Spanish governments plans include extending the period of loan repayments for up to seven years
The Spanish government has recently announced a plan to approve new relief measures for mortgages. According to a report by Reuters on Tuesday, November 22, the measures include the extension of loan repayments for up to seven years.
This statement was made by Nadia Calvino, Spanish Economy Minister, who added, this package is being planned for over a million vulnerable households, as well as people clients from the middle-class, the report said. Calvino also said, the relief measures will be approved once final negotiations are done with Spanish banking associations.
The report also adds, the homeowners in Spain account for over three-quarters of the population and most people favour flouting rate mortgages. Due to this reason, their level of exposure to rises in interest rates is the highest.
Calvino also stated, support will be extended to households with an annual income of € 25,200. The government plans to introduce relief measures from 2023 onwards, the report added.
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