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Support for mortgage borrowers

Mortgage loan interest compensation for existing borrowers.

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Terms for receiving compensation

  • Mortgage loan borrowers who signed a mortgage agreement before the 31st October, 2023.
  • Loan balance not exceeding 250 000 EUR.
  • The mortgaged property is located in Latvia.
  • The interest rate is not fixed for the entire agreement term.
  • The borrower is a consumer.

How is the amount of compensation calculated?

Compensation is calculated as 30% of interest payments paid during the quarter, not exceeding 2 percentage points.

What do I have to do to receive compensation?

To receive compensation, borrowers do not have to do anything. Compensation is calculated and disbursed automatically based on the criteria in the Consumer Rights Protection Law.

Citadele bank will contact customers whose credit servicing account is the bank's technical account and will inform of further actions.

When will borrowers be sent information on how much compensation has been calculated for them?

Up to the 10th day past the end of the quarter (by the 10th April, 10th July and 10th October, 2024, and 10th January, 2025) Citadele will notify mortgage borrowers of the information submitted to the State Revenue Service in accordance with the Consumer Rights Protection Law.

How often will compensation be paid?

Compensation will be disbursed once per quarter for the whole of 2024.
• The first payment by the 30th April, 2024.
• The second payment by the 30th July.
• The third payment by the 30th October.
• The fourth payment by the 31st January, 2025.

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Important!

In order for the payment of compensation to take place without delays, ensure that your contact information is up to date in the Citadele online bank under Settings > Basic questionnaire, and update if necessary. If your personal details are incorrect, submit a valid form of ID through the Citadele online bank under Correspondence with bank > Submit ID.

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If law enforcement has seized my account, will I receive compensation?

The borrower must promptly (before the date by which the bank must submit information to the SRS) contact law enforcement and request an increase to their tax-exempt sum.

Can I choose how to spend the compensation?

Yes, the compensation can be freely used for your own needs.

To which account will the compensation be transferred?

The compensation will be transferred to the account linked to the loan. This is the account from which monthly loan payments are taken. Citadele bank will contact customers whose credit servicing account is the bank's technical account and will inform of further actions.

Will compensation be issued if the borrower has died and the loan is being paid by a relative?

Compensation will be transferred to the borrower’s account from which loan payments are taken. The account balance will be available after inheritance matters are resolved.

What should I do if I qualify for compensation, but the money has not arrived in my account?

In this case, inform the bank, and an investigation will take place. The SRS will confirm whether the payment has been returned to them (the payment has been unsuccessful).

More questions
If law enforcement has seized my account, will I receive compensation?

The borrower must promptly (before the date by which the bank must submit information to the SRS) contact law enforcement and request an increase to their tax-exempt sum.

Can I choose how to spend the compensation?

Yes, the compensation can be freely used for your own needs.

To which account will the compensation be transferred?

The compensation will be transferred to the account linked to the loan. This is the account from which monthly loan payments are taken. Citadele bank will contact customers whose credit servicing account is the bank's technical account and will inform of further actions.

Will compensation be issued if the borrower has died and the loan is being paid by a relative?

Compensation will be transferred to the borrower’s account from which loan payments are taken. The account balance will be available after inheritance matters are resolved.

What should I do if I qualify for compensation, but the money has not arrived in my account?

In this case, inform the bank, and an investigation will take place. The SRS will confirm whether the payment has been returned to them (the payment has been unsuccessful).

How is the amount of compensation calculated?

Compensation is calculated as 30% of interest payments paid during the quarter, not exceeding 2 percentage points.

When will borrowers be sent information on how much compensation has been calculated for them?

Up to the 10th day past the end of the quarter (by the 10th April, 10th July and 10th October, 2024, and 10th January, 2025) Citadele will notify mortgage borrowers of the information submitted to the State Revenue Service in accordance with the Consumer Rights Protection Law.

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