From today, applications for credit holidays can be submitted to banks. Both capital and interest are not paid during the “vacation”.
On July 29, banks started accepting applications for the so-called credit holidays, i.e. breaks in paying instalments to ease borrowers. But the Polish bank are anything but happy about it.
This solution was developed primarily for those who have loans with a variable interest rate. After the recent increases in NBP rates, their instalments have increased by 100%. However, the “leave” can also be used by people who pay off loans with a fixed interest rate.
Thanks to credit holidays, a maximum of 8 instalments can be deferred. A maximum of two instalments in the third and fourth quarters of this year, and one instalment per quarter in 2023.
Credit holidays applications – How do I apply?
Applications can be submitted at bank branches or by email. All large banks have also prepared the possibility of submitting applications using their banking applications.
The document must be submitted before the date of payment of the deferred instalment. Confirmation from the lender should come within 21 days, but the lack of it does not affect the date on which you start using the credit holidays – just delivery of the application is enough here.
Credit holidays. Who can benefit from it?
Credit holidays are available to all people who have signed a mortgage contract for the property in which they live or plan to live. Those who bought an apartment for rent on a loan will not be able to take advantage of the “leave” from the loan. Therefore, the application must be accompanied by a statement that the loan was used to purchase real estate for one’s own housing needs.
The option to defer mortgage repayments is also not available to “new borrowers”, i.e. people who signed the contract after July 1, 2022. Another limitation is the duration of the loan agreement – if the last instalment is to be paid within six months from the date on which the Act comes into force (July 28, 2022), the borrower is not entitled to a loan vacation.