Regulations Governing Subsidy of Interest on Debt Extension of Disaster-affected Residents Article 3

The extension periods for debt repayment that should be granted by financial institutions to affected residents are as follows:1. Mortgage loans of self-use residence in disaster affected areas other than those mentioned under Paragraph 1, Article 42 of the Act:(1) If the house is damaged beyond use, the repayment period is extended for five (5) years.(2) If the house is partially damaged but still usable, the repayment period is extended for two (2) years.2. For mortgage loans of non-self-use residence in disaster affected areas where the house is damaged beyond use, or partially damaged but still usable, the repayment period is extended for two (2) years.3. For other loans secured by a house in a disaster-affected area and other secured loans, the repayment period is extended for one (1) year.4. For auto loans, the repayment period is extended for one (1) year.5. For insurance policy loans, credit card and cash card payables and other unsecured loans, the repayment period is extended for six (6) months.6. For negotiated debts, the repayment period for is extended for one (1) year.The duration of subsidy for each debt will be decided by the extension period provided in the preceding paragraph, starting from the date the financial institution grants extension to the affected resident after the disaster has occurred. If an affected resident already has late payment on his/her debt after the date of disaster due to the impact of disaster, the extension period may start retroactively from the date of disaster, subject to the mutual consent of the financial institution and the affected resident.