Within the package of measures to reduce the impact of the crisis caused by COVID-19, the Government has approved a Royal decree law with which the possibility of availing themselves of loan moratoriums, both mortgages and non-mortgages, is extended. The Royal Decree Law contemplates a term extension for vulnerable people to request moratoriums on the payment of loan installments until March 30, 2021. On the other hand, with the new regulations, the beneficiaries of any type of credit moratorium will be able to enjoy them for a maximum cumulative duration of nine months.
According to the Bank of Spain (@BancoDeEspana) This measure is intended for those debtors, guarantors and guarantors who are in a situation of economic vulnerability. The moratorium may be requested up to a maximum of nine months as long as:
–The economic vulnerability requirements established by the standard are met.
– Is in any of these cases:
- Being the first time that a moratorium is requested.
- Having enjoyed one or more moratoriums for a total accumulated term of less than nine months.
The moratoriums granted prior to February 4, 2021 (the date of entry into force of the aforementioned Royal Decree-law) will maintain the conditions and duration for which they were granted in their day, and may continue to have a duration of more than nine months if so it was agreed at the time, uniting legal and sector moratorium.
Vulnerability requirements
To request the moratorium, both on mortgage payments and on credits and loans without mortgage guarantee, including consumer loans, the potential beneficiary must be in a situation of economic vulnerability as a result of the health crisis caused by COVID-19 . For it, the following conditions must be met together:
–That the applicant becomes in a situation of unemployment or, if you are an entrepreneur or professional, suffer a substantial loss of your billing of at least 40%.
-That he combined income of household members does not exceed, in the month prior to the request for the moratorium, the limit of three times the monthly Public Indicator of Multiple Effects Income (IPREM). There are exceptions to this case, which you can check here.
-That he total fees of the mortgage loans that can benefit from the mortgage default, plus basic expenses and supplies, is greater than or equal to 35% of net income that all members of the family unit perceive.
–That, as a consequence of the health emergency, the family unit has suffered a significant alteration of its economic circumstances in terms of the effort to access housing, what will happen when the effort represented by the total mortgage burden, understood as the sum of the mortgage installments of the loans referred to in question 3 of this document, on the income the family income has been multiplied by at least 1.3.
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