In Ukraine abolished the moratorium on the collection of flats from defaulters on loans.
The law of Ukraine “on moratorium on recovery of property of Ukrainian citizens provided as collateral for loans in foreign currency” expires at the time of entry into force of the Code on bankruptcy proceedings, reports Finclub.
Moreover, accordingly with the Code on bankruptcy proceedings, set a five-year special period of restructuring mortgage loans.
For example, the secured creditor’s claim that arose on loan in foreign currency, converted into the hryvnia according to the NBU rate on the day of the opening of proceedings in insolvency, and are repaid by the debtor in accordance with the restructuring plan in the amount of 100% of the market value of an apartment or a residential house, which is determined by an appraiser selected by the lender.
If the total area does not exceed 60 square metres (or not more than 13, 65 sq. m living area on each member of the family of the debtor) or the total area of a residential building not more than 120 sq m, the interest rate on this restructuring plan is set at the level of the Ukrainian index of rates on 12-month retail deposits (UIRD), increased by 1 p. p. “the restructuring Plan is of 15 years, unless otherwise agreed by the parties”, – stated in the Code. Now, the index UIRD is 15,36%.
If the area of real estate more, “the interest rate on such restructuring plan is set at the level of the Ukrainian index of rates on 12-month retail deposits (UIRD), increased by 3 p. p”., and the restructuring plan is 10 years.
Moratorium on recovery of property was introduced in 2014 and has led to the fact that few foreign currency borrowers has its own mortgage.
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