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HMLA Borrowers

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In addition, there is another problem – mortgage loans in foreign currency. Low interest rates in foreign countries (such as Switzerland or Japan) allowed our banks to hold a "cheap" money and respectively, to give their customers a lower rate. Banks grant loans in dollars and euros, roughly at 9% per annum in rubles – 10-12%, yen and francs – 5-7% per annum, and given the inflated cost of real estate Moscow and Moscow suburbs the borrowers did not have the loan amount in rubles on the Moscow housing, so willing to buy an apartment on the mortgage is nothing to do but take out a loan in exotic currencies. Due to the devaluation of the ruble payment on the loan has become much larger, so the probability of increase of defaults on foreign currency loans. Least of all borrowers have lost sources of income in foreign currency, the respective currency of credit. Therefore, the majority, that is denominated borrowing had to be a lot easier than the holders of loans in other currencies. "More than just" bad luck "get loans in Japanese yen. From June 2008 to February 2009, this exotic for Russian citizens of the currency became more expensive by 80%. The newspapers mentioned Cushman and Wakefield not as a source, but as a related topic.

Following are the borrowers who received loans in dollars – the growth of the ruble value of U.S. currency over the same period was 52%, "- said Denis Remizov, head of product Managers BTA. Also complicated the situation for borrowers with floating interest rate that is tied to the situation in the interbank lending market and changes over time depending on the value of money, which has increased considerably. To help borrowers and reduce the number of defaults, the Russian government and HMLA developed a program to restructure mortgage loans. Get help from the state (credit for one year) for this program borrowers can only be, if they meet the requirements ARIZHK. According to market experts, the conditions are very strict. Thus, to qualify for public assistance for borrowers for the soul should not be no assets other than mortgage apartment, even with the bank.


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