Credit holidays – act of 2024
As the Ministry of Finance pointed out in its response, termination of the Act of 12 April 2024 amending the Act on support for borrowers who have taken out a housing loan and are in a difficult financial situation and the Act on crowdfunding for business ventures and assistance to borrowers also liberalized the provisions on using the assistance offered by the Borrower Support Fund.
“The provisions of the act reduce the RdD (Installment to Income) ratio, increase the amount of maximum support and extend the repayment period of this support, which will contribute to the use of this support instrument to a greater extent by people struggling with the problem of high loan installments,” the ministry wrote.
“The Borrower Support Fund is intended to support borrowers in a difficult situation, and the adopted provisions of the act are intended to facilitate and streamline the support provided by the Fund to households. Importantly, the support is also addressed to borrowers with foreign currency loans,” he added.
What does the current law assume?
The amendment to the Act on support for borrowers who have taken out a housing loan and are in a difficult financial situation and the Act on crowdfunding for economic undertakings and assistance to borrowers was passed by the Sejm on 12 April.
It assumes the extension of credit holidays to 2024. Housing loan installments – as provided for in the amended regulations – can be suspended twice in the period from June 1 to August 31 and twice between September 1 and December 31. (PAP Biznes)
