The President signed the bill from the day 7 July 2022 on crowdfunding for business ventures and assistance to borrowers introducing so-called credit holidays. On the basis of the provisions of the Act, it will be possible for the consumer to suspend repayment of a mortgage loan granted in Polish currency, excluding loans indexed or denominated to a currency other than Polish currency in size four instalments per year from 1 August to 31 December 2023
Interest rate increases have led to a significant increase in loan instalments, including mortgages. The current reference NBP interest rate is 6.5%. In many cases, this increase has caused almost twice the increase in paid credit instalments, which has caused great discontent in society. For this reason, in April the government announced a plan to help borrowers, and on 14 July 2022
In order to suspend payment of the instalment in August of this year, there is no longer much time left, as then the application must be submitted by the end of July, provided that payment of the instalments is made by first August, which is common practice.
This bill raises considerable controversy among both borrowers and experts themselves. There is no doubt that the regulations contained therein will hit the banking sector hard. According to analysts, banks are likely to find a way to pass at least part of the cost on to customers.
The law will enter into force 14 days from the date of publication in the Official Journal.
In order to suspend payment of the instalment in August of this year, there is no longer much time left, as then the application must be submitted by the end of July, provided that payment of the instalments is made by first August, which is common practice.
If someone fails to submit a request for suspension of the repayment of the August loan, one of which total eight the months of suspension of the loan may lapse.
The Act allows the exercise of the right to suspend the repayment of credit within specific and specific time periods rather than in terms of eight months during the period two years at any time chosen by the consumer.
At the request of the consumer, the bank shall suspend the repayment of a mortgage loan granted in Polish currency during the period from 1 August 2022 to 30 September 2022 in size two months and from 1 October 2022 to 31 December 2022 also in terms of two months.
However, during the period from 1 January 2023 monthly in each quarter to 31 December 2023
Suspension of repayment of credit will be granted to the consumer only in relation to one credit agreement concluded to meet your own own housing needs.
In order to benefit from the benefits of credit holidays, a request for suspension of payment of credit in paper or electronic form, including through an electronic banking system, should be submitted.
The repayment of the loan will be suspended from the date of delivery of the request to the bank, while the bank will be required to confirm within the deadline 21 the days from the date of service of the application in question, but the lack of confirmation will not affect the start of the suspension of the loan.
The period of suspension of the loan will not be included in the loan period. The loan period and the time limits provided for in the credit agreement will be extended by a period of suspension of the loan. During the period of suspension, no interest or charges will be charged other than insurance charges linked to the contract.
The possibility of suspending the repayment of the mortgage will apply to contracts concluded before the date 1 July 2022, of which contracts concluded before the date of entry into force of the Act of 23 March 2017 on the mortgage credit and supervision of mortgage intermediaries and agents, if the deadline for the end of the credit period specified in those contracts expires 6 months after that date.
In addition to the loan holidays, the Act also assumes an increase in funds allocated to subsidies from the Creditors Support Fund. By the end of the year, the banks are to contribute to this fund 1,400,000,000 PLN. In addition, the provisions of the Act provide for work to be done on the introduction of a substitute for WIBOR. The conversion of WIBOR to another is to be developed in consultation with banks.
The solutions contained in the Act are intended to help borrowers pay off loans that have recently increased sharply. However, the cost will be huge, and everyone will pay for it, not just banks. \