Credit holidays are to be available from August. The law on this matter is waiting only for the decision of Andrzej Duda. We asked the largest banks in Poland when – in the case of signing the act by the president – will start accepting applications and how it will be possible to submit such an application. We write about the details below.
It is about the act on crowdfunding for economic ventures and helping borrowers, prepared by the government, which is aimed at, inter alia, support for people who took out PLN mortgage loans. The borrower or borrowers (in the case of a loan with another person) are to be able to use this solution for a maximum of 8 months:
– from August 1, 2022 to September 30, 2022 – in the amount of two months,
– from October 1, 2022 to December 31, 2022 – in the amount of two months,
– from January 1, 2023 to December 31, 2023 – in the amount of a month in each quarter.
The borrower will be entitled to the suspension of the loan repayment in relation to one mortgage agreement concluded in order to meet his own housing needs. This solution will not be available to holders of loans indexed or denominated in a currency other than the Polish currency.
The statutory credit holidays will apply to mortgage loan agreements concluded before July 1 this year, “if the termination of the loan period specified in these agreements falls after 6 months from that date”.
Credit holidays – from when can applications be submitted?
The borrower will have to submit an application for the suspension of loan repayment. We decided to ask the largest banks in Poland how the submission of applications will look like in practice and when will such an option become available.
Krzysztof Kurek with Bank Millennium informed TVN24 Biznes that the bank “is carrying out advanced preparatory work on the so-called credit holidays”. “The solutions resulting from the provisions of the act are to be available to customers from August 1, 2022. We do not anticipate any difficulties at the current stage. The application for the so-called credit vacation will be made available on August 1, 2022” – we read in the reply sent to us.
Kurek explained that the customer will be able to apply for the possibility of suspending the repayment of the mortgage through the electronic banking system – Millenet or at a Bank Millennium branch. “The application in this case will contain the legally required statements, inter alia, concerning the purpose of the loan to meet own housing needs” – indicated the bank’s representative.
“Bank Millennium will be ready to accept applications in accordance with the provisions of the Act, so that the solutions will be used by customers whose installments are due from August 1, 2022” – assured Krzysztof Kurek. Detailed information on this matter is also to be made available by the bank on a specially prepared website.
A solution on statutory credit holidays is being prepared Alior Bank. “Applications are checked and tested in the technical layer. We are waiting for the end of the legislation process” – informed Karolina Kozakiewicz from Alior Bank.
The bank assumes that the main channel for submitting applications will be electronic banking – Alior Online. As in the case of Bank Millennium, the application process is to start here from August 1. “Borrowers will be able to submit an application and take advantage of the benefits of the act from the August installment, regardless of the date of its repayment,” Kozakiewicz assured.
Bank BNP Paribas he informed us that the work was very advanced. “From the beginning of the announcement of the government project, BNP Paribas Bank is preparing to accept applications for loan holidays. The works are very advanced despite the lack of a formal version of the act in the Journal of Laws” – indicated Marcin Grabiszewski, Product Owner at BNP Paribas Bank.
As he informed, applications in customer centers and GOonline electronic banking are already prepared. “The document contains basic information about the application, as well as, for example, customer and loan identification” – explained Grabiszewski.
In response to the question about the moment of accepting applications, the representative of BNP Paribas indicated that “customers will be able to take advantage of credit holidays from the moment the Act comes into force, that is 14 days from the President’s signature and publication in the Journal of Laws”. “Also borrowers paying off installments at the beginning of the month will be able to take advantage of loan holidays in August – at GOonline, submitting the application will take approx. 1-2 minutes” – added Marcin Grabiszewski.
The president of the board was asked about the issue of statutory credit holidays during a press briefing on Tuesday PKO BP Iwona Duda. – We have been preparing for this for some time, analyzing to what extent our loan portfolios will be affected. Here we have specific simulations, so that we are prepared for it – assured Duda. The president of PKO BP did not provide more details.
Press spokesman mBank Krzysztof Olszewski informed us that when the act came into force, the bank plans to be “prepared to accept applications from borrowers”. “Then we will also provide borrowers with all the necessary information,” added Olszewski.
What information in the application?
Pursuant to the act, the application is to include, inter alia, information on the requested period or periods of loan repayment suspension and a declaration that the application concerns real estate intended for the satisfaction of own housing needs. Importantly, the statement – as we read – will be made under penalty of perjury for submitting false statements.
According to the regulations, the repayment of the loan is to be suspended for the period specified in the application, on the day the application is delivered to the bank. The bank will have 21 days – from the date of delivery of the application – to confirm it. At the same time – as legislators pointed out – “the lack of confirmation does not affect the commencement of the suspension of loan repayment”.
During the suspension period, only insurance fees related to the loan agreement will be charged. Their amount is to be given by the bank in the confirmation of delivery of the application.
The amount of the suspended installment that we will pay in the future will not be the same as it was supposed to be on the original date. Its amount will depend on the level of the WIBOR rate or another loan interest rate that will apply in the future.
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