Real estate loan: easier change of borrower insurance from April?

The Doubs socialist senator, Marian Border , has just tabled an amendment to the bill to accelerate and simplify public action. Objective: to accelerate the effective implementation of the right to change borrower insurance.

Clarify the date of termination of borrower insurance; reinforce the information obligations of the client when subscribing the loan; create an annual information obligation on the right to change; increase the amount of fines in the event of default. These are 4 of the measures contained in a bill tabled in October 2019 by the socialist senator Marian Border . Objective: to facilitate the effective implementation of a new right that has appeared since January 2018, that of changing loan insurance during repayment.


Voting delayed at the Assembly

real estate loan

The problem is that this text, almost 4 months after having been adopted unanimously by the Senate with the approval of the government, has still not been adopted. It  was on the agenda of the National Assembly, currently monopolized by the pension reform. Now, the abusive practices continue, deplores Marian Border in a press release. It is urgent to restore purchasing power to millions of French people who must be able to compete and choose the most advantageous borrower insurance for them.

With real estate rates frozen at historically low levels, the cost of borrower insurance takes on a very significant relative weight, sometimes exceeding that of interest.


An amendment to speed up the pace

home loan

To speed up the pace, the senator of the Doubs adopted a new strategy: to table an amendment, incorporating the entirety of his bill, as part of the draft law of acceleration and simplification of public action, currently discussed in the Senate. This could allow the text, according to Good Lenders Bank, to be applied as early as April, after its vote by the National Assembly.

But for that, it is first necessary that the amendment be adopted by the Senate. Marian Border is hopeful. The objective of the government in this is to make certain procedures more efficient and faster for French citizens, Wrote the senator.

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