The war started by Russia has already brought a lot of destruction. Due to Russian aggression, many Ukrainians had their houses and cars destroyed, which were taken on credit..

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The Verkhovna Rada adopted the law " It has now been sent to the president for signature..

This law regulates the issues of deferral and write-off of loans, in the event that the property acquired for these loans was damaged or destroyed, writes "

According to the adopted law, while the war continues, it is impossible to write off loans. On the other hand, some people who had mortgage loans before the massive invasion will have the opportunity not to pay current contributions..

The borrower may apply to a bank or other lender with an application to suspend the payment of a monetary obligation if the property that is the subject of security for this loan (an apartment, other residential premises in a building, a private residential house, a garden or country house, an object of unfinished housing.

as of the day of filing the application, the object is located in the temporarily occupied territory, defined by paragraphs 1 and 3 of the first part of Article 3 of the Law of Ukraine \;

real estate damaged as a result of the armed aggression of the Russian Federation. Damaged is an object that can be restored through major repairs or reconstruction.;

real estate was destroyed as a result of the armed aggression of the Russian Federation. An object is considered destroyed if it cannot be restored by means of current or major repairs, or such repair is not economically feasible, since its cost exceeds the value of the object itself..

The application is submitted by the borrower himself or his authorized representative. It can be signed either in person or by imposing a qualified electronic signature..

Borrowers whose loan payment exemption will last until the end of the war due to damage or destruction of their property are eligible for compensation.

After receiving compensation or documentary recognition of the property as restored (in the event that the authorities decide not to pay the owner of the property money, but to repair the housing at their own expense), the borrower will have to notify the bank without delay and resume payments on the loan. He has ten days to do this.. If he fails to meet this deadline, he will have to pay double the interest accrued under the consumer loan agreement for the period of such delay..

For borrowers, the obligation to resume payments will arise immediately after receipt of compensation, but no later than 180 days (about 6 months) from the end of martial law. That is, if the government or local officials delay paying compensation for more than six months, then the bank client will be required to resume loan payments, regardless of the condition of his apartment or house.

Is it possible to get rid of a loan for destroyed property.

When the borrower, having assessed the condition of the property acquired through the loan, decides after the war that instead of restoring it and extending settlements with the bank, it will be easier for him to reset the situation by refusing both the property and the loan.

The law provides him with such an opportunity if the following three conditions are simultaneously met:.

the subject of security under the loan agreement is real estate destroyed as a result of the armed aggression of the Russian Federation (apartment, residential building or property rights to an apartment, residential building), which is or should have become the only place of residence of the borrower's family, that is, housing other than that destroyed by the war,;

as of February 23, 2022, the debt under such an agreement was not overdue by more than 7 days;

the purpose of obtaining a loan, according to the agreement, is the acquisition, reconstruction or construction of such residential real estate (apartment, residential building) or property rights to them.

If all these conditions are available, then within 90 days from the date of termination or cancellation of martial law, the borrower has the right to apply to the creditor with an application to cancel the debt under the consumer loan agreement. In addition to this application, the borrower must provide the bank with supporting documents proving that the real estate meets all the specified conditions..

Having received the application and the necessary documents, the lender must release the borrower from all obligations under the loan agreement (principal amount, interest, commissions and other payments). At the same time, instead of the borrower, he receives the right to state compensation for destroyed property, the amount of which cannot exceed the amount of the canceled loan.

How to get rid of a loan for a car destroyed during the war.

According to a similar procedure, after the end of the war, the borrower can also get rid of a car loan issued before February 24, 2022. He can also submit a corresponding application to the bank within 90 days after the end of martial law, along with documents confirming the compliance of the loan with three conditions:.

the subject of collateral under the agreement is a car destroyed as a result of Russia’s armed aggression, which, as of February 23, 2022, was the only one in the borrower’s family. The car is considered destroyed if its repair is technically impossible or economically unjustified. Repair is considered economically unjustified if, according to the appraiser's act, the cost of restoring the car exceeds its value.;

as of February 23, 2022, the debt under such an agreement was not overdue by more than 7 days;

the purpose of obtaining a loan according to the agreement is to purchase a car.

The bank, having received a package of documents, does the same as in the case of real estate - it cancels the loan agreement and becomes a contender for compensation from the state (for the principal amount of the loan) and from the aggressor country (for interest and other charges).