Caixa informs its esteemed clients that as of October 11, 2020, with the entry into force of the Law 95/IX/2020, the calculation of the APR (Annual Global Effective Rate) and the Advance Credit Reimbursement will be subject to new conditions:

1.   The APR (Annual Global Effective Rate) is now calculated according to the following formula; 

2.   The basis to calculate the interest for credit operations is 360 days;

3.   The client benefits from the right to early reimbursement, completely or partially, without the need for a consent from the bank, provided it’s done on the installment’s coincident date;

4.   The notice period for the Partial Early Reimbursement of the credit is at least 7 (seven) business days;

5.   The notice period for the Total Early Reimbursement of the credit is at least 30 (thirty) calendar days;

6.   Early reimbursement, in the form of Credit Transfer applies:
i.   Exclusively to Housing Loans contracts;
ii.   The creditor institution must provide the new lending institution the information and the necessary elements for the operation to be carried out;
iii.   The costs associated with the exchange of information between the banks and those related to the credit transfer operation cannot be passed on to the borrowers;
iv.   The early reimbursement for credit transfer does not affect the validity of the insurance contracts;

7.  The maximum limits of commission for early repayment are as follows:
i.   0.5%, on the capital reimbursed, in contracts signed under the variable rate regime;
ii.   2%, on the reimbursed capital, in the case of fixed rate contracts.


Other changes established in this Law 95/IX/2020 can be consulted in the BO. No. 82 I Series of July 13, 2020.