Many citizens have long been waiting for the entry into force of the law on mortgage vacations. Different situations happen in life and borrowers are not always able to cope with payments. In this case, the law can help overcome a difficult band without losses.
What is a vacation for?
The essence of the mortgage vacation is that in a difficult situation, payers are granted a deferment to repay the loan and interest on it. Such a benefit allows you to reduce the financial burden and not lose the mortgaged property. Earlier, similar holidays were provided by some banks individually as an indulgence. Now all banks are required to do this legally.
New benefits
The law provides for two types of benefits. The necessary choice should be made by the borrower. Each of the benefits is valid for no more than six months. You have the opportunity to either defer payment or reduce its size. To make the right choice, it is necessary to appropriately evaluate your financial capabilities. And only after that it is worth making a decision.
If customers want to reduce the amount of payments, then in their application they must indicate the end date of the holidays, as well as the amount of payments. The bank will have to provide documents that can confirm the fact that you are in a difficult situation.
Difficult situation: what is it?
Borrowers need to understand what a “difficult situation” is. The law precisely spells out five criteria that allow you to assess a person’s financial condition. The following citizens can apply for benefits on payments:
- Registered as unemployed.
- Those with disabilities of group I or II.
- Recognized incapable of work for more than two months.
- Which income decreased by 30%, and the payment exceeds 50% of the average monthly income.
- In the family whose number of dependents increased (subject to a 20% decrease in income).
What are the conditions for providing a vacation?
In addition to the difficult situation, there are other restrictions for obtaining benefits. The loan amount should not exceed 15 million rubles. In addition, vacations are provided only once in a lifetime for one loan. Only those people who have only one housing suitable for living can count on benefits.
Please note that the law covers all loans, even if they were issued earlier.
Does the bank have the right to refuse?
By law, a bank does not have the right to refuse a person if his situation meets the criteria listed above. In addition, a credit institution is not entitled to require additional documents from the borrower that are not in the law.
The submitted papers are considered within five days, after which the bank will certainly provide a grace period.
After vacation…
If the payer has managed to restore his creditworthiness, after the end of the vacation he will return to payments again. If you wish, credit leave can be completed earlier than scheduled. To do this, it is enough to notify the bank in writing.
After the holidays, the repayment period and the amount of the overpayment increase, since no one will forgive debts. Just people are granted a delay. During the vacation period, interest on the debt is calculated, because no one repays the loan body.
Instead of an afterword
Since 2015, a program has been operating in Russia to help borrowers who find themselves in a difficult situation, since many needed help after the 2014 crisis. Benefits were provided until 2017. The program allocated 2 billion rubles from the budget. Thanks to this, mortgages could restructure debts. It is hoped that the new law will serve the good of Russian citizens.Indeed, very often unforeseen situations happen in life, and people need support. Perhaps the holidays will help the population cope with the crisis. And the mortgage itself will not turn into a living hell.