Factsheet for case LT-2020-12/368 – measures in Lithuania
|Country||Lithuania , applies nationwide|
|Time period||Open ended, started on 17 March 2020|
|Type||Legislations or other statutory regulations|
Measures to prevent social hardship
– Keeping a safe home
|Author||Inga Blaziene (Lithuanian Social Research Centre) and Eurofound|
|Case created||08 April 2020 (updated 05 May 2020)|
Residents who have lost their jobs or at least a third of their usual income and have housing (residential) or consumer loans can ask the lender to defer the repayment installments for three months. This provision is included in new amendments to the laws regulating consumer and housing credit-granting activities, i.e. the Law adding Article 18-1 to Law No. XI-1253 of the Republic of Lithuania on Consumer Credit and the Law amending Article 22 of Law No. XII-2769 of the Republic of Lithuania on Real Estate Related Credit. The aim is to help residents experiencing financial difficulties as a result of the declared quarantine.
Residents who have lost their jobs or at least a third of their usual income and have housing or consumer loans can ask the lender to defer the repayment installments for three months. Until now, the right to defer credit repayments was available only for mortgage borrowers (housing credit holders) in the case of loss of employment, death of a spouse, divorce or incapacity for work, whereas for those with consumer loans the possibility of deferral of credit repayments has not been provided for under the law. During the credit deferral period, borrowers will only have to pay credit interest.
No information yet available.
|Applies to all workers||Does not apply to businesses||Applies to all citizens|
No special funding required
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Form||Not applicable||Not applicable|
Social partners' role in the implementation, monitoring and assessment phase:
No information available.
Eurofound (2020), Deferral of mortgage payments, case LT-2020-12/368 (measures in Lithuania), COVID-19 EU PolicyWatch, Dublin, http://eurofound.link/covid19eupolicywatch
Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process. All information is preliminary and subject to change.