Real estate loans from Consors / BNP can be immoral because the bank charges too high interest rates.
Anyone who has prematurely terminated a real estate loan with the Bank of Essen or Consors Finanz (BNP Paribas) and has paid a prepayment fee for it should check whether they can reclaim the money.
The Bank of Essen, which has since been renamed Consors Finanz and belongs to the French BNP Paribas, has been attracting attention on the market for mortgage loans for some time now with extremely expensive conditions. But these high interest rates are now becoming a problem for the bank – and at the same time can develop to the advantage of customers.
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Because many of these loan agreements should, according to the analyzes of Interest group revocation have an overpriced interest rate and are therefore vulnerable. In many cases, the real estate loans have an interest rate of – sometimes significantly – more than 5 percent. They are well over twice what comparable home loans cost from other banks.
The interest thus violates a clear regulation that the Federal Court of Justice has established: the BGH describes more than twice the market standard as immoral. The case can thus be classified as usury within the meaning of Section 138 of the German Civil Code. Various court judgments also confirm this fact, for example Munich Higher Regional Court (Az. 20 U 154/14).
If this is the case, we believe that the bank loses its right to a prepayment penalty if the loan is terminated prematurely. The IG revocation has already achieved corresponding successes for its users. This is all the more true because many loans from Bank von Essen / Consors Finanz contain a clause stating that the fixed interest rate is tacitly extended if the customer does not cancel. A completely unusual regulation if you look at the market for construction financing!
Customers of Bank von Essen or Consors Finanz can also effectively defend themselves against such a tacit extension of an overpriced loan. The revocation interest group offers a free examination of affected contracts and supports customers in saving or reclaiming a prepayment penalty.
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