Central bank asks banks to restructure loans to people with virus

MOSCOW, Mar 25 (PRIME) -- The central bank has recommended that banks restructure consumer loans to the people who contract the coronavirus promptly, the authority said in a letter on Wednesday.

"A confirmed case of COVID-19 can be a reason for prompt consideration of an application for consumer loan restructuring and cancellation of accrual of penalty or fine for undue fulfillment of the contract liabilities," the central bank said.

The central bank recommended that banks provide a grace period on mortgages to the clients with the coronavirus. The grace period must also be provided to the people who used repayment holidays earlier.

The recommendation stipulates that banks shall not take away housing from the people who fail to pay their mortgages until September 30, if these clients contract the coronavirus and the mortgaged housing is their only premises.

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