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#Tax & Legal #Business & International Tax #Corona #Delay Of Payment #Home Loan

As a private individual, can I also get a deferral for the payment of my mortgage loan?

Friday 03/04/2020
uitstel krijgen voor het betalen van mijn hypothecaire lening

The banking plan of 22 March included a section not only for the affected companies, but also for private individuals. Those financially affected by the corona crisis can apply to the bank for a postponement of payment of their mortgage loan.

We list here all the details of this postponement of payment.

1) What?

A postponement of payment of the mortgage loan in the context of the Corona crisis means that the borrower does not have to repay his/her loan (both capital and interest) for a maximum of 6 months. After the deferral period has ended, payments resume. The term of the credit is extended by the maximum period of the deferral of payment. In other words, the borrower will repay his/her credit for a maximum of 6 months longer than originally foreseen.

The banks do not charge any file or administrative costs for taking up a payment deferral.

2) Who?

A mortgage loan deferral can be requested by private individuals who meet each of these 4 conditions:

1) The income has decreased or is completely lost due to the Corona crisis:

  • temporary or full unemployment
  • disease due to Covid-19
  • case closure
  • bridging measures

In couples it is sufficient that the income of one of the partners decreases or falls because of the Corona crisis.

2) There were no arrears on the mortgage loan for which deferment was requested at the date of 1 February 2020.

3) The mortgage loan was taken out on the sole residence and main residence in Belgium of the borrower(s) (at the time of the request for postponement of payment).

4) At the time of the postponement request, the total movable assets in current and savings accounts and in an investment portfolio with the borrower's own bank or another bank is less than EUR 25,000. Pension savings are not included here.

3) How?

If you meet all the conditions, you can apply for a postponement of payment.

This payment deferral is as follows:

  • For borrowers whose net monthly family income is less than or equal to EUR 1,700: the borrower can defer payment of his/her mortgage loan without additional interest during the deferral period. Once this period is over, payments will resume at the same monthly rate as before.
  • For all other borrowers: the borrower can postpone the payment of his/her mortgage loan. Once the deferral period is over, payments resume at an adjusted monthly charge because the deferred interest is settled.

4) When?

  • For applications made up to 30 April 2020, a maximum of 6 months of deferred payment can be obtained, and this until 31 October 2020 at the latest.
  • For applications made after 30 April 2020, the deadline remains 31 October 2020.
  • A payment deferral can only be obtained for future monthly instalments.
  • Applications submitted before the publication of the measures will also be evaluated according to these criteria.

In practice: those who think they meet the conditions to apply for a deferral of payment will be asked to contact their bank.

This can only be done by appointment or via the bank's available digital channels (e-mail, chat, mobile app,...) and by telephone. It is recommended to contact the bank one week before the due date of the coming month.

If you have other questions regarding the Corona crisis, please visit our special FAQ

Last update: 30/04/2020

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An Lettens
An Lettens
Partner Tax & Legal Services