How to arrange a mortgage vacation

Mortgage holidays are a chance to take a break in a difficult financial situation. A valid reason for a break in regular loan payments may be: loss of working capacity for more than two months; dismissal from work; disability; decrease in average monthly income by more than 30%; new dependents.

During the mortgage holidays, the borrower is protected from early termination of the contract and collection of credit housing. In this way, you can reduce the financial burden on the family budget and avoid a debt pit.

An important question that concerns debtors is what conditions must be met to go on a mortgage vacation. According to current legislation, the following conditions must be met simultaneously:

the borrower must not have any other housing other than a mortgage; the loan amount does not exceed 15 million rubles; mortgage real estate has not previously been issued credit holidays; the circumstances that worsened the financial situation occurred after the loan was issued.

How to apply for a mortgage vacation: required documents

 A statement from the debtor describing the reason, the acceptable amount of monthly payment (may be zero), the desired start date of the vacation, and the term. an extract from the Federal register confirming that the borrower does not have any other housing other than credit. Official confirmation of a difficult financial situation. Depending on the circumstances, this may be a certificate of registration on the labor exchange, a sick list, a certificate of disability, a certificate of income, a certificate of birth or adoption. Written consent of the home owner, if the property does not belong to the borrower, but, for example, is registered to relatives.

When providing a full set of documents, the Bank does not have the right to refuse to issue mortgage holidays.

The decision is made within five business days. If the application is approved, the total amount of debt and interest on the mortgage remains unchanged, only the term of the agreement changes. Credit holidays must be entered in the credit history. A credit rating downgrade can only occur if the deferral conditions are violated.

The maximum vacation period is 6 months. If during the deferral it is suddenly possible to make regular payments in the usual amount, the grace period will be terminated prematurely.