If you took out a loan after 16 June 2019, when Law 5/2019 came into force, and have failed to pay part of the principal or interest, the bank may consider the agreement terminated. However, it must have called for you to make the payment, while granting you at least one month in which to do so and warning you of the related consequences.
Also, past-due and unpaid instalments must amount to at least 3% of the principal or to 12 instalments (for the first half of the loan), or to 7% of the principal or to 15 instalments (for the second half of the loan).
If the borrower is an individual and the loan is secured by a mortgage on a property, interest for late payment is set at the interest rate plus 3 points on the principal amount outstanding.
The same rules shall apply to agreements entered into before 16 June 2019 which are in force and have early termination clauses