Applications may be submitted at the earliest in February 2016, until December 31, 2018, at the bank that granted the loan. After 2 years of transferring the last tranche of support, repayment must begin.
MPs adopted senatorial amendments to the law on support for housing borrowers in financial difficulties who took out a housing loan. Since this legal action does not raise any controversy, probably also signing it by the president should be a formality. Assistance is due regardless of the currency of the loan.
Time for applications until 2018
The application for support can be submitted by December 31, 2018, at the bank that granted the loan. The bank will be required to send the application, after its verification, within 30 business days to Bank Good Credit, along with additional information, including the expected amount of the next 18 installments of the loan.
The assistance will consist of Good Credit transferring the loan installments directly to the account of the bank that granted it for a period of no longer than 18 months. Support will be provided in installments of no more than 1.5 thousand USD per month.
Pursuant to the Act, two years after the last tranche of support has been transferred, the borrower will be obliged to pay back the aid received in equal, interest-free installments in the next eight years. If the borrower sells the flat for which the loan was contracted, he will have to return the assistance within 30 days.
Support yes, but provided …
Borrowers who meet one of three conditions will be able to count on support: on the day of submitting the application they will have the status of the unemployed, the loan installment will exceed 60%. monthly income, or if your monthly household income, less the loan installment, does not exceed the thresholds for using social assistance benefits.
Ultimately, in the course of legislation, the project collapsed so that the borrowers could use the help if the value of the property is lower than the loan amount to be repaid.
The Act will not apply to persons who, on the day of submitting the application for support, are the owners of another flat or house, have the right to cooperate with ownership or tenancy or rent it.
Support from March at the earliest
Applications may be submitted at the earliest in February, but in practice support will be available at the earliest in March next year, assuming that the new act will be published in the Official Gazette in November. It takes 90 days for the provisions for submitting an application to enter into force. And the next 30 days will pass before the application for assistance reaches Good Credit.
The assistance is to be financed from the Borrowers Support Fund, which will be created at Good Credit. Initially, the Fund’s resources, up to USD 600 million, will come from deposits from banks that grant loans. Later, it will also be funded, among others income from investing free funds and returned support.