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Requirements for getting subsidized mortgage interest and motor vehicle loans. Page all

KOMPAS.com – Government through Ministry of Finance give interest subsidy Home Ownership Credit (KPR) and vehicle credit motorized.

This decision is contained in the Regulation of the Minister of Finance (PMK) Number 138 of 2020 concerning Procedures for Granting Interest Subsidy/ Margin Subsidies in the Framework of Supporting National Economic Recovery.

The provision of subsidies is part of the government’s efforts to support the national economic recovery program.

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So, what are the conditions to get it?

Article 7 states that interest subsidies are given to bank debtors, financing companies, and Government Credit Program Channeling Agencies who meet the requirements.

For the category of bank debtors and finance companies, a number of conditions that must be met are:

  • Is a micro business, small business, medium business, cooperative, and / or other debtors with a credit or financing ceiling of a maximum of IDR 10 billion
  • Have a credit or financing debit tray until 29 February 2020
  • Not included in the National Black List for credit ceilings above IDR 50 million
  • Has categories performing loan current (collectability of 1 or 2) calculated as of February 29, 2020
  • Have a Taxpayer Identification Number (NPWP) or register for an NPWP.

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The other debtors are debtors KPR up to type 70 and motor vehicle credit debtors in productive businesses, including those used for motorcycle taxis or informal businesses.

For Government Credit Program Channeling Agencies, the following conditions must be met:

  • It is a micro business, small business, medium-sized business, cooperative with a maximum credit or financing ceiling of IDR 10 billion
  • Have a credit or financing debit tray until 29 February 2020
  • Has a current performing loan category (collectability of 1 or 2) calculated as of February 29, 2020

In point 5, it is explained that a debtor with a credit agreement of more than Rp. 500 million to Rp. 10 billion must obtain restructuring from the credit provider.

Meanwhile, debtors with a cumulative credit ceiling exceeding IDR 10 billion are not included in the recipients of this subsidy.

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Magnitude

Article 8 states that the interest subsidy is given for a maximum period of six months.

This subsidy will take effect from 1 May 2020 and no later than 31 December 2020.

For debtors who have a maximum credit agreement of Rp. 500 million, the margin interest subsidy will be given at most for the two credit contracts that have the largest Debit Tray.

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For debtors who have a credit agreement of more than Rp. 500 million, the maximum subsidy is given to one credit agreement that has the largest Debit Tray.

Regarding the amount, the Debtors of the Government Credit Program Channeling Institutions are regulated by the following conditions:

  • Credit platforms up to IDR 10 million are given an interest subsidy that is charged to debtors at a maximum of 25 percent for six effective months per year
  • Credit platforms above IDR 10 million to IDR 500 million are given a margin interest subsidy of 6 percent for the first three months and 3 percent for the following three months per year
  • Credit platforms of more than Rp. 500 million to Rp. 10 billion are given an interest subsidy of 3 percent for the first three months and 2 percent for the next three months per year

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For bank debtors or finance companies, the provisions are:

  • Credit platforms less than or equal to IDR 500 million are given an interest subsidy of 6 percent for the first three months and 3 percent for the following three months per year
  • Credit platforms of more than Rp. 500 million to Rp. 10 billion are given an interest subsidy of 3 percent for the first three months and 2 percent for the next three months per year

Also read: Recognizing What is an Economic Recession and How it Is Different from an Economic Depression

photo-infographic" style="max-width:100%"> KOMPAS.com/Akbar Bhayu Tamtomo
Infographics: What is Recession


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