BCR initially raised the down payment required on mortgage loans to 35%, but subsequently cut it to 25%-15%, under certain conditions.
BCR representative said that the lender also started the implementation of the provisions of Mortgage Credit Directive 2014/17/EU, transposed into domestic legislation through Ordinance 52/2016 of September 30.
The main provisions of the directive include consumer information requirements, principle based rules and standards for the performance of services, a consumer creditworthiness assessment obligation, provisions on early repayment, provisions on foreign currency loans, and provisions on tying practices, among others.
The Mortgage Credit Directive establishes common rules in the residential immovable market to inform customers about the real costs of a mortgage, to enable customers to compare between competitors and to reflect on the mortgage contract before contract closure, introducing measures to better protect mortgage customers from unfair and misleading practices.