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With the expiration of the repayment moratorium, starting in 2021, according to the relevant legislation, no one will increase your monthly fee. The only exception to this are floating rate loans, which would change even without the moratorium. Consequently, they will all have to repay the same monthly amount that they would have paid in January without the moratorium, Magyar Nemzeti Bank said in a statement sent to MTI.
However, due to the moratorium, clients were able to use loan installments for other purposes, which they did better at present value. According to the statement, the news is that the total burden of the moratorium on the creditor financial institution would jump “significantly.”
THE INTEREST ACCUMULATED DURING THE PAYMENT STOP DOES NOT APPEAR AS INTEREST.
To cover interest, the term of the customer’s loan is automatically extended in a predictable and predictable manner.
Bankmonitor experts followed up on these issues.
Based on a $ 10 million home loan with a principal debt of HUF 4.5 million and a total loan-to-value ratio (APR) of ten years and a residual maturity of ten years, its maturity will only be extended to five months to meet interest rates, the MNB said.
Customers can request a refund moratorium at any time until the end of this year. In the same way, they have the opportunity to continue with the refund at any time. This last intention, if the bank increases the quota, must be notified to the credit institution.
The central bank’s announcement also points to confidence in the moratorium that households and businesses have so far requested the suspension of monthly repayments of 40 to 50 percent of total loans.
What is a refund moratorium?
On March 18, the National Bank asked banks to introduce a moratorium on retail loans after corporate loans. The repayment moratorium means the suspension of the monthly payment obligations of the loans, that is, the installments do not have to be paid during this period. It cannot be interpreted as debt relief or interest rate cuts, but is in fact a postponement while the temporary financial turmoil lasts. In addition to Hungary, several EU member states have used the method in recent period.
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