Regulatory Alerts2006-03-10
Added · Updated
Scope, Methods, and Procedures for Applications for Subsidies by Financial Institutions Assuming Disaster-Area Resident Homes and Land
The Central Bank of the Republic of China (Taiwan) establishes interest rate subsidy calculations for financial institutions assuming disaster-area resident homes and land, applying a 3 percentage point reduction from the Postal Remittance and Savings Banks' one-year floating rate for loans up to NT$2 million, and the full rate for loans between NT$2 million and NT$3.5 million. Subsidization terms extend the original loan term by 5 years, capped at a maximum of 20 years, excluding cases where victims have already secured emergency financing funds with registered mortgage rights. Financial institutions must remit monthly interest subsidy payments into designated reserve accounts and submit a specific checklist via mail to apply for subsidization after assuming the loan balance.
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