • Early Termination: is indicated in the prospectus under what conditions can the early redemption and possible criminal proceedings against the borrower, expressed in the amount of capital repaid.
  • Complaints office of the bank: the references to which the customer may contact in case of complaints.
  • Plan depreciation: supplied in a separate annex for each installment, the share capital and share interest.
  • Obligations for the borrower: it is indicated if the customer is required or not home at the bank its bank account and, if dependent, your salary.

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