Support for mortgagors in Belgorod, Bryansk and Kursk Regions: Bank of Russia’s recommendations
The Bank of Russia recommends that creditors should support the mortgagors whose homes were damaged or destroyed due to the events in the Belgorod, Bryansk and Kursk Regions.
Where a mortgaged property was completely destroyed, creditors should consider the possibility of debt forgiveness.
If housing was partially destroyed but can be restored, creditors should suspend mortgage repayments for one year without accruing interest. Furthermore, debt should be written off in especially hard life situations.
Creditors are also advised to consider loan restructuring applications from residents of the border regions and evacuees as soon as possible and allow suspension of mortgage repayments for up to one year without charging interest.
Creditors should notify the borrowers of the decisions made using any means available.
The Bank of Russia emphasises that the restructuring shall not deteriorate the borrowers’ credit histories.
To receive additional information about the support for mortgagors in the Belgorod, Bryansk and Kursk Regions, please call the Bank of Russia’s hotline: