Mortgage vacations in 2022

Now have the right to pause housing loan payments in difficult situations- for up to six months. At the borrower’s request, payments can be reduced or suspended for this period.

Also, during this period, you cannot have your home pledged as collateral for the same loan you asked for a break.

You will not ruin your credit history because the information in the credit bureau will be corrected to reflect your vacation situation. The only exception is if you asked not for deferment of payments but their reduction for the period of vacations – and you have already overdue that reduced payment.

Of course, you shouldn’t expect to have to pay your debt at all. That’s not what mortgage for business property vacations in 2022 is about. The point of a mortgage holiday is to give you a break, to gather your strength. And to have time to solve unexpected problems. Say, to find a new job. Or an additional source of income. Or to have a chance to heal in more or less calm conditions without panicking that you will now remain without an apartment because of a prolonged illness.

But after the vacation, you will have to continue paying the loan. If payments were completely suspended, the repayment period would be extended by the time you were on vacation. If they are reduced, the schedule is recalculated. You can only use these vacations once, on one loan.

When will the mortgage vacations take effect?

As it follows from article 6 of the law signed by the president, it will take effect 90 days after its official publication. The law was published on May 1, 2019 – so starting in August, it will be possible to apply for mortgage vacations.

At the same time, the law will have retroactive force: it applies to new and already concluded mortgage contracts.

How can I get a mortgage vacation in 2022?

Not everyone who, for whatever reason, has no money to pay the bank will be granted a mortgage vacation. Several conditions must be met:

– The size of the mortgage loan does not exceed 15 million rubles,

– You have not previously asked for his refinancing,

– Housing, for the purchase of which the loan was taken and which serves as collateral – the only one.

These conditions are related to the authorities’ unwillingness to help those who have decided to buy too expensive housing or a second or third apartment. It is assumed that due to such restrictions, it is those who are most in need of help that will receive it.

In addition, vacations can be requested only if you find yourself in a difficult life situation. A list of these very situations is contained in the law:

– You are unemployed.

– Lost a breadwinner.

– You have become disabled in groups 1 or 2.

– Recognized as temporarily unable to work (incapacitated) for more than two months.

– The spouses’ combined income dropped by 30% (and the number of monthly mortgage payments on average exceeded 50% of the average monthly income).