Transferring your real estate loan to another bank is the right of every client or consumer, however what could be a facilitating instrument is actually a great marathon for patience testing.
For those who have real estate loans and want to change the financing to another bank that offers lower interest rates and thus reduce the value of the installments, you will find a lot of bureaucracy and institutions that are resistant to operation.
This transaction is called portability, or transfer, the change to another bank occurs thanks to Resolution 3.401 / 2006 of the Central Bank , unfortunately not everyone is aware of this interest reduction instrument and, in most cases, the customer or consumer may take good advantage, but this does not always happen.
The fact is that even the Central Bank does not have relevant and specific information on how and how these real estate credit transfers are granted in the 62 accessible institutions. Last year, 2011, credit portability totaled in Brazil, bringing together all real estate credit operations, CDC (Direct Consumer Credit) and conventional debt, the sum of R $ 4.2 billion. An insignificant sum, when compared to the value of real estate financed, almost R $ 72 billion reais in the period from January to November 2011, figures released by ABECIP (Brazilian Association of Real Estate Credit Entities).
If you want or need to transfer your real estate loan , the first step is to look for a financial institution and request the calculation, so you can know the amount equivalent to the discharge of the operation and thus be able to apply the credit portability . The consumer has to analyze all the pros and cons of the operation, check all the conditions of the new operation to know if it will be advantageous, including paying attention to all the fees, charges and additional charges that will be applied.
According to the Central Bank, the guidance given to the banks is not to charge any fee to transfer the debt or refuse to carry out the credit transfer .
How Does Real Estate Credit Transfer Work?
When making the “transfer of real estate credit”, the client acquired the necessary resources with a bank, these resources will serve to anticipate the discharge of the debt with the bank that originated the credit. It is worth remembering that in addition to the reduction of interest in the transfer, the customer still “is entitled to a proportional reduction of interest when debiting a debit”. Those who contracted real estate financing until December 10, 2007, in which case the bank may charge the prepayment fee, which may reach 20%. Contracts made as of December 11, 2007, collection is illegal and prohibited.
One of the obstacles of “transferring real estate credit” to another bank, incredible as it may seem to happen outside the financial sphere, the biggest problem may be the notary’s bureaucracy, as well as the time to complete the operation, from 15 to 40 days, how much in the amounts that need to be paid to verify the mortgage and to transfer the registration of the property, so, before any decision, do the accounts.