A story that is now trending online is a nightmare for any mortgage holder. A young man bought an apartment at a preferential rate and decided to rent it out. Everything was going fine until he raised the rent. The offended tenant complained to the tax authorities.
The chain closed at
tax authorities ➡️ bank ➡️ sanctions.
As a result, the bank issued an ultimatum — repay the entire debt within 14 days or the rate will rise to the market rate of 22%.
Is it fair? Legally, yes.
But for the borrower, absolutely not.
Let's analyze where exactly the fatal mistake was made and how to avoid stepping on the same rake.
😊 The trap of two contracts.
Most people, when signing a mortgage (like any large loan), carefully read only the Individual Lending Terms.
Everything is clear there. We know the amount, term, rate, payment schedule. We immediately check the numbers, breathe a sigh of relief, and sign.
But few notice a small line: "These terms are an integral part of the General Lending Terms." That's where the devil lies.
General Terms is a huge document, often posted just on the bank's website, where the rules of the game are spelled out. That's where it says:
❌ You cannot make renovations
without the bank's consent.
❌ You cannot register third parties.
❌ You cannot rent out the property without the bank's written permission.
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