A long-term thing: families with children will be able to get mortgage holidays
Extended credit holidays for mortgage payments — up to 18 months — will be available to families in the event of the birth or adoption of a child. Such a bill was approved by the Cabinet of Ministers on July 21. When the first child arrives, the delay in payments can be up to six months, but only if the borrower's income drops by more than 20%. But at the birth or adoption of the second and subsequent children, this very fact will be enough to receive benefits. Now I can get a loan deferral for my members, people affected by the disaster, and those with significantly reduced income. However, experts emphasize that such vacations can worsen your credit history. You can find out how the new support measures will work in the Izvestia article.
Who can get a mortgage reprieve?
Long credit holidays from mortgage payments can be provided to families with children. Such a document, developed by the Ministry of Finance (Izvestia has it), was approved on July 21 by the government commission on legislative activity. This was reported by sources in the Cabinet.
The amendments suggest that a mortgage borrower will be eligible for a grace period in the event of the birth or adoption of children, Vladimir Gruzdev, Chairman of the Board of the Russian Bar Association, explained to Izvestia.
"It is important that a number of requirements must be met when giving birth or adopting a first child," he said. — So, we need to confirm that the borrower's income has decreased by more than 20% compared to his average monthly income before the arrival of new children. At the same time, the amount of regular payments under the loan agreement must be at least 40% of the borrower's average monthly income.
At the birth or adoption of the second and subsequent children, this very fact is enough to receive benefits, he explained.
— The term for granting credit holidays at the birth or adoption of the first child is no more than six months, and at the birth or adoption of the second and subsequent children — no more than 18 months, — the expert added.
At the same time, banks will be entitled to charge interest for using the loan from the 7th to the 18th month of this period. Mortgage holidays can be issued once during the term of the loan. According to Vladimir Gruzdev, the bill is aimed at increasing the number of guarantees and protection tools for families with children. According to the Ministry of Finance, 39% of Russians do not plan to have children in the near future due to their financial situation and living conditions.
— It seems that the proposed amendments will allow citizens to feel more stable in the event of the birth of children, — explained the Chairman of the Board of AYUR.
According to the authors of the bill, an increase in the term of mortgage holidays will help reduce the risks of borrowers defaulting and stimulate the birth rate.
How credit holidays work in Russia
A permanent mechanism for obtaining consumer credit holidays was launched in 2024. You can apply for a loan repayment delay once if the borrower is affected by an emergency, and once if income decreases. In the latter case, the client must prove that his income has decreased by more than 30% in the last two months compared to the average level of the previous year. The holidays are valid for up to six months. No fines are charged during this time, and the bank is not entitled to collect the collateral.
With a mortgage, a person can also apply for a loan vacation. Some market participants provide their own programs that allow you to temporarily stop loan payments in case of financial difficulties.
In addition, a similar government mechanism has been operating in Russia since 2019. The borrower, in the same way as with consumer loans, can ask for a delay in repayment of the mortgage for up to six months if he finds himself in a difficult life situation. Their list is prescribed in the law. Among them are job loss and temporary disability for more than two months, as well as an increase in the number of dependents of the borrower while reducing income by more than 20% and provided that mortgage payments exceed 40% of income. In addition, the loan amount at the time of issue should not exceed 15 million rubles.
The initiative to make it easier for families to receive credit holidays will help many families who find themselves in a difficult life situation at once, experts noted. Credit holidays are a temporary and tactical tool to increase the financial agility of households, according to independent expert Andrey Barkhota.
An 18-month delay, according to Igor Rastorguev, a leading analyst at AMarkets, will allow a mother to find "or at least start looking for" a job, get a child into kindergarten, or find a babysitter for a few hours.
— The undoubted advantage of the initiative is real financial support for families where replenishment is expected, — Igor Rastorguev explained. — It is known that the cost of servicing small children increases many times. In part, this may stimulate fertility in those families who are afraid of temporary lack of money.
The innovation may affect the reduction of mortgage arrears, which will be beneficial to both borrowers and the banking sector as a whole, said Natalia Milchakova, a leading analyst at Freedom Finance Global. It will certainly be in demand, but within reasonable limits, that is, it is not worth expecting that all young families with children, in which parents already have a mortgage, will immediately run to ask for a loan vacation.
At the same time, credit holidays are not debt restructuring or write—off, they are simply deferral of payments, and therefore there should be no significant risks for the banking sector, since the bank decides which borrowers should be given the opportunity for credit holidays and which ones to refuse, the analyst added. Georgy Ostapkovich, Scientific Director of the Center for Economic Studies at the Higher School of Economics, agreed with her. According to him, Russian banks have quite large reserves today and there will be no risks from extending loans.
But for borrowers, there are deferred risks, Natalia Milchakova drew attention. They are primarily related to postponing the debt burden for the future.
— Interest is still accrued during the holidays and you will have to pay it anyway. In addition, credit holidays, if you get them, can significantly ruin your credit history — in the future, if you took such holidays, it will be much more difficult to get new loans," she concluded.
Izvestia sent a request to the Central Bank with a request to clarify how such "holidays" will be popular among families with children, as well as what risks the innovation may bring to banks.
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