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  • Writer's pictureMagdalena Napierała

Not just credit holidays! What is the Borrowers' Support Fund and how it can help YOU

This article summarizes the possibilities of obtaining support or a loan by a person with a home loan or a mortgage who, due to financial difficulties, cannot pay it back.

Losing a job, losing a permanent source of income is a nightmare for any mortgage debtor. In the current situation during the COVID- 19 outbreak, many jobs have been threatened. In the so-called Polish anti-crisis shield, some solutions were proposed regarding the possibility of renegotiating the terms of the loan agreement, the banks themselves offer various solutions consisting in granting so-called credit holidays or loan repayment grace period. As a rule, this involves suspending the repayment of the principal part of the credit installment / the entire installment for a period of 3-6 months. Some banks offer an automatic extension of the loan period by a suspension period, but some will add the suspended part of the installment to the remaining ones after the holiday period. It is possible that the outstanding amount will be increased by additional interest. Therefore, these solutions are neither homogeneous nor clearly beneficial for the borrower. In a situation where we have lost our job, this may not me enough.

However, there is a solution that may be much more friendly for the borrower, in the form of so-called Borrowers' Support Fund. It is an institution regulated by the Act on support for borrowers who took out a housing loan and are in a difficult financial situation of October 9, 2015 (Journal of Laws of 2015, item 1925).

Fund support can take two forms: - Support in repayment of housing loan installments, for a period not longer than 36 months, in the amount of up to PLN 2,000 per month. - Loans to pay off the remainder of the debt after the sale of the property.

What is the help from the Fund? After positive verification of the application, you can get support in the form of monthly financing of loan installments (no more than PLN 2,000 per month) for a period of 36 months. In the event that the borrower has sold the credited property and the amount obtained from the sale does not cover the entire liability under the housing loan incurred for the purchase of the sold property, the borrower may be granted a loan to repay the debt, up to 72,000. Although the aid obtained is reimbursable, the deadline for repayment of the support / loan is 2 years after receiving the last installment of the grant, and then the amount is divided into 144 interest-free installments (up to 12 years!), With 100 installments repaid on time, the remainder of the installments of repayment of support or loan for repayment of debt is canceled.

An application for each form of assistance is submitted to the Bank in which the housing loan is held.

If you want to know more, contact your Bank or us!


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