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The Polish government remains committed to supporting its citizens during challenging times. It has extended mortgage payment holidays to 2024, providing relief to homeowners with mortgages up to 800,000 PLN. The details of the program vary based on the loan amount.
If your mortgage is up to 400,000 PLN, you don’t need to meet additional criteria to access mortgage payment holidays. For mortgages between 400,000 and 800,000 PLN, the program is available only if your mortgage costs, including both principal and interest, exceed 50% of your household income. The application will consider your average monthly income from the three months before applying.
The maximum scale of the 2024 mortgage payment holiday program covers around 1.7 million mortgage agreements, with an estimated total value of about 268 billion PLN.
Need extra funds for other expenses? You can utilize the 2024 government mortgage payment holidays. For instance, if you have a 380,000 PLN mortgage over 25 years at 7.2% interest, your monthly payment is 2,734.44 PLN. With mortgage holidays, you can suspend one payment every quarter, freeing up 10,937.75 PLN annually for other needs.
To qualify for mortgage payment holidays, you must have taken out a mortgage before July 1, 2022. If you haven’t applied for payment holidays yet, banks provide instructions on their websites, including applying at branches or through electronic banking.
When Can You Use Mortgage Payment Holidays in 2024?
In the upcoming year, you can suspend your mortgage for a total of four months:
- 1 month in Q1 (January-March 2024)
- 1 month in Q2 (April-June 2024)
- 1 month in Q3 (July-September 2024)
- 1 month in Q4 (October-December 2024)
The mortgage payment holidays apply to both principal and interest, with extended payment terms and no additional interest charges.