Author: Szymon Starnawski/Grupa Murator Credit holidays 2024 confirmed. What income criterion should apply?
Borrowers in trouble who want to suspend the repayment of mortgage installments will be able to benefit from help in the form of loan holidays 2024. What income criterion does the government intend to introduce? There are already preliminary announcements. Check what is already known about next year’s holidays.
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Credit holidays 2024. What income criterion will be introduced?Credit holidays – how many months without repayment of installments?Credit holidays 2024 – rules for suspending loan repaymentSuspension of mortgage repayments means significant costs for banks
Credit holidays 2024. What income criterion will be introduced?
Extension government loan holidays for 2024, long awaited by many, has finally been officially confirmed. On September 21, Prime Minister Mateusz Morawiecki announced this, adding that there will be an income criterion, the amount of which has not yet been determined. For now, only a political decision has been made to extend the holidays, and the specifics will only be worked out. Government representatives only said that the new income criterion will be “fair”, “quite high” and “cover the majority of borrowers”.
– We are extending the credit holidays for the entire next year. We will apply the income criterion. We do not want those who are more affluent and wealthy to benefit from them. Those who can afford to repay, should repay, Morawiecki said in an interview with Polsat News.
Credit holidays – how many months without repayment of installments?
Let us recall that statutory loan holidays were introduced in July 2022 as a form of assistance for borrowers who have problems repaying their liabilities due to the increase in interest rates. In practice, however, anyone who repaid a mortgage loan in PLN could take advantage of the holidays in 2022 and 2023, regardless of their financial situation. In 2023, the regulations allow suspension of repayment of one installment each quarter. There are no known rules for 2024.
– During the loan repayment suspension period, you do not pay any principal and interest installments (apart from any fees under the loan insurance agreement) – says Chancellery of the Prime Minister. – The bank confirms acceptance of the application within 21 days from the date of its receipt. Lack of confirmation does not affect the commencement of the suspension period.
According to the Credit Information Bureau data, credit holidays until April 30, 2023 holders of 1.13 million loans benefited. For some people it was a respite from paying off high installments, for others it was an opportunity to overpay their debt. Contrary to appearances, not all eligible people decided to use the support.
– The NBP report on the stability of the financial system indicates that from October 2022 to February 2023, the share of borrowers taking advantage of the holidays was 65%-70% – says Andrzej Prajsnar, an expert at the RynekPierwotny.pl portal.
Credit holidays 2024 – rules for suspending loan repayment
Detailed rules of credit holidays 2024 are not known yet. The only certainty is the introduction of an income criterion (the amount of which has not yet been determined). This means that higher earners will not take advantage of this option.
At that moment it is not known how many installments can be suspended in 2024. It can be expected that you will apply for credit holidays in the same way as currently, i.e. from your lending bank in writing or electronically.
Experts from the RynekPierwotny.pl portal, in turn, suggest that it might make sense to introduce a rule stating that only people who are actually in financial trouble can take advantage of holidays. However, no such ideas were mentioned in government statements.
Author: Szymon Starnawski/Grupa Murator
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Suspension of mortgage repayments means significant costs for banks
Although people repaying home loans will certainly be happy with the extension of loan holidays, it must be remembered that this relief for borrowers means a greater financial burden for banks. According to data from the Polish Financial Supervision Authority, in 2022 the total cost for banks amounted to PLN 13.41 billion. It was so high that last year eight banks exceeded the critical levels of indicators initiating the recovery plan (although ultimately seven of them decided that they could cope and refrained from taking further steps).
– The National Bank of Poland (…) points out that the cost of credit holidays for banks turned out to be disproportionately high in relation to the reduction in credit risk costs. The National Bank of Poland calculated that the banking sector paid the same amount for the suspension of installments as with a minimum five-fold increase in the sum of impaired housing loans in PLN – says an expert from the RynekPierwotny.pl portal.
At the same time, despite these additional costs banks ended 2022 with a profit of PLN 12.4 billionwhich is more than twice as large as in 2021.
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2023-10-04 14:08:41
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