Knowing the Restructuring of KPR

Come on, starting to understand the restructuring of KPR (Home Ownership Credit) so that residential installments do not burden every month.

Paying house installments with KPR schemes is indeed a common choice, especially for those of you who have not been able to buy a house in cash.

But life does not always go according to plan. Layoffs (Termination of Employment), lethargic businesses, or emergency conditions can be interfered with cash flow. If this situation occurs, it does not mean a dead end.

There are options that can save you from the risk of failure to pay. One of them is the restructuring of KPR, which is the process of submitting relief so that installments are more in accordance with financial conditions.

Blog Skillife summarizes information from various trusted sources so that you have a guide to understanding home credit scheduling.

What is KPR restructuring?

Simply put, KPR restructuring is a new agreement between you and the bank to adjust the home installment payment scheme.

This is not the removal of debt, but adjustments so that you can continue to pay without suffering. The shape can be in the form of an extension of tenor, flower reduction, or even a decrease in arrears.

All depends on the evaluation results from the bank to your condition. This step is regulated in the OJK Regulation (Financial Services Authority) No. 11/POJK.03/2015 and has been widely used during the Pandemic period.

That is, you are not the only one who has experienced this and the bank is already accustomed to facing a similar case.

Various forms of relief in the restructuring of the mortgage

When you submit a restructuring, the bank can offer several forms of relief that can be adjusted to the customer’s condition.

1. Decrease in credit interest rates

KPR interest can be lowered, so that the amount of principal installments and interest that you pay every month becomes lighter.

2. Extension of Credit Period

Tenor or the time period of mortgage installments is extended, making installments per month smaller even though the total payment may be more in the long run.

3. Reduction of Credit Interest

If you have an interest arrears, the bank can provide relief in the form of a part of or all of the arrears.

4. Reduction of credit tree arrears

Under certain conditions, banks can also provide a reduction in the amount of arrears that you must pay.

5. Adding credit facilities

This can mean that the bank provides additional credit facilities to help you overcome temporary financial difficulties.

6. Credit conversion is a temporary capital participation:

Although it rarely occurs in individual mortgages, this is an option in which debt is converted into temporary share ownership by banks.

These options provide flexibility for you to choose the scheme that best suits the current financial ability. Remember, the purpose of the KPR restructuring is so that you can return to pay smoothly.

Procedures and conditions for submitting a KPR restructuring

Submitting a KPR restructuring does require several steps, but this is comparable to the peace of mind that you will get. Here are the general terms and procedures that you need to pay attention to:

1. Meet the debtor requirements

You must really experience difficulty payment of principal and/or credit interest. This is not for those who just want lighter installments for no apparent reason.

The bank will assess your business prospects (if you are entrepreneur) or your ability to fulfill obligations after the credit is restructured. In essence, the bank wants to see that you have the potential to recover.

2. Prepare important documents:

Before coming to the bank, make sure you have prepared these documents:

• Restructuring application form (usually provided by the bank).
• Photocopy of self -identity, namely KTP (Identity Card) and NPWP (Taxpayer Identification Number).
• Photocopy of savings account that shows cash flow.
• Other supporting documents that explain your condition, such as layoffs, medical reports, or proof of business decline.

3. Apply the application to the bank:

After all the conditions and documents are ready, you can submit an application to the bank where to take the mortgage.

Convey your condition honestly and transparently to officers. They will help through the next process.

4. Evaluation Process:

The bank will conduct a comprehensive evaluation of your application. This can take time, so you need to be patient.

They will analyze financial data and consider the feasibility to get a KPR restructuring.

5. Bank Decision:

After the evaluation process is complete, the bank will notify whether your restructuring submission is accepted or not. If accepted, there will be a new agreement that you must agree on.

Taking the KPR restructuring step is not a sign of failure, but your proof is responsible. Better to talk to the bank from the beginning than the arrears getting heavier.

Understand the risks and take advantage of this moment to rearrange your finances calmly. Sometimes what you need is not an instant solution, but the time to breathe and rearrange the plan.

If you have other installments, prioritize the most crucial, and also consider fixed KPR interest for long -term stability.

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