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Limitation of penalties on the mortgage

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Limitation of penalties on the mortgage.

The President of Russia signed amendments to the law on mortgage. The amendments limit the penalty for failure, improper execution of mortgage loan agreement individuals.

The lawyer on civil cases: «If the amount of the loan for the period of the violation charged interest, the penalty rate is limited by the key rate of the Bank of Russia set on the day of conclusion of the contract. If interest is not charged, the penalty rate is limited to about 0.06% of the overdue indebtedness for each day of violation.».

These provisions in terms of limiting penalties to belong exclusively to the individuals who signed the loan agreement for purposes not connected with entrepreneurial activities.

Currently, the size limit of the penalty provided for in the current edition of the law «On consumer credit (loan)».

Maximum size limits may not exceed 20% per annum or 0.1% of the amount of overdue indebtedness per each day of breach.