Si no contrato un seguro vinculado a la hipoteca, ¿puede denegar el banco la operación?

Can the bank deny a mortgage or a loan if life insurance linked to the operation is not contracted?

The first thing you have to know is that the bank cannot deny a mortgage or a loan if you do not take out life insurance or any other type of insurance linked to the operation. It can’t because it’s against the law.

It is true that, in some cases, certain banking operations require the contracting of insurance, but that does not imply that such insurance has to be contracted with the bank. One of these cases has to do with the obligation to take out home insurance with fire coverage in mortgaged properties. But that doesn’t mean it’s mandatory to contract with the bank.

However, there are still cases in which banks convince their customers that they have to take out life insurance with them to get a mortgage or a loan or credit. That is why it is so important to insist thatlife insurance is not mandatory for the mortgage.

However, it is highly recommended to take out life insurance when there are mortgages and loans to protect heirs.

Mortgage law is very clear when it comes to mortgage insurance. Law 5/2019, of March 15, regulating real estate credit contracts expressly prohibits tied sales. That is, banks cannot force the customer to contract any other product. This is what is called tied sales.

What the law does allow are combined sales; That is, that the bank offers conditions especially in the operation, such as a reduced interest, when contracting life insurance or another type of policy. In fact, the bank must offer the customer two separate offers, one with the bonus and one without, so that the customer can properly compare prices and decide whether the combined offer interests him or not.

If the bank denies an operation for not taking out insurance with them, you can report. On the website of the Bank of Spain there is a section so that users can file complaints and claims. It clearly explains why you can claim, who can file a complaint, the rules of use, as well as a list of what are considered good banking practices, among other information of interest.

Switch to PuntoSeguro 40

If you already have a mortgage life insurance with the bank, changing your policy to PuntoSeguro you save 40% of the premium.

Take out your mortgage life insurance cheaper than in the bank with PuntoSeguro 40 and get a discount on the policy forever.

With the mortgage life insurance comparator you can find out how much you can save on your mortgage life insurance.

If you already have the insurance with the bank, select the «Bank» option and enter the annual amount to get the price with PuntoSeguro: a 40% discount guaranteed. Once you have obtained the price, you can contract directly from the web or request a commercial call. Easier, impossible.

And just by taking out a life policy at PuntoSeguro you will participate in the #RetoPuntoSeguro, an exclusive challenge for all PuntoSeguro customers. Through the PuntoSeguro Fit App, the physical activity of each user is rewarded through challenges, both individual and collective. In addition to having your daily physical activity controlled and contributing to social causes (collaborating in overcoming the collective challenge), you can get a discount of up to € 120 on each renewal of your insurance, as you overcome the individual challenge month by month.

If you need more information to take out insurance or need any additional clarification, do not hesitate to contact us.

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