Prepayment right loan after 10 years prepayment penalty
Two notice periods of 10 years: According to 489 BGB, borrowers may not demand a premature repayment penalty for the termination of the loan. The rating may also be important for the amount of a prepayment penalty. Termination loan according to § 489 Abs. 3 BGB Dear Attorney, For the completed rent with a fixed interest / term of 15 yearsWith this agreement, we have a statutory right of termination after ten years of full acceptance of the loan, giving six years’ notice. Now we want to pay back and end the loan in full by March 31, 2014, ie make use of the special right of termination.
Are the terminations (as a precaution already) in the 12th 2010 to 03.07. 2011 timely and correct? May the house bank demand a prepayment penalty? In my opinion, not because it is a statutory dismissal. In the context of this first consultation, I would like to respond to them on the basis of the facts described below: 1) Is the termination (precautionary) in 12/2010 to 03.07.2011 timely and correct?
The 10-year period is calculated from the complete receipt of the loan (03.01.2001), although according to § 187 Abs. 1 BGB this day is not counted, but the following day. According to this legislation, the 10-year period begins on 04.01.2001. The 10-year period after receiving the loan is a lead time, it must have elapsed so that you are cancellable.
Only after this period, the termination can therefore take place. The deadline is then measured according to 188 para. 2 BGB and ends on 04.01.2011. From then on, the extraordinary termination is only possible and the half-yearly period runs. The 6 months then end again according to 188 para. 2 BGB on July 4, 2011; the notification can be made on this date.
The loan termination
The termination must and can therefore take place at the latest on 04.07.2011 and thus on 04.01.2011. 2) Can the house bank demand a prepayment penalty? For fixed income securities with a maturity of more than ten years, there is, as you have, the option to terminate with six months’ notice after ten years have elapsed without any prepayment penalty. 489 BGB serve only the debtor. The corresponding provision of the 489 BGB is intended solely for the protection of the borrower.
It may therefore not be avoided to the detriment of the borrower, but at most to the benefit of the borrower. Therefore, it would not be permissible to postpone the appointments at your expense or to penalize a termination with a penalty such as a prepayment penalty, thereby reducing your right to termination. If a borrower makes use of this right to unpaid special repayment during the current loan agreement, there is no problem with the prepayment penalty.
A timely termination to 04.01. 2011 means that I also have them eg on 07.01. 2011 on 07.07. 2011 or on 05.02. 2011 on 05.08. 2011 can give?