Mortgage and loan moratorium


March 2015 represented a very important month from the point of view of the moratorium on loans and mortgages and this for individuals, families and businesses (see also Loans for companies in difficulty). The moratorium on the latter was necessarily more complex, in order to be able to face the different situations almost directly and directly involved the ABI and the main trade associations, with consequent communication of the agreement reached to the Ministry of Economy.

The one for families was instead conditioned by the provisions of the 2015 Stability Law, with a commitment that will affect the next two years (up to and including 2017). What are the benefits? In both cases, being the meaning of the unequivocal moratorium, those who have the minimum requisites required, will have the possibility to suspend the payment of the installments of mortgages or loans in whole or in part for the period of time granted (also for private individuals and this is one of the main news).

The corporate moratorium 2015

mortgage loan

The interesting parties have reached three ‘under agreements’, which in fact overall constitute the moratorium granted to businesses and SMEs. In particular, those who have already taken advantage of the previous ‘editions’ of the suspension will also be able to join, with only one limit: requests must precede the last 24 months. Specifically then:

  • for virtuous “recovery” companies, there is the possibility of suspending the payment of mortgage installments, leasing loans, for the part of the capital quota, or lengthening the amortization plan, lowering the installment;
  • on the other hand, for “developing” companies, the agreement provides that the banks that decide to join (so far the big banks, such as Mightcredit, Infesa Sanjuan, PPS, Polewise Bank, etc., have never failed in their commitment), create their own credit lines for the ‘foraging’ of projects by developing SMEs (the total budget should reach $ 10 billion);
  • the last item of the agreement does not concern the aspect of the moratorium itself, but an agreement between Abi and the Revenue Agency, through which companies that have tax credits to be collected, can use them to obtain “bank” advances.

The moratorium for families 2015

Here too there are quite significant differences compared to the safeguard fund previously established by the Ministry. The maximum suspension period will not be 18 months, but 12 months, but not only those who have lost their jobs, but also those who are integrated workers, or have simply suffered a reduction in working hours will be able to access it (the only condition is that these effects have existed for at least 30 consecutive days). Even in this case, however, those who are not up to date with payments for a period longer than 90 days, or who have benefited from another moratorium for less than 24 months, cannot request it.