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Vacations on loans and mortgages will be introduced in Russia due to coronavirus

Vacations on loans and mortgages will be introduced in Russia due to coronavirus
Photo: pixabay.com

Vacations on consumer and mortgage loans will be introduced in Russia due to the coronavirus and the worsening economic situation in the country. This was in an address to the inhabitants of Russia, Vladimir Putin.

According to him, now with a sharp reduction in income, it is difficult or simply impossible to repay the debt in the previous mode, therefore, if a person is in a difficult life situation, his monthly income has decreased by more than 30%, he should have the right to temporarily suspend debt servicing and prolong its without penalties.

If the repayment of the debt is not possible, then in this case the citizen must be declared bankrupt. Putin said that the bankruptcy procedure should be feasible and not burdensome.

The Central Bank has already recommended that lenders provide mortgage vacations to borrowers with an officially confirmed coronavirus. In this case, he will be able to get relief even if he has already used this measure. Earlier, the Bank of Russia recommended that banks restructure consumer debt, do not impose penalties for late payments and asked not to take the only mortgage housing from patients with coronavirus when they are late.

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