Evo Banco’s smart mortgage manages to stay in the top positions of the best home purchase loans of the moment. According to data from idealista / mortgages, this variable alternative is one of the most competitive currently available thanks to the curious advantages it offers and the few trade-offs that the client must accept to benefit from them. And that’s why it becomes the mortgage of the week.
One of its main strengths is that frees the consumer from paying commissions study, opening of the loan or amortization thereof, either a partial or total cancellation. In addition, it can be contracted online and allows financing up to 90% of the purchase price of the first home, provided that the client meets the requirements set by the risk department. Generally, however, the maximum amount is up to 80% of the property price.
Another advantage is that it offers two free insurance for the holder (In the event that there is more than one, it will be for the one that contributes the highest income): life insurance for one year and payment protection insurance for two years.
But If there is one characteristic that differentiates this mortgage from the competition, it is that the differential decreases over the years, as long as at least one of these two conditions are met: that the client keeps all the payments up to date or that the Euribor rises (and there are no pending payments).
If one of these cases occurs, the interest rate to be paid during the first 12 months is Euribor + 0.99% TIN. Between the second and the fifth year, on the other hand, it falls to Euribor + 0.89% NIR, while between the fifth and tenth year it falls to Euribor + 0.79% NIR. From then on and until the loan matures, the interest rate applied is Euribor + 0.69% NIR (0.83% APR).
This progressive lowering of the interest rate is achieved if the client opts for the bonuses and decides to direct the payroll and contract the home insurance with the entity.
Otherwise, the interest rate rises to Euribor + 1.19% NIR during the first year. From those first 12 months, the rate to apply would be Euribor + 1.09% NIR (1.12% APR).
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