Putin signed the law on “mortgage vacation”

PHOTO : MIR / Igor Medvedev

RUSSIA

The President of Russia Vladimir Putin signed the law on “mortgage holidays”. Document published on the portal of legal information.

Under the new law, the borrower who are in difficult life situation, will be able to reduce or suspend mortgage payments for six months. The law applies to both new and already issued loans.

To take a break, in particular, can those who lost a job, became disabled or who have a decreased income. To use the “mortgage vacation” is possible only once during the term of the loan. The repayment period will be automatically extended for the duration of the “holidays”.

The grace period will be granted for loans that do not exceed 15 million rubles. At this time, the borrower will not be able to take the only housing that was pledged.

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