Benchmark rates applicable when calculating the market value to compensate for interest rate risk
Lenders may charge a withdrawal penalty and interest rate compensation, subject to the following rules:
- Lenders cannot charge interest-rate compensation in the case of variable-rate loans on which the interest is revised at annual (or shorter) intervals.
- Otherwise, the applicable interest-rate compensation will be stated in the agreement. However, it may only be charged when redemption entails a loss for the lender. This is usually the case when the interest rate charged on the loan is higher than the market rate at the time of redemption.
Banco de España publishes the monthly benchmark rates in the Official State Gazette (BOE) at the start of each month.