The Bankers Association of the Republic of China (銀行公會) agreed yesterday to extend the grace period for jobless mortgage borrowers to up to two years.
The decision followed requests by lawmakers and financial authorities to help home owners weather the global financial storm.
Under the relief plan, unemployed mortgage borrowers and their spouses may apply to postpone payments on loan principals for six months to two years, the association said.
Households may file only one application each before the end of next year to delay payments of up to NT$6 million (US$179,000) on property where they reside, the association said.
The legislature approved a resolution last Thursday asking the Financial Supervisory Commission (FSC) to recommend that banks grant mortgage borrowers a grace period of three years on payments of their loan principal.
Susan Chang (張秀蓮), chairwoman of the association and the state-run Taiwan Financial Holding Co (台灣金控), said a longer grace period was not in the interest of borrowers because they would have to pay more interest. During the period, qualified applicants will only be required to pay interest.
Chang said she hoped the measure would ease the financial burden on homeowners during the economic downturn, which is expected to hit its low point in the second half of next year.
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