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How does the lending rule affect rents?

May 4, 2020 | Last news

Many are the measures that have been taken by the Government to address the needs caused by the Coronavirus. One of the most important (and that is having more changes) are the measures in terms of rent.

In this case, we will summarize order TMA / 378/2020 of 30 April, which defines the criteria and requirements for tenants of habitual residence to access financing aid. These grants will be granted by credit institutions and will have full coverage through a state guarantee. In addition, they will not report any expenses and interest to the applicant.

You can read more about the decree that regulates it, in this post.

Who can apply for these loans?

All those tenants who are in a situation of economic vulnerability due to COVID-19.

A person is in financial vulnerability when they are forced to pay rent despite being unemployed, ERTE, or have reduced their working hours due to care due to Covid-19. It also includes employers or other similar situations that result in a substantial loss of income.

What requirements do I have to meet to apply?

To be able to request it, one of the following cases must occur:

  • Have a family income of less than 3 times the IPREM (1,613.52 Euros).

This range will be increased in the following cases:

  • for each dependent child in the family unit.
  • 15 for each dependent child in the single-parent family unit.
  • for each dependent over 65 years of age.
  • In the event that a member of the family unit has a disability of more than 33%, the planned limit will be 4 times the IPREM.
  • That the rental income, together with the basic expenses and supplies, is equal to or greater than 35% of the net income received by the family unit as a whole.

It cannot be considered in a situation of vulnerability if any member of the family unit living with the tenant has a property or usufruct of a home in Spain.

What conditions must the loans meet?

First of all, it should be borne in mind that these loans can only be granted through the credit institutions that adhere to the Covid-19 line of lease guarantees.

These loans will have the full coverage of the state guarantee and a grant of all expenses and interest on the loan. This loan must go exclusively to the payment of the rent and will be managed by the ICO.

  • The loan amount can reach up to 100% of the amount of 6 monthly payments, with a maximum of € 5,400 at a maximum rate of € 900 / month.
  • The six monthly payments financed may be from 1 April 2020 and may not be later than 6 months from the signing of the loan between the bank and the tenant or after the end of its validity. of the lease or its extensions.
  • The repayment period of the loan may be up to 6 years and a non-principal period of up to 6 months may be agreed.
  • After the first 3 months and before six months from the end of the initial term, a single extension of 4 years for the repayment of the loan will be admissible.
  • The lessee may make the total cancellation or optional early repayment of the financing, without this generating expenses or commissions.
  • The contract will state that the loan must be repaid in advance by the tenant and that the subsidy will be reimbursed for expenses and interest if it is verified that the tenant has incurred falsehood, concealment or inaccuracy. relevant when submitting the documents or responsible statement referred to in this article.
  • The credit institution may not require the interested party to contract any additional product or service.
  • The payment will be made on a monthly basis, unless a different frequency is agreed

If MITMA proves that the lessee has used the loan amount for a different purpose or that there has been a false falsity, concealment or inaccuracy in presenting the documents or in any responsible statement referred to in this order, it will proceed. as follows:

  1. If the loan is pending payment, all or part of the payment of the outstanding amounts will be cancelled and the tenant will have to proceed with the early cancellation of the loan.
  2. In any case, the tenant will be required to reimburse the expenses and interest paid on the loan, to the amount of which the default interest will be applied.

What documentation do I need to submit?

  • In the event of unemployment: a certificate issued by the official entity stating the monthly amount received for unemployment benefits or allowances.
  • In the event of cessation of self-employment: certified by the state tax body or competent body of the Autonomous Community of the cessation of the activity declared by the interested party.
  • The people who live in the house:
    • Family book or document accrediting a common-law partner.
    • Registration certificate.
  • Ownership of the assets: cadastral certificate or simple note from the index service of the property register of all members of the family unit.

In addition, the model in Annex 1 of the order we are mentioning must be submitted. You can click here to access the order.

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