Below we briefly and simply explain everything concerning the minimum interest rate charge on a mortgage in Spain. The so known “Cláusula suelo”
The so known “Cláusula suelo”, in relation with the mortgage loan and the property purchase by mortgage, is a contractual clause stipulating a minimum payable to the bank although the ordinary interest rate that have been agreed with the financial institution is below the one that is agreed.
This clause only benefits the bank, due to as the lower is the interest rate, the client will have to pay less, but to establish this clause the banks ensure a minimum charge. With other words it does not allow the debtor to benefit from the drop of the index.
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