Feb 13, 2018 Legal Comments Off on FSC to help relieve burden of loans in earthquake affected areas
Taipei, Officials of the Financial Supervisory Commission (FSC) met with those of the National Development Council, Central Bank of Taiwan and other financial institutions Tuesday to coordinate relief measures for easing the burden of residential loans to households impacted by the recent earthquake in Hualien.
A magnitude 6.0 earthquake in the late hours of Feb. 6 resulted in damage and casualties in the area.
Other financial institutions invited to hold talks with the FSC included the National Treasure Administration, Small and Medium Enterprise Administration, Tourism Bureau, Taiwan Clearing House, Small and Medium Enterprise Credit Guarantee Fund of Taiwan, Bankers Association of the Republic of China, the National Federation of Credit Co-operatives and the Non-Life Insurance Association of the Republic of China.
Wang Li-chun (???), deputy director of the FSC's Banking Bureau, said financial institutions will actively cooperate with earthquake affected areas in Hualien City, Sincheng and Ji'an townships by extending existing personal loans and other loans in accordance with the Disaster Prevention and Prevention Act.
Key relief measures will include an extension of the time frame of loan repayment and interest subsides which are not to be higher than the original loan interest rate but can be calculated from Feb. 6, the day of the earthquake, said Wang.
Loans for the purchase of self-use residences that are totally destroyed can be extended for an extra five-years with a maximum interest subsidy of two percent.
Loans for the purchase of self-use residential property that has been partly damaged or non-self-use residential property that has been completely destroyed or partly damaged can be extended by an extra two-years with a maximum interest subsidy of two percent.
Car loans can be extended for an extra year with a maximum interest subsidy of four percent while credit card payments can be extended for six-months with the same maximum interest subsidy.
Residents and businesses in earthquake affected areas in Hualien should contact related financial institutions for further details.
Source: Focus Taiwan
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