Bankers have lowered loan application processing fees for individual customers to less than 400 euros as part of the new stipulations, which require them to levy a fixed fee, instead of the one calculated as a percentage of the lent amount, as was the case in the past. Under the circumstances, the value of fees charged to customers can drop by as much as half.
If one considers the old fees – of 2-3% of the lent amount – it
results that for a 40,000-euro real estate loan – the client used
to pay between 800 and 1,200 euros. Customers who borrow higher
amounts stand to benefit the most from the developments.
The effects of making loans to individuals more transparent are
starting to show. Loan transparency was targeted by Law 288/2010
created based on the famous Ordinance 50, which entered into force
at the end of last year.
The lowering of fees will, however, at least in part be compensated
for by raising nominal interest rates, analysts warn.