[ad_1]
This Tuesday, September 8, the Financial Portability, which will allow people and companies to migrate from the bank -with financial products included- in a less cumbersome way, but no less formal in terms of evaluations and requirements.
In detail, both individuals and companies that qualify to change banks will be able to transport their checking accounts, lines of credit, automotive loans, consumer loans and credit cards from one financial institution to another, quickly and with ease. lower costs.
For example: refinancing a 1,000 UF mortgage loan implied an approximate cost of $ 700,000. Portability will lower the cost by 60%, to approximately $ 280,000.
The Association of Banks and Financial Institutions (ABIF) highlighted that portability it will increase competition and lead to banks offering better financial products.
José Manuel Mena, president of ABIF, clearly exemplified on Radio Universo: “It will be like getting married. In order for Financial Portability to apply, both parties (customer and bank) must be interested ”.
Along the same lines, he was emphatic in underlining that it is a mistake to compare this portability with that allowed by changes in the telecommunications company.
According to government estimates, this portability will benefit 97% of the adult population that has a financial product, including 3.8 million sight accounts, 4 million checking accounts and 20 million credit cards.
Ricardo Ibáñez, a lawyer for DefensaDeudores.cl, also warned that “people cannot assume that it will be in the same way as, for example, telephone portability”.
The lawyer pointed out that financial entities will continue to have requirements and risk analysis policies before accepting a customer to behave.
One of the points of the new regulation that has generated interest is related to the refinancing of credits and power, for example, getting a bank to buy the mortgage debt that it has with an entity, seeking better conditions, which finally translate into a long-term savings.
With portability, a subrogation procedure is established that reduces costs, for example, in the case of notarial procedures and the Real Estate Curator.
“It is important that if you want to opt for the portability of a mortgage keep up with your fees “, remarked DefensaDeudores.cl.
In addition, falling behind in this type of credit can generate painful consequences such as the loss of property, since there is an associated acceleration clause. “This means that if one or more installments are late, they will accelerate the credit and can collect all the debt, including outstanding installments,” Ibáñez explained.
What financial entities are considered for Portability?
-Banks.
-Insurance companies.
-Agents administrators of mortgage loans.
-Cooperatives of saving and credit.
-Compensation funds.
-Institutions that place funds in a massive way (for example, companies that grant automotive loans).
-Card issuers.
-Other entities controlled by the CMF.
But how does it work?
First thing: ask for a Clearance Certificate
Anyone who is interested in changing their financial institution or in refinancing their credits, may request a free Clearance Certificate, a document that will contain “the individualization of all its products, together with the applicable rate and commissions and the value that must be paid to prepay each of its credits,” details the official portability site.
This certificate can be requested directly from the financial provider and then sent to potential new creditors for an offer. Or, communicate directly with the suppliers with whom you want to quote and tell them that you want to carry your financial products and who is your initial supplier.
The second thing: request portability
If the person or company obtains more favorable conditions, or if for any reason they are not satisfied with the services and care of their current financial institution, they may submit a “Financial portability request” on the new selected entity.
In this, you can request the opening of new financial products, refinance credits and order, if you wish, the closing of the financial products that you keep in force at your current credit institution.
And if you had requested a refinancing of a loan, what happens?
In the event that a client has requested a refinancing, a surrogacy procedure that allows to significantly reduce the costs and time used in a refinancing and, at the same time, provides flexibility so that the person can modify the term or the interest rate of the credit.
Other formalities
In the event that a client has ordered the closure of current financial products with their current financial institution, they should not do any paperwork since the new financial institution will be responsible for communicating the closure order.
Easier and cheaper
With Financial Portability, the figure of “subrogation is created to avoid the constitution of new guarantees, saving all the costs and times necessary for this process.”
For example, For the refinancing of mortgage loans, the establishment of a new mortgage will not be necessary, “But only one entry should be made aside from the existing one,” the Government indicated on the information website in this regard.
Additionally, all monetary and time costs associated with the creation of new guarantees are eliminated. This, because through the figure of subrogation, the guarantees of the current credits are still in force, changing only the beneficiary institution of said guarantees.
[ad_2]
