Do you have a problem with the repayment of a housing loan?

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Borrower Support Fund – maybe not everyone has heard about it yet, but it should definitely be interested in those people who have problems with repaying their housing loans.

A mortgage contracted for the purchase of an apartment or building a house often involves a borrower with a bank in which we took such a loan, almost for a lifetime. Through these 20, 30 or even 35 years of loan repayment, we can go through various difficult financial situations and more than once we can pry leg up. However, it is worth knowing that in really difficult situations we can count on additional support. This support is the Borrowers Support Fund.

What is the Borrowers Support Fund and for what purpose was it created? According to the Bank Godolan, the main initiator of the Fund, it operates on the basis of the Act of 9 October 2015 on the support of borrowers who find themselves in a difficult financial situation and have a housing loan. It is intended for all natural persons who are obliged to pay mortgage installments, which constitute a significant burden on the household budget.

In simple words – if we are not able to repay the installments of our housing loan, we should be interested in the support that the Borrowers Support Fund offers. This support is the provision of a non-interest-bearing loan by Bank Godolan, in the form of a monthly financial support, not more than PLN 1500 per month and for a period not longer than 18 months. The return of funds received by the borrower will take place 24 months after the end of the transfer of support. The repayment will take place in interest-free monthly installments for the next 8 years. During this period, we will give away borrowed money from the fund in the form of small monthly installments, the amount of which in most cases will not exceed PLN 300.

Support for borrowers, but not for everyone.

Support for borrowers, but not for everyone.

It can not be concealed that the fund was prepared mainly for those people who have experienced various difficulties in their personal lives, such as the loss of their previous job. In what situations will we be able to use the support of the Borrowers Support Fund?

Here are the main conditions for granting non-interest-bearing support:

– support is only for people who pay for a housing loan
– when the application for support is submitted, the person has the status of an unemployed person
– when the housing loan is a large financial burden for us, a minimum of 60% of the total household income
– when the income per capita in the family is lower than PLN 634 (after deduction of the loan installment)
The conditions regarding household income have been detailed on the BGK website

A sample application for support under the Borrowers Support Fund can be found at the following link. We can submit such an application at the bank with which we concluded a mortgage loan agreement from February 19, 2016 to December 31, 2018. The application should be considered no later than 30 days.