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MIL OSI Translation. Region: Russian Federation –

Source: Central Bank of Russia – Central Bank of Russia (2) –

Updated: 04/09/2024

Yes, in accordance with the Law on Consumer Credit (Loan), citizens living in an emergency zone, whose living conditions are disrupted and whose property is lost as a result of federal, interregional, regional, intermunicipal and municipal emergencies, have the right to contact creditors with a request for a grace period (credit holidays) under consumer credit (loan) agreements, including those secured by a mortgage, within sixty calendar days from the date of establishment of the relevant facts, and receive a deferment on repayment of obligations for a period of up to six months.

During the credit holiday period, you do not need to make monthly payments on a consumer loan (loan), but for a loan (loan) secured by a mortgage, instead of completely suspending payments during the credit holiday period, you can choose to reduce the monthly payment amount (at the borrower’s choice).

In order to confirm residence in a residential building located in an emergency zone, and the violation of living conditions and loss of property in connection with it, documents confirming these circumstances, issued by local governments, should be attached to the request for a credit holiday.

At the same time, due to the difficult situation among borrowers affected by floods, the Bank of Russia issued recommendations creditors and insurers.

More information about the procedure for applying for credit holidays can be found in the material “What are credit holidays and how to get them”.

Note; This information is raw content directly from the source of the information. This is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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