Q & A about Luminor’s loan products for private persons in relation to COVID-19 | Luminor
Who can request a grace period?

Clients whose income has temporarily decreased in the current situation and whose payment discipline until now has been impeccable.

What is the maximum duration of the grace period that can be requested?

Mortgage principal for up to 6 months, while payments of consumer loan principal for up to 3 months.

Is setting up a grace period subject to a fee?

Due to the current circumstances, there is no service fee for persons whose income loss has been affected by caused COVID-19 emergency.

I’m already struggling with my monthly repayments. Can I request a grace period and if yes, on which conditions?

We approach every client’s case individually. Please inform us of your payment difficulties as soon as possible by submitting a grace period request in the internet bank.

Can I request a grace period for a consumer loan as well?

We approach every client’s case individually. Please inform us of possible payment difficulties as soon as possible by submitting a grace period request in the internet bank. 

How long will reviewing a grace period request take?

We want to review all grace period requests in 10 working days. However, if the number of incoming requests increases significantly, we may need more time to review them.

I have a housing loan and consumer loan. Can I get a grace period for both loans?

We offer grace periods for both products in the case of a temporary decrease in income.

Will the bank amend the terms and conditions of the agreement in the case of EBIFN, Collar, CAP, Luminor Prime, Fixed?

We will not amend the terms and conditions of agreements related to EBIFN, Collar, CAP, Luminor Prime.

What are my options of getting a grace period if my loan is guaranteed by Altum?

An Altum guarantee is not an obstacle to getting a grace period.

How do I have to prove to the bank that my income has temporarily decreased (redundancy, unpaid leave, reduction of workload)?

You don’t have to prove it. We will contact you ourselves if we need any additional documents.

Do notarised contracts have to be amended when a grace period is set up?

The solution we offer does not require amendment of the mortgage contract.

Will the bank amend the terms and conditions of the loan agreements if I request a grace period for my existing loans?

Each client is in a different situation and we approach them individually.

Can I get a full grace period for principal and interest?

You still have to pay interest during the grace period. Grace period is for principal.

Which documents do I have to submit to the bank?

You must submit a grace period request in the internet bank. 

Can the term of the loan be extended and the amount of the monthly repayments be reduced?

Amending the terms and conditions of the agreement may bring about the need to amend the collateral agreement of the mortgage contract, for which additional notary fees must be paid.
We prefer signing the amendments made to agreements electronically (with Smart-ID Qualified electronical signature or eSignature) due to the spread of the COVID-19 virus.