The Cabinet of Ministers revised Resolution No. 473 dated April 19, 2022.

If the mortgaged property has been destroyed or damaged, the borrower may request to suspend payments on the mortgage obligation from the bank, according to the resolution.

We are specifically referring to paying back the loan amount, interest, fees, and other payments outlined in the consumer loan agreement.

The resolution pertains to housing situated in areas of active hostilities or TOT that have been damaged or destroyed due to the armed aggression of the russian federation.

Citizens previously had to obtain an extract from the relevant State Register to confirm property damage. However, this procedure was often delayed.

The amendments state that damage or destruction of real estate must be confirmed by an inspection report and/or a technical inspection report.

These changes will simplify and speed up the process of suspending mortgage payments when the mortgaged property is damaged or destroyed.