Whenever there is a need to apply for a mortgage or a loan, the greatest fear is linked to interest rates and how much the capital initially requested will be transformed (see also I need money).
There are banks and credit institutions that have taken advantage of the situation to significantly increase rates, even at the limit of the usury threshold.
The interest rate limits established quarterly by law
To avoid that interest rates become too high and therefore unsustainable for citizens, limits are set so that they do not strain in the field of usury.
Each quarter, the Bank of Italy calculates the average global effective rates applied at a financial level according to the loan/mortgage category. By increasing these values by 25% and adding a further 4 percentage points, the wear rate for that type is reached. In any case, the delta between the average overall effective rate and the usury rate cannot exceed 8 percentage points.
For the current quarter (from 1 October to 31 December 2015) the limit rates are summarized in this table:
Some useful tips
First of all, pay close attention and read in detail the contract of your loans or mortgages to verify that it is in accordance with the law.
Considering that, often and willingly, contracts of this type are not easy to understand, it is recommended that you get help from a consumer protection association, so that they explain in detail the items that are not clear
If there is actually a level of interest above the limits, you have two ways. The first is to make an expert report to the companies/companies that offer this type of service. Be careful to rely on these companies, as working on large numbers and making money on time they tend to make money by making the paperwork go long.
Personally I believe that the second way, that is to turn to professionals, is the most effective.
Know that if the use by the bank of usury rates is recognized in the legal seat, you will have a lower interest (therefore the loan cannot be considered void). To this must then be added the amount to be paid for damage.