Home>News>Economy>Government introduces new measures to regulate mortgage loans

Government introduces new measures to regulate mortgage loans

Economy
14.04.2020
49
Government introduces new measures to regulate mortgage loans

The Russian government has proposed to change the legislation on mortgage loans. It plans to prohibit banks from making changes to the loan rate on their own, at the moment the document is being studied by the State Duma.

The explanatory note proposes to introduce a provision similar to 11 of Part 6 of the Federal Law “On Consumer Credit”. It means to prohibit the increase in rates on consumer loans by more than a third in comparison with the market average, which the regulator calculates every quarter.

The innovation will afford to control unscrupulous lenders who significantly overstate the requirements for mortgage loans.

The bill also envisages a ban on imposing the purchase of additional services of an organization, without which banks refuse to issue a loan. According to the document, the lender will have to reimburse the borrower’s costs two times, since he violated the consumer’s right to freely choose services.

In addition, the document prohibits imposing insurance for the entire period with a one-time payment for services under those contracts that are concluded for a year or longer.

Author:Елена
21.10.2021, 15:45
107
Top Saskatchewan health official moved to tears by unchecked Covid spread
27.11.2021, 19:00
133
Tonga’s drug crisis: Why a tiny Pacific island is struggling with a meth epidemic
11.08.2021, 04:34
1063
Venmo enables users to automatically buy crypto with ‘cash back’ rewards
18.11.2021, 12:30
57
Houston Rockets Partner With Bitcoin Company NYDIG in Sponsorship Deal
06.11.2021, 08:00
172
Arizona voters baffled by Kyrsten Sinema: ‘she betrayed us’
02.08.2021, 07:42
36
Commodities Week Ahead: Oil, Gold Eye U.S. Jobs Report As China PMI Slides
22.11.2021, 19:12
67
Price analysis 11/22: BTC, ETH, BNB, SOL, ADA, XRP, DOT, AVAX, DOGE, SHIB
05.08.2021, 10:23
583
JPMorgan Offers Private Bank Clients Access to Bitcoin Fund – Report