Have you heard of the APB protocol? Learn what it is.
The APB protocol is an agreement among Portuguese banks that facilitates the cancellation of mortgages. Are you in the process of transferring credit and have been informed about this agreement? Understand better how it works.
Wouldn't it be easier to understand these processes if you had a credit intermediary with you? With the help of the free credit intermediation service from Poupança no Minuto, we take care of all the bureaucratic part and clarify any doubts you may have throughout the entire process! But first, understand what the APB protocol is.
APB Protocol - What does it represent?
The APB protocol (from the Portuguese Banking Association) is an agreement between most Portuguese banks to facilitate the cancellation of a mortgage in one bank and be established in another.
In other words, it is used to transfer financing from one bank to another, as well as for buying/selling transactions between banks that have joined the protocol.
To do this, the client must first go to the bank where the mortgage is established and obtain the Authorization Term, signed and stamped. When transferring the credit to another bank, they must deliver the Term to the new institution where they will establish the mortgage.
In this credit transfer process, the borrower must notify the current bank 8 calendar days in advance when transferring the mortgage to another bank, starting from the next business day. In case of rescheduling, 4 calendar days are required from the new notification between banks.
Note that it is only possible to cancel the mortgage in a simple way, resorting to the APB protocol, if both banks (current and the one to which you are transferring) are part of the agreement.
Only then can the bank receiving the mortgage request the other bank to cancel it from the day the final contract is signed: the deed.
How is the APB protocol processed?
To transfer the mortgage from one bank to another, bank A must send the SWIFT code to bank B, which will receive the mortgage, with electronic consultation of the mortgage cancellation term for the deed to be carried out.
At this moment, banks communicate the amount owed. It is also when the new bank will request the same documents that the customer had to present to the first bank, in order to: prove income, tax and professional situation, and financial capacity. Still at a bureaucratic level, it is necessary to present the documents related to the property again.
The process is the same as when the first mortgage was established: the bank will consult the Credit Responsibility Central of the Bank of Portugal to verify the tax history of the borrower and analyze if there are credit debts or default on installments.
Therefore, it is essential for a customer who wants to make a credit transfer to ensure that they settle any debt so that the process is approved.
What are the adhering banks to the protocol?
The Portuguese banks adhering to the APB protocol currently are as follows: [list of banks].
- BBVA - Banco Bilbao Vizcaya Argentaria (Portugal) S.A.
- Millenium BCP - Banco Comercial Português, S.A., Publicly Traded Company;
- New Bank, Inc.
- Global Investment Bank, S.A.
- BPI Bank, S.A., Public Company;
- Popular Bank Portugal, S.A.
- Santander Totta Bank, S.A.
- ABANCA Corporación Bancaria, S.A. – Branch;
- Caixa Geral de Depósitos, S.A. - General Deposit box.
- Montepio Geral Economic Savings Bank.
- Bankinter S.A. - Branch in Portugal.
That is, the remaining banks are not adherents of the APB protocol. And be aware: there are banks that only accept the cancellation of mortgages through this agreement.
With the APB protocol, it is now easier to change your credit, minimizing bureaucracy for the deed moment.
Want to move forward with hiring a credit intermediary and save yourself from having to deal with these bureaucratic issues? Contact Poupança no Minuto and save time and money! Poupança no Minuto