The coalition government’s Consejo de Ministros executive cabinet on Tuesday voted to extend through September 30th the moratorium on payment of mortgages and consumer-credit loans, as well as the prohibition on cutoffs of electricity, water or gas to consumers who have missed payment of their monthly bills during the COVID-19 crisis.
The cabinet level Consejo also extended through September 30th the ability of residential tenants to obtain a six-month postponement on payment of rent to landlords.
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Originally approved as government decrees on 31st March, the measures were designed to be temporary and to last until this month. The new decreto ley legislation that the coalition government will submit to Congress for a simple “yay or nay” approval vote without debate will extend all the measures through the end of September.
The moratorium on mortgage payments is subject to several conditions. The applicant must be out of work or, in the case of being a self-employed autonomo or entrepreneur, must prove a loss of income greater than 40 percent due to the coronavirus pandemic.
In addition, an applicant’s monthly income must be less than three times the Iprem average professional salary (about 1,600 euros), expenses on the mortgage and basic utilities must equal or exceed 35 percent of income and the applicant must be already past-due on mortgage payments.
The deferment of monthly rental payments by as much as a six-month grace period also carries conditions. To be eligible, neither a tenant nor landlord can have previously communicated to the other under the terms of the original contract that the rental is about to be terminated within the coming four months. The requested deferment of the rent for six months may also be requested of landlords who are large holder of residential real estate or a government public housing agency.
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