Legislative changes in favor of the client in 2016 or how to save big money. A radical reduction in the early repayment fee for home loans.
In 2016, a number of legislative changes are being prepared
Which are finally benefiting clients and bringing interesting opportunities to save big money. For example, the most exciting changes that will take effect soon are the new tax relief for investors who invest in securities traded on a regulated market and have expired for at least one year since they were acquired.
Also, banks will have to offer their clients a free current account for people up to € 400. One with the most important and for clients the most “profitable” change will be related to fees for early repayment of housing loans. By now, these early repayment fees ranged from 3 to 5%. According to the new legislation, which will come into force on 21 March, this fee will be fixed and reduced to 1%. It will be an interesting opportunity to save a lot of money when refinancing a mortgage to another bank outside of the fixation period.
Important dates in the cube
A new tax relief starts to apply when investing in securities traded on a regulated market – income from their sale is not taxed (and there are no medical charges) if at least one year has elapsed since their acquisition.
Banks must offer people with up to € 400 a “social” free bank account, for others € 3 (without limiting cash and non-cash transactions), the condition is not to have another current bank account.
The maximum maturity of consumer loans falls to 8 years.
The income ceiling for mortgages for young people is changed to € 1,119.30 for an individual, the joint gross income of the spouses cannot exceed € 2.238.60. Applicants for this type of loan cannot be more than 35 years old.
The 2016 State Building Savings Bonus will be 5% of the Savings Deposit, up to € 66.39. In order to reach the maximum state premium, the 2016 deposit is € 1,327.80.
Bank transfers within the Slovak Republic and in the EU can only be made through accounts in the 24-digit IBAN. You must check the continuation of all previously entered standing orders.
By February 8, entrepreneurs have to adjust the amounts of social and health contributions to the new minimums.
As of March 21, the Housing Loans Act comes into effect, introducing a limit on early repayment to a maximum of 1%. The new fee also applies to loans already granted earlier. At the same time, the law allows new mortgages to be withdrawn within 14 days of signing. Anyone who recalls a mortgage through a financial intermediary can find out the amount of commission he receives for his contract and he is required to disclose the amount of commission after a written request.
The rules for so-called 100% mortgages. The NBS recommends that banks do not exceed 15% of new loans provided, where the loan amount is between 90% and 100% of the value of the property. By March, the limit was 20%.
Last chance to get easier called. 100% mortgage Since 1.1.2017 the share of these mortgages will fall to a maximum of 10% of total housing loans.