Banks in Spain to offer interest-free loans to people struggling with rent payments



Some of the country’s banks has said that individuals  can apply for the interest-free loans to cover the rent of their home which has been due from April 1st, 2020.

The loans will backed by the Government’s Ministry of Transport, Mobility and Urban Agenda (MITMA), through the country’s official Credit Institute (ICO).

Eleven banks have agreed to offer the loans through the ICO. They include Santander, Unicaja, Bankia, Laboral Kutxa ,Sabadell, Cajamar, Liberbank, Abanca, Bankoa and Caja Pollença.

The government expects more banks to sign up to offer the loan over the next week or so.

The Spanish government said that: “Applicants will not be charged any interest or fees to set up the loan as they will be fully covered by the State.”

The loans will be fee free too.

It comes as Madrid say over 400,000 people have been affected by the corona crisis with many in rent arrears and landlords being in a mortgage deficit.

 


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