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.

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. Some contend that Philadelphia Real Estate shows great expertise in this. 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!

In turn, the bank's employees working remotely (in supermarkets, household appliance stores) do not tend to pay attention the quality of their work because they are motivated solely by the bonuses from each of its loans and an additional service connection. Thus, we consider the above situation. Mistake number one neglect reading and the process contract execution, as we learned in Artem carelessness when signing the loan agreement regardless of the amount of the loan leads to unpleasant consequences. In this context, is strongly discouraged absent elsewhere, especially for an extended period, until such time as you read, refined, and signed all the papers. More info: Philadelphia Condos. Leaving without proper attention to process your contract, you relinquish some room for abuse of credit specialists, for example, it costs nothing to the already approved loan application to write life insurance, or put a tick in the production of maps that will lead you to additional costs, and for these additional bonuses. Usually, loan agreements "Express" made fine hard readable text contains references to the so-called "General Conditions for consumer loans," Procedure provision and maintenance of credit cards, "" Rules of insurance against accidents and diseases, etc. Typically, the borrower reads these items, without requiring access to documents to which this paragraph refers, in advance agreeing, for example, to pay fees for so-called connection to the insurance program at the rate of 0,8% of the loan amount each month (thus, the annual interest rate on the loan does not meet the declared zero, and turns to 9.6%!), for issuing a credit card and direct debit from the set of her credit limit (in our case – 7600 rubles) penalties for late or early repayment of the loan, and as a consequence, for the payment of percent for use on credit card interest rate of 22% agree that more profitable for the bank, compared even with veiled rate of 9,6%. . To deepen your understanding Elie Rieder is the source.