The government-subsidised mortgages for the purchase of the first home will cost the state budget less than PLN 1 billion (EUR 225 million) this year, but the cost will increase to PLN 1.5 billion (EUR 340 million) in the following years, a deputy finance minister has said.
The Court of Justice of the European Union (CJEU) ruled in a judgment announced on Thursday that consumers can demand compensation from banks beyond the reimbursement of monthly installments paid if a mortgage contract with unfair terms is declared invalid.
Most FX loans were denominated to CHF when the Polish national currency was strong, but later on the Swiss franc appreciated rapidly, leaving the customers with extensive debt to pay off.
The Polish government has unveiled a subsidised mortgage scheme dubbed First Home aimed to help people under the age of 45 buy their first homes.
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President Andrzej Duda signed on Thursday the act on support for borrowers, which includes 'mortgage holidays' and the extension of anti-inflation shields until October 31.
Polish mortgage borrowers will be able to suspend their mortgage payments for a total of eight months after the president, Andrzej Duda, signed new legislation into law on Thursday.
The Polish banking sector has remained highly resilient, with mortgages denominated in foreign currency being its only threat, shows a report by the central bank.
The Polish government will try to increase the popularity of fixed-rate mortgages to prevent shocks for borrowers when interest rates rise, the development and technology minister has said.
The so-called mortgage vacations proposed by the government may cost the banking sector up to EUR 6.56 billion and add fuel to Poland's record-high inflation, a deputy head of the Polish Bank Association (ZBP) has warned.
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