The acronym FEIN refers to the European Standard Information Sheet, that is, a document that the bank must deliver to us before formalizing the contracting of a mortgage and that it must contain all the information of the loan offered to finance a home. It arises with the entry into force of the new Spanish Mortgage Law and has the objective of providing transparency in the process of contracting a mortgage, being therefore a mandatory document.
What is the FEIN for?
The main purpose of the FEIN is that the client can read the personalized conditions of the mortgage that the bank offers him in a faster and clearer way. As a complement to the FEIN, the bank must also train FIAE (Standardized Warning Sheet).
What information does the FEIN include?
In general, the information contained in the FEIN is as follows:
- Lender details
- Intermediary data (if any)
- Loan characteristics
- Interest rate and other expenses
- Frequency and number of payments
- Amount of monthly fees
- Table illustrating the refund
- Other obligations of the borrower
- Early repayment (if there is commission or not, and the amount)
- Elements of flexibility
- Other rights of the borrower
- Consequences for the client (borrower) for default
- Additional information
- Loan supervisor
How much does FEIN deliver?
This document must be delivered at least 10 days before the signing of the mortgage. Of course, as we will explain below, no matter how much the bank gives us the FEIN, this does not mean that we are obliged to sign the mortgage contract with this entity.
Is the FEIN binding?
Yes, the FEIN is binding, but only for the entity that issues the mortgage loan. In other words, this document is not binding on the person requesting the loan (the client) and, therefore, can waive the mortgage or the established conditions. Furthermore, since it is binding, the bank must not deliver the offer in another document, as was the case with the FIPER.
Do you need a template of this document ready to fill out? You can consult an official FEIN model by clicking about this link.