COVID-19 – NBS Makes Real Estate Financing More Accessible

August 31, 2020

COVID-19 – NBS Makes Real Estate Financing More Accessible

August 31, 2020

Radovan Grbović

Radovan Grbović

Partner

Milan Novakov

Milan Novakov

Senior Associate

On 17 August 2020, the National Bank of Serbia (“NBS”) adopted the decision introducing temporary measures for Serbian banks (the “Decision”).

 The purpose of the Decision is to support the project finance market in Serbia due to negative impacts of the circumstances surrounding the events that unfolded in 2020, and to enhance further development of the construction industry which was recognized in previous years as the “turning wheel” of the Serbian economy.

 In short, the Decision stipulates temporary conditions under which the banks may exclude exposures resulting from provision of credit facilities for residential real estates. The intention is to provide an easier access to housing loans for individuals on the corona-distressed real estate market of Serbia.

 The banks are free to utilize the benefits under the Decision until 31 December 2021, while the application of the Decision has begun on 28 August 2020.

 

 

This text is for informational purposes only and should not be considered legal advice. Should you require any additional information, feel free to contact us.

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