Mortgage break for a year in Russia. The experts summed up

The experts summed up the first year of the program "mortgage holidays" in Russia.

The law on "mortgage vacation" has earned in Russia on 31 July 2019. Thanks to the advent of such services, the borrower may at any time during the time of the mortgage contract to submit to the Bank a request for granting a grace period for a period not exceeding 6 months. During this period, the borrower may either reduce the amount of payments or to suspend them. Experts the combined Group of real estate Companies (an "OHRC") has analyzed the dynamics of the demand for this service and find out what months was the bulk of applications.

In 2019, peak demand for this service occurred in the second month of this program. So, in August of last year, about 32 thousand Russians interested in this topic.

A great surge of interest in the "mortgage vacation" peaked in 2020-th year. In March the number of queries compared to February increased by 82,7%, to nearly 84 thousand hits. In April, this figure rose to 179 thousand

Further, the amount of interest in the relief from mortgage borrowers gradually decreased. In may the number of queries compared to April decreased to 72.4%. In June, the number of appeals continued to decline. So, if you compare April with a peak in June 2020 mortgage holders interested in the possibility of obtaining by 86.7% less.

Source bkn.ru