Credit holidays. From when can applications be submitted and how can it be done?

Credit holidays allow borrowers to extend the deadlines for repayment of instalments without additional interest. Below I explain what should be in the application and by when it should be submitted.

On June 9, the Sejm passed an act on helping borrowers. President Andrzej Duda signed it on July 7, 2022, and it will enter into force after 14 days, i.e. on July 29.

Credit holidays. Since when can they be used?

The introduced credit holidays are aimed at people who took out mortgage loans in Polish zlotys for their own apartment. ” Credit holidays are up to eight months without paying instalments” – reads the government’s website. 

  • two two months each in the third and fourth quarter of 2022 (from August 1, 2022)
  • one month in each of the four quarters of 2023

The government informs that the instalment payment deadlines will be extended without additional interest.

– The solutions adopted are real help for citizens in the difficult situation we have found ourselves in. After the pandemic, we are dealing with an additional crisis, which is the war in Ukraine and the resulting sudden increase in inflation. The government must take into account that inflation and high interest rates cause an increase in loan instalments and an increase in the prices of goods.

That is why in the Ministry of Finance we have developed instruments that will help Poles in these difficult times, said Magdalena Rzeczkowska, Minister of Finance. 

How and when to submit an application?

The loan repayment is to be suspended on the day of submitting the application. The bank has 21 days to confirm the submission of the document. The application should be submitted in paper or electronic form. Include the following information with it:

  • borrower’s data,
  • details of the bank-lender,
  • credit agreement number, 
  • the requested period or periods of loan repayment suspension,
  • the application should also be accompanied by a statement in which we emphasise that the application concerns a contract concluded for the purpose of meeting one’s own housing needs.

Source: Gazeta


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