It is increasingly common that when requesting a loan, financial institutions talk to us about related products. A game where on many occasions and taking advantage of people’s ignorance, they offer the hiring of other services in exchange for reducing interest or simply granting the loan.
Just as there are different types of linked products, there are also different loan models. Among the types that exist, it is usually more frequent to find products linked to mortgage loans. In contrast, consumer loans are usually not included.
The doubt begins when the bank insists us to the point of threatening to reject the loan if these products are not contracted. Is this possible? Let’s look at it more calmly.
As a general rule, these types of loans lack related products. However, sometimes the financial institution will try to convince you to sign a payment protection insurance. Remember that in most cases it is not an obligation so do not be fooled if the product does not interest you.
Another strategy that many banks are beginning to use is to offer consumer loans with a lower interest as long as another product is associated at par, either with or without cost. A marketing strategy that is paying off. OpenBank, for example, reduces interest with linked products at no cost. In this case, if you domicile the payroll with them or add receipts, the interest on the loan is reduced.
Another of the most common loans that we are forced to resort to, are those that are offered for the purchase of a car. In these cases, the bank usually requires you to take out car insurance as an inexcusable measure to offer you the loan. In these cases the contracting of the insurance does not usually include a renegotiation of the interest on the loan, so it is not at all attractive.
However, some financial institutions are catching up with these types of loans and offer a reduction in interest in exchange for taking out insurance. This is the case of Kutxabank and its loan to buy a car. You can see the TIN of your loan reduced from 8% to 5% TIN if you link any of the following products:
Despite what the bank tells you, by law we are only obliged to contract, at the same time as we buy a house, multi-risk home insurance. That is, you are legally required to have insurance on your home, but you do not have to contract it with your financial institution if you find another that seems better to you. The bank cannot force you to sign this insurance with them, don’t forget.
What the bank can do is offer you a reduction in interest if you contract other products at the same time that you apply for the mortgage. For example, it is usual that if you take out life, home or unemployment insurance, it offers you to reduce the interest on the loan. There will be some who will deny you for not hiring any product.
Our advice from private lenders.es is that before accepting this “exchange” of prices, make a calculation of how much real savings it will mean to lower the interest but have to contract another product at par. If it doesn’t compensate you, don’t get overwhelmed. There are many fish in the sea and hundreds of mortgage loans without any link