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Business / Finance

FinTok: all about credit vacation themes of the day 29.07.2020 at 21:00

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The Law about credit vacation mortgage and consumer loans, designed to support the population during a pandemic coronavirus, was signed in early April. But this topic never ceases to be relevant and still raises many questions. Who can receive vacation credit? Can the Bank refuse the borrower to provide them? What important details should be sure to pay attention to? Understand in detail.

the Text version of the

Anastasiya Belik,

, leading expert of the analytical center

What is a credit vacation?

vacation Credit is the period during which the borrower can reduce monthly payments or even suspend them. The loan term is extended by the number of months of delay. It is important to remember that during the grace period on the principal amount continues to accrue interest, so the total amount of the overpayment increases.

Who can count on such holidays?

the Delay can get affected from the coronavirus borrowers whose income has declined by 30% or more compared to the average monthly income of 2019.

the average Monthly income is calculated according to the established procedure: all payments for 2019 divided by the number of months when they were produced.

If in 2019 you have received income for more than five months, it is excluded from the calculation two months with the highest and two months with the lowest income.

the value Obtained should be compared with income in the month that preceded the month of treatment.

what are the loans on a grace period?

To receive vacation credit, the loan amount shall not exceed the limits set by the government. The maximum amount of a mortgage loan in Moscow should reach 4.5 million rubles, in the Moscow region, Saint-Petersburg and in the far East — 3 million rubles, in other regions — 2 million rubles. The maximum amount for consumer loans — 250 thousand rubles, car loans — 600 thousand roubles on credit cards — 100 thousand rubles.

it is Important that mortgage, consumer and auto loans should be guided by the amount prescribed in the loan agreement, not the balance of the debt at the time of treatment. On credit cards the situation is not so unambiguous, and it is better to check with your Bank that is considered the amount of debt.

in addition, the loan must be made by 3 April 2020, and the borrower must not be in the mortgage vacation on another state program.

How interest is calculated during the credit holidays?

During a vacation credit interest continue to accrue on the remaining amount of the debt. Mortgage accrual occurs at a rate specified in the contract. On other loans the rate is 2/3 of the average market rate for this product at the time of treatment. This value, the Central Bank expects quarterly.

After the end of vacation credit payments are made according to the same schedule, and for accrued vacation time interest is paid at the end. If, prior to the establishment of a grace period has been assessed fines and penalties, they shall be paid after the principal repayment.

When and how do I apply?

application for the grant of vacation credit must be submitted by September 30, 2020. Postponement to a maximum of six months.

the Grace period starts from the date specified in the statement. If no date is specified, the beginning of the grace period is the time of the request to the Bank.

the Bank has the right within 60 days to verify the borrower's income. If a reduction of 30% or more are not fulfilled, the Bank may terminate the grace period from the first day of vacation and to accrue fines and penalties for missing payments.

On its own initiative, the borrower may terminate the grace period at any time by sending the corresponding application to the Bank.

Example calculation

let's Say, consumer credit issued in December 2019. The amount of 200 thousand rubles for a period of two years, the rate — 19% per annum. The payment will be 10 082 ruble overpayment — 41 961 rubles. The last payment should be in December 2021.

In March our the borrower lost his job, but got paid for the month and severance pay. To apply in April before, because the average monthly income for 2019 will be compared with March, when the borrower has received payments.

so, may apply for a vacation for six months. At this point the outstanding balance is 171 676 roubles. This amount will accrue interest at the rate of 11.73% per annum (2/3 of the average rate 17,597%). The amount of interest over the break will be 10 069 rubles, but to pay them is not necessary.

In November, the borrower must resume payment on the same schedule as the term of the loan will increase by six months, the last payment will be in June 2022. After the repayment of principal will need to pay 10 thousand rubles, the accumulated time delay.

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