On Monday, Development and Technology Minister Waldemar Buda was asked on TVP whether credit holidays would be necessary if inflation falls next year. The current government has adopted this draft law. It extends loan holidays, but still needs to be passed by the newly elected House of Representatives. – They have a project ready, and it has been approved by the Council of Ministers. It just has to be passed in Parliament. He said this should take effect in January.
Buda estimated that home loan payments are currently on average 2.5 times higher than what borrowers received when signing the loan agreement. He pointed out that lower inflation does not immediately lead to lower loan installments. – It has been postponed. He explained that the high premiums will remain high throughout 2024 because the interest rate cut in December, for example this year, will have an impact on 6 million loans (WIBOR 6M – ed.) only in the second half of 2024 and only at a minimum.
He pointed out that there were those who took loans at 2.5 percent interest, while now it is 5.75 percent. – I can’t imagine not offering these credit holidays. He said that many families will face big problems.
new law. Extension of credit holidays
October 24 of this year, the Council of Ministers adopted a draft law amending the law on crowdfunding for commercial projects and assistance to borrowers, submitted by the Minister of Development and Technology. Regulations extend credit holidays for people with mortgages up to PLN 800,000 until 2024. PLN.
Loan holiday solutions vary depending on the loan amount. If the loan is up to 400,000 PLN, you do not have to fulfill any additional conditions to benefit from credit holidays. However, if the loan ranges from PLN 400,000 to PLN 800,000, the program will only be available if the cost of servicing the loan, i.e. principal and interest installments, exceeds 50%. Family income. The average monthly income for the three months prior to submitting the application is taken into account.
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