Three-quarters of borrowers who received mortgage vacation, returned safely to the payment schedule
In the first quarter of 2020, more than 8 thousand mortgage borrowers turned to banks with a statement on the provision of mortgage holidays in accordance with the law, which came into force in the summer of 2019 (Federal law No. 76-FZ). During the validity of the law for a deferral or reduced payments to the creditors appealed about 24 thousand borrowers (last year the banks received 15.5 thousand citizens ‘ demands).
With more than 2,300 borrowers have already managed not only to vacation credit, but also to complete them in a schedule of payments successfully returned 76% of them.
In 2020 adopted a new law giving citizens the right to delay the payment of mortgages and other loans if their financial situation has worsened in connection with the pandemic coronavirus infection (Federal law No. 106-FZ). Mortgage borrowers can apply for deferment or reduction of payments using both mechanisms, including the same loan, but the new anti-crisis law the conditions for obtaining such a vacation easier, but seek them only until October 1, 2020. The maximum size of a mortgage loan by which to get mortgage holidays according to the Federal law No. 76-FZ, now is 15 million rubles, while under the new law, the Russian Government set ranges from 2 to 4.5 million rubles depending on the region.
“We believe that mortgage holidays have become an effective tool that gives borrowers time to restore solvency and then continue in normal mode to pay the mortgage. Data show that borrowers take a responsible attitude to the supplied delay, which allows us to expect that the proposed new mechanism will also enable them to solve temporary difficulties”, — said Mikhail Mamuta, head of the Bank of Russia on protection of consumer rights and ensuring access to financial services.
Leaders among Russian regions by the number of received banks statements were Moscow, St. Petersburg, Moscow oblast, Republic of Bashkortostan and Krasnodar Krai.
Banks last year and the first quarter of 2020 granted an average of more than 60% of applications. A significant portion of applications received this year (about 20%), pending (requires additional documentation). As for failure, the main reason is the discrepancy of the borrower to the criteria of the law or failure to submit required documents.
In the first quarter of 2020, the borrowers sent the Bank of Russia more than 200 complaints about the failure of banks to provide mortgage holidays. After reviewing the complaints, some of them, the Bank of Russia recommended that seven credit institutions more time to review the requirements of borrowers in total in each of these cases the demands were met.
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