Do you already have a home loan, or are you planning to close it soon? Keep in mind that the government is trying to limit the discounts on additional insurance when you take out a home loan. This consequence is incidentally an indirect result of the policy, since the government mainly wants to prevent interest from rising as soon as you cancel by-products. Conversely, however, this can also mean that it is no longer possible to receive a discount on the interest rate.
Discounts on home loans
Do you want to borrow money for a home and do you take out a home loan for that? Then to date it is often possible to take out by-products. This may include a fire policy or a debt balance insurance. You take out these products with the same bank as where you also take out the home loan. You pay a lower interest rate in exchange for the combination of these products. According to the government’s plans, it should no longer be possible for the interest rate to rise again when you cancel the by-products or switch to another provider.
Consequences of the plans
However, the consequence of these plans may be that banks will no longer offer you a discount on the interest rate. They may still offer the discount, but do not allow the interest rate to rise as soon as you decide to only use the home loan. The bank cannot predict how long you will continue to purchase the by-products, which makes it a risk to offer a discount. This may mean that it will be difficult in the future to receive a discount on the interest rate, as a result of which you as a consumer will ultimately pay more for the loan.
Advertising for credits
In addition, the federal government has indicated in Book VII that it will be prohibited to offer promotions, in the form of additional goods and services, with a credit. According to the BBS, this will ultimately lead to higher costs for consumers, while there is now absolutely no problem. By restricting promotions and advertising, the government hopes to create more transparency in the market for loans. However, the question is whether the result will ultimately give consumers an advantage when they borrow money for their home, for example.