Poles can now file for so-called credit vacations. A special law has entered into force on Friday (July 29), allowing mortgage borrowers to suspend to up to eight monthly payments. Banks estimate that as many as 85% of all borrowers might file requests to have their payments postponed.
The recently adopted law - supported both by the ruling party and opposition - is intended to give borrowers a moment of financial respite in times of high inflation.
It also provides for the postponement of loan repayments for eight months between 2022 and 2023. The suspended installments will be moved to end of the loan repayment period, which in effect will extend said period by the number of postponed monthly payments.
Credit vacations can be granted only to mortgage borrowers who took out their loans in Polish currency. The suspension will include both principal and interest.
The legislation also contains provisions extending the effect of the government’s anti-inflationary economic packages.
During the suspension period, banks will only charge insurance fees agreed in loan contracts.
The borrowers can file requests for credit vacations starting August 2022, according to the following scheme:
- from August 1, 2022, to September 30, 2022 - two months;
- from October 1, 2022, to December 31, 2022 - two months;
- from January 1, 2023, to December 31, 2023 - one month per each quarter.
Mortgage borrowers who wish to take out credit vacations already starting August will have to file requests before the payment deadline in that month.
Źródło: TVN24 News in English, PAP
Źródło zdjęcia głównego: Shutterstock