Gov’t amends GEO on delaying mortgage payment. Period for applications extended, some interests cut

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Finance minister Florin Cîțu, has announced that the Government is amending the emergency ordinance that enables citizens to postpone the payment for their mortgages due to the Coronavirus crisis.

Therefore, the revised GEO will allow the ‘interest on interest’ for the mortgages to be cut for the months when the loan is delayed. At the same time, the period to file the applications is extended, while the government will allow those who are in arrears to pay their debts before asking for the mortgages’ delay.

“The interest on interest is not capitalised for the mortgages anymore (…) we also extended by 45 days the period in which the person can file the application after the GEO comes into force”, the FinMin said.

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