Spain announces economic strategy for the mortgage payments situation

March 16, 2020
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Spain’s Council of Ministry was recently held, where a moratorium of one month extendable in the payment of mortgages for the habitual residence was approved for those whose income is reduced or are unemployed due to the crisis caused by the Covid-19.

For the time being, the moratorium will not extend to rentals.

France and Italy, in recent days, have also deferred the payment of mortgage loans until the end of the health crisis.

Almost 20% of GDP, 200,000 million euros, is specified in a royal decree of 45 pages, according to one of the latest versions, to prevent the destruction of the productive fabric and activate social protection measures for the most disadvantaged groups. The decree also includes a ban on cutting basic supplies (like water, electricity and gas) to vulnerable groups. 

The Cabinet has also debated whether to extend the moratorium on rents, but currently there is no agreement on that point, official sources report.

 

 

March 16, 2020

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