The affiliation estimates that these insurances are up to 300% much more highly-priced
MADRID, 22 (EUROPA Press)
47% of all daily life and hazard insurance premiums gathered by Spanish insurance policy corporations are made via lender-funded one-quality home loan insurance plan, the cost of which is among 60% and 300% much more high priced than the no cost industry , in accordance to the details gathered by Asufin, which reminds that this solution is prosecutable and that there is already jurisprudence on the make a difference, with a optimum of fifty judgments in favor of the client.
Asufin points out that the characteristics of this merchandise are, mainly, the imposition of contracting the exact same as a condition for the granting of the personal loan, the imposition of the insurance provider and its problems, that all insurances are compensated in progress at the time of stipulation of the personal loan and that it is the financial institution alone that funds the cost of the insurance plan, inside of the mortgage, and charging the corresponding desire.
If the mortgage loan amounted to € 200,000 and the insurance policy premium was € 15,000, the financial institution transferred the € 215,000 to the customer’s account and, straight away thereafter, the € 15,000 was deposited into the insurance plan company’s present-day account, so that the lender would finance the insurance policy.
“However, the funding of this insurance plan at 1.5% of the home loan, for 35 decades, subsequent the simulation, generated an extra price in the installments of 45.93 euros which, multiplied by the 420 complete installments, is included to interest of 4,200.60. That is, the premium and the desire include 10% to people 200,000 euros requested by the purchaser “, Asufin affirms.
Moreover, the association criticizes that the funding of this insurance coverage did not leave a trace in the files, but that the contractual obligation was only verbal and the insurance documentation was in depth in a separate document, and that there was a conflict of curiosity, supplied that when a situation of unemployment or death arose “it was additional fascinating for the bank to take out the unpaid home finance loan, so the insurance policy was not activated instantly”.
“In other words, the bank has no interest that its subsidiary will pay back out the insurance plan funds. In a ordinary sector predicament, with unrelated banks and coverage businesses, this is not a dilemma,” Asufin points out.
Thus, the association remembers that end users can claim this product or service in courtroom. In judgment 266/2020, the Provincial Courtroom of Malaga confirmed that, given that the sum of the high quality increased the cost of the loan, as it was provided in the borrowed funds, its payment was abusive.
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