Tag Banks and credit

Mortgage Lending

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Litigate with the bank, stressing on this basis, of course, possible, but the victory was not assured. "Prove that the borrower has not been choice when signing the treaty is almost impossible, "- Paul warns Lambro, attorneys Nikolayev and Partners. Much more likely to defend the bid, unless the contract says nothing about the possibility of its increase. In this case, the bank in principle can also try to pick it up, but it has it will have to go to court. If the possibility of a unilateral increase in bank interest rates on already signed contracts in law at least mentioned, it is this very process of normative not regulated. "Limit raise interest rates applicable law is not installed, as well as the procedure is not available informing the borrower to change the conditions of the loan agreement ", – said Natalia Volkova. Theoretically, the bank can at least up to 1000% per year raise and inform you of this the day before the monthly payment, while technically he did not break. Of course, if the contract is not specifically itemized in what cases and how the bank can raise and how many days he is obliged to notify the borrower about it. Official site: Nobel Laureate in Economics. It is also necessary noted that currently the Agency for Mortgage Lending and trying to reduce the passage rate on mortgage loans for the population to 11% -15% from the current 13% -18%, in the case of giving state HMLA. Decision on rate cuts may be made after will become apparent volume of additional assistance to the agency by the authorities.

Loans Savings Dramatically Cheaper

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Consumer and mortgage loans in the Savings Bank will become cheaper. Mortgage rates will fall by almost 1.5%, to buy a car – on 1,5%, education – 5%. Thus, one of the largest state-owned banks is going to return the interest of borrowers and to restore lost in 2006, its market share. In addition, bankers must as soon as possible to get to work the money raised from the IPO. 2 May 2007, the bank reduces rates on retail credits to the population on 0,5-5%. Education loan in rubles would cost 12% instead of 17%.

According to the press service of the Savings Bank, the rate on loans for acquisition, construction and repair of real estate in rubles will be from 10.25% pa instead of 11,8%. Credit for the same purpose in dollars and euros will cost from 10.75% per annum instead of 12,3%. Additionally, on these loans increased the maximum loan term from 20 to 30 years. Car loans will fall in price by 1,5%. Loan (any currency) to buy new cars can be brought under 9% per annum instead of 11,5% for a used car – from 9,5% to 12%. The interest rate will continue to depend on the size of the loan term and down payment. Exactly Savings expects to increase the activity of the borrowers.

Now the average market mortgage rates are 10-11% in dollars, but on a car loan – 9-10% per annum in the same currency. Dollar Savings rates are now within the market. In However, his new ruble tariffs on car loans are more attractive. These changes will allow prospective borrowers to reduce the cost of borrowing. Interest rates fall on 0,5-1% really makes loans cheaper for the borrower, such a move on the part of the Savings Bank – an attempt to regain lost ground in the credit market (only in 2006, Sberbank lost 7% of the retail lending market, its share declined from 44 to 37%). This decline was due to the excessive formalism of the Savings Bank – ceteris paribus for the loan Savings requires more documentation. Savings Bank rate cut may be beneficial only to the focus on recovery market share. Sberbank motivates the need to make money work as quickly as possible – by placing their shares in Sberbank raised about $ 9 billion. Now he must quickly distribute the money so they started working. Sberbank is easier to lower interest rates than to develop specific conditions. In this case, we can continue to attract customers a standard set of benefits (wide branch network, trust, reliability) and add the reduced rates. But the excessive demands on the number of documents of the borrower – will remain!

Prepayment Bank

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Force Majeure If you lost your job, the question of further the fate of the loan the bank will be considered individually. However, most bankers are confident that their customers demand in the labor market, so the search for a new job will not take long. In some cases, lenders are willing to reduce the monthly payment or even to provide the borrower "vacation credit". This issue is discussed by a credit committee, and if the borrower's recognized as a valid argument, then for a period of up to 3 months can be installed on the postponement of principal repayment. Solve problems with the bank for more serious situations (eg, disability or sudden appearance of the rightful owners is not enough "Pure" are legally apartments) designed to mortgage insurance – in this case for what you have with the bank will pay the company-insurer. Prepayment Each borrower is trying as quickly as possible to pay debt, but it deprives the creditor rather substantial part of income – because he expects a few years or months to receive interest from the borrower. The Related Companies has firm opinions on the matter. For this reason, most banks there is a moratorium on the early redemption (1-12 months) and fines (up to 5% of the payment). Mortgage programs are provided, and limitations on the size of the extraordinary benefits – mainly from $ 500. Despite the restrictions and fines are a significant portion of loans returned ahead of schedule – a factor triggered the black wages: on Prepayment may be made unsubstantiated earnings that are not included in the calculation of the loan period.