Translation. Region: Russian Federation –
Source: Central Bank of Russia
An important disclaimer is at the bottom of this article.
Regulator recommends banks to provide additional support measures to such borrowers, including loan restructuring up to full or partial debt forgiveness.
It's important to consider the individual's financial and social situation, whether they own another home, the degree of unfinished construction of the individual housing construction (IHC), and so on. The restructuring should not worsen the client's credit history.
Lenders may contact borrowers directly to determine whether they require support, an extension, or a change. Particular attention should be paid to pensioners, SVO participants, large families, individuals with disabilities of groups I and II, and other socially vulnerable groups.
If the loan interest rate depends on the timeframe for registering ownership of the individual housing construction property and transferring it as collateral, these timeframes must be extended. Furthermore, banks can assist in expeditiously processing a contractor change.
Preview photo: FOTOGRIN / Shutterstock / Fotodom
Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.