A sales representative demonstrates a home loan app during a property expo in Plaza Mandiri, South Jakarta. (Photo: jakartapost.com)
Jakarta (VNA) – The Indonesian government will broaden itsloan interest subsidies as part of a debt relief programme for those affectedby COVID-19.
The subsidies include mortgage loans (KPR), automotive loans(KKB), and loans taken out by micro, small and medium enterprises (MSMEs).
The Indonesian governmentis working with the Financial Services Authority (OJK) to prepare the debtrelief programme.
In a statement, the OJK said it will support the government’srelief programme related to the provision of loan interest subsidies forborrowers from banks and financing companies.
Borrowers with loans classified under “collectability one” and“collectability two” were eligible for the subsidies, as well as automobileloans under 500 million rupiah (33,156 USD) and housing loans for properties ofup to 70 square meters.
The payments will be given for six months, from April to Septemberof this year.
The interest subsidies for loans fewer than 500 million rupiahwill be 6 percent for the first three months and 3 percent for the remaining threemonths. For loans between 500 million rupiah and 10 billion rupiah, theinterest subsidies will be 3 percent for the first half of the stimulus periodand 2 percent for the second half.
Experts have said that the subsidy will help not only borrowers,many of whom are under pressure as a result of the economic impacts of theCOVID-19, but also banks and financing companies that are facing missedpayments and rising defaults on loans.
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A sales representative demonstrates a home loan app during a property expo in Plaza Mandiri, South Jakarta. (Photo: jakartapost.com)
