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Sberbank will continue restructuring of loans in the context of coronavirus
The Russian government has increased the limit on mortgages to qualify for credit holidays. At the same time, Sberbank clients affected by the coronavirus can still use their own debt restructuring program without limiting the maximum loan size.
According to Alexander Vedyakhin, First Deputy Chairman of the Board of Sberbank, it is important for the bank to support its customers in difficult times, even though the government’s decision on credit holidays for the bank is not free. Moreover, back in March, Sberbank launched its own mortgage loan restructuring program with no maximum size limit.
Credit holidays give borrowers whose official income compared with the average income in 2019 over the past month decreased by more than 30% due to coronavirus. In this case, the loan itself must be received by April 3, 2020. If the borrower is not able to document the decline in his income, the terms of the loan obligation will return to the former, overdue debt will be formed and a penalty will be charged.
According to the press service of the bank, if the size of the mortgage loan exceeds government limit, a client of Sberbank can use its own special program for restructuring the debt on individual terms. Deferral of payments may be granted for up to six months with an increase of up to 12 months. In this case, penalties for failure to fulfill loan obligations will be canceled. Even if the terms and conditions of this program are not suitable for the borrower, the bank is ready to consider its application individually and propose settlement options.