The credit vacation comes to life! The Law on Borrower Assistance has been signed by the President today.
The President signed the Law on Community Financing for Economic Ventures and Borrower Assistance. It allows the use of so-called credit vacations and extends the operation of anti-inflation shields from July 31 to October 31. The law additionally increases the Borrower Support Fund by PLN 1.4 billion. The law also provides for work on the process of determining the WIBOR proxy. The index replacement and the date of its introduction will be determined by decree.
How does the suspension of installments work?
- The credit vacation will allow the suspension of repayment of a mortgage loan granted in PLN for a total of 8 months: 2 months each in the third and fourth quarters of 2022, and 1 month in each of the four quarters of 2023.
- The suspension of repayment applies to both the principal and interest components of the loan.
- The only fees that may occur during this period are insurance costs.
- The duration of the loan will be extended by the number of months that the suspension of loan repayment has been used.
Who is eligible for assistance?
Loan vacations will be available to the borrower in regard to only one agreement concluded to cover his own housing needs, only for loans granted in PLN currency. The possibility of taking benefit from them will be regardless of the date of the mortgage.
How and where to apply?
The application for suspension of loan repayment will be accepted by banks in paper form or electronically, i.e., for example, through the electronic banking system.
From when can installments be suspended?
The law will take effect 14 days after the announcement.
We highly advise you to carefully analyze the rules under which your bank will offer to take advantage of this temporary “suspension of installments” for your mortgage. E.g. does it not enter you in certain registers, does it not note this in the BIK – which, for example, would imply in future dealings with banks, etc.?
Stay tuned – we will keep you updated as further relevant information arrives.
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2 months ago
Jakub helped me to go through the whole mortgage process with minimum effort from my side. He gave me the best options available … More to choose from, walked me through the whole process making sure everything is well understood. Very responsive and flexible when it comes to scheduling meetings and very professional. Overall a great experience when it comes to this kind of transactions. Highly recommended!
in the last week
Professional and attentive to customer needs. They know very well bank procedures which was key in getting the positive decision. … More Always available and helpful - there was always someone to help with any questions
3 months ago
This was one of my best experiences of service in my life, I had an amazing first call with Jacob Pajak Adam explaining to … More me the process specifically for my situation.
I was particularly impressed that they were able to make a special plan for me as a foreigner in order to achieve my long-term financial goals.
After this phone call, Jacob spent multiple hours helping me personally in their office, I am already in the first phase of getting my mortgage and I am really excited about
3 months ago
My friend recommended me Harveo services and I couldn’t find better place for financial advice. In my case we were dealing … More with a flat purchase financing, but from that time I had many other things to discuss with Mr Jakub. Always prepare and always there to help. 5 well deserves stars!
a week ago
We have cooperated in a few real estate transactions.
Everything went smoothly and professional.
I can highly recommend. … More
2 miesiące temu
Thank you Jakub very professional and knowledgeable guy I will be using him for my mortgage services in the very near future. … More He was able to tell me which option is suitable for me and I am very confident in his services and highly recommend him to all expats.
5 miesięcy temu
Excellent service, very knowledgeable and to the point.
Quick answers, and great understanding for the needs of an individual … More from outside Poland.
Recommend it 100%.
8 miesięcy temu
Highly recommend for anyone interested in taking out a mortgage. These gentlemen are professional, responsive, and highly … More knowledgeable. All of our questions were answered promptly and in detail, allowing for us to feel confident in our decision. We felt that they had our best interest in mind throughout the whole process.