Extension of loan repayment moratorium helping one million Hungarians

Economy National

The extension of the moratorium on loan repayments is helping one million Hungarians, a state secretary of the Prime Minister’s Office said.

The moratorium is part of the government’s economic protection measures to offset the fallout of the coronavirus pandemic. In a video message, Csaba Dömötör noted that repayments of all credits, loans and leases taken out before March 18 this year were placed under a moratorium, including mortgages, car loans and pre-natal baby support. The moratorium is being extended automatically for private citizens, but banks have the right to check whether they are eligible for an extension, he said.
Prime Minister Viktor Orbán announced last Saturday the six-month extension of the moratorium for families raising children, pensioners, jobseekers and those participating in public works schemes. Expectant mothers and single parents are also eligible, Dömötör said. Businesses will have to apply for an extension and are eligible only if they have lost more than 25% revenue during the crisis, Dömötör noted. “The government will not stop here; further economic protection measures are to come,” he added.



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