He Minister council has approved the agreement by which the effective annual interest rates in force for qualified or agreed loans are reviewed and modified, granted within the framework of the 1996 program of the Housing Plan 1996-1999, Housing Plan 2002-2005 and Housing Plan 2005-2008.
Specifically, the new interest rates are 2.50% for the 1996-1999 Housing Plan; 2.96% for the 2002-2005 Housing Plan and 2.86% for the 2005-2008 Housing Plan.
As explained by Ministry of Transport, Mobility and Urban Agenda Through a statement, these new rates are below the rate applicable to a free market mortgage loan, at a variable rate, which is going to be reviewed.
In the regulatory regulations of each State Housing Plan the criteria and methodology to be followed to set the effective annual interest rates applied to the agreed loans under each Plan are established.
Likewise, the criteria that are followed for the review of these types are also established in the regulations of each of the housing plans and must be carried out by Agreement of the Council of Ministers, published in the Official State Gazette.
In general, the review is carried out based on the evolution of the market reference rates that are published by the Bank of Spain, taking the variation of the last few months as a reference.