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Cars Borrower Insurance: A member wants to facilitate the cancellations "Evit to annoy the banking sector"

11:25  25 november  2021
11:25  25 november  2021 Source:   francetvinfo.fr

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Patricia Lemoine, MP, presents this Thursday a bill allowing to change the borrower insurance to benefit from a cheaper offer, without time limit.

  Assurance emprunteur : une députée veut faciliter les résiliations © Supplied by FranceInfo

The Minister of Economy, Bruno The Mayor, was favorable for Wednesday on Franceinfo to a bill, scope Thursday by the member act of the 5th constituency of Seine-et-Marne , Patricia Lemoine, aimed at allowing all borrowers to terminate their home credit insurance at any time to find cheaper elsewhere.

It is "a measure of simplification" to "restore purchasing power leaves to angry the banking sector," said Francianfo this Thursday Patricia Lemoine.

Real Estate Credit: What should really change the reform of borrower insurance?

 Real Estate Credit: What should really change the reform of borrower insurance? The member act Patricia Lemoine presents a proposal for a law studied on Thursday to the Assembly, intended to allow cancellation at any time of a borrower insurance on a home loan. A measure sustained by the government and which could have real consequences on the purchasing power of the French. change borrower insurance at any time. This is the promise of the member's proposal to act Patricia Lemoine, studied on Thursday in committee at the National Assembly.

FranceInfo: The purpose of this bill is to facilitate the change in its borrower insurance and to play competition more easily?

Patricia Lamoine: This is bringing first simplification for the consumer who wants to substitute his borrower insurance by obviously playing competition. It is therefore a measure of simplification that will obviously allow consumers to make substantial savings that are averaged between 5,000 and 15,000 euros, depending on the amount borrowed and depending on the length of the loan and according to your profile, your age. , your job. These are elements that count in the calculation of the contribution.

Today, one can not change its contract only on the anniversary date?

We can actually change in the first 12 months following the signature of the loan contract and then on the anniversary date of the contract. But it is a real journey for damage for the consumer and the insured who wants to terminate his borrower insurance. It is absolutely necessary that it is accompanied by a broker or by a professional, otherwise he has little chance of seeing his request for substitution.

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and banks holding 90% of this insurance market should not see this measure with a good eye?

Yes, they hold nearly 88% to be accurate on the borrower insurance market, so obviously, to open it a little more about competition, it is not likely to rejoice. But I think we have to be placed in the consumer's place at a time when purchasing power issues are essential for the French. All that can help give them purchasing power without it costs a euro to the state, we must not deprive it, leaves a little annoy the banking sector.

Will the banks alert the consumer? Normally, they are supposed to recall every year the possibility of modifying the contract. If banks do not play the game, will there be sanctions?

This is what is provided for in section 3 of the bill that I wear today. In this article 3, we have the imposing that information is made by the insurer and in case of non-compliance with this obligation of information, sanctions are applied and will be applied and will be applied both by the ACPR, the Prudential Supervisory and Resolution Authority and by the DGCCRF, which is the competent authority in this area.

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In your bill, there is "the right to oblivion". When we have been sick and we are excluded for a few years of the right to subscribe a loan. What will change with this text?

There is a lot of expectation on the right to oblivion, because for all the people who have been sick or who are currently sick, it's the double punishment. When you want to take out a real estate loan, not only do you have a surcharge, but in addition, often the pathology you are suffering from that you have any exclusions that are planned for your contract. So the deadline for oblivion today is ten years for people who are over 21 and five for people under the age of 21. The idea is to put all the partners who work around this convention around the table to examine the conditions of decrease of this deadline of the right to oblivion and see how we can also expand to others pathologies that those who are strictly related to cancer this deadline for oblivion. And, last point that is important: today, these people have a limited borrowing ceiling at 320,000 euros. It is sometimes not enough when one is in areas where there is a strong real estate tension. So the idea is to unlock this amount of 320,000 euros.

What maximum debt ratio is allowed to get a real estate loan? .
© SkitterPhoto / PEXELS Debt rate maximum for Credit Real Estate Practice - Before granting a credit, a bank will verify that the maximum level of debt of the subscriber does not exceed 35%. It is sometimes possible to be able to borrow beyond this threshold. If you apply for real estate credit, know that the bank will prioritize your debt ratio.

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