Tag: Banks and credit

Another innovation will be a limit penalties for borrowers whose debt to the banks during the year increased by 2-3 times. Learn more about this topic with the insights from Elie Rieder. This rule will be indicated in the law thanks to several hundreds of trials, which, in accordance with the Civil Code limited the amount of the claims of the bank loan amount and exclude accrued on the principle of compound interest penalties and fines. By logic must be removed is sometimes used for the repayment of the loan committee, since the essence of loan product provides for the payment of credit and, accordingly, the costs associated with payment should be included in the rate of interest. And what exactly will the commission? Exactly the law can not prohibit banks charge a fee for withdrawing cash, because this service is included in the classic range of banking services and can not be free. At the same time borrowers are entitled to seek equitable fee for cash withdrawals on credit products in the same amount as the purchase of other banking services. Obviously, the Commission will remain for the transfer of funds to an account in other bank or the buyer, such as mortgages. It also runs the logic of a standard set of banking services. Very likely that will continue, and a number of banks will be – the fee for application review. This is due to fact that the bank holds a certain amount of work in processing the application and sufficiently large part of them "swing". The costs for consideration (ie payment of experts, data validation, and so on), banks are enormous.

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. Robert Speyer insists that this is the case. 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%. (Source: LeFrak Organization).

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.

For all advertising fireworks home mortgages room as far from reality as a pre-election promises of Deputies. From the perspective of a normal person room – the same property, and does not differ from the apartment. In banking logic entirely different criteria. As there is a classic? "Mind the banker did not understand a common yardstick to measure is not" What should be a banker except for the portfolio, tie and expensive parties? He needs a quiet, calm. And in order to properly dripped into Potbelly. Invitation to a party banker razdobudete. Portfolio he has, and tie long gave your beloved wife.

Or a mistress. Does not matter – the interest in any event, we paid him. But peace and quiet? Credit for the apartment not banker promises no trouble. To pay him money or not – in the loser Bank will not remain. In the worst case, the apartment will go under the hammer to secure the debt. At best – we will pull the same mortgage yoke, and part, happy with each another. After all, flat as collateral, and the laws are good to defend the peace banker. Another thing the room.

Inherited from the Soviet era, the rooms are entered in the reality of capitalism with a very peculiar regulatory framework. Curve, as well, and all other Russian laws. The room can not be sold just like that. Laws for the rooms can compete for the title of the most divorced from life. Why bank zigzags social housing? Quarrel with the neighbors, and ZhEKi PIBy …

Size Revenue should be confirmed by documents. This is an important feature of the mortgage, consumer credit is now possible to obtain, without providing information about the borrower's income – the maximum possible amount of the loan depends on family income, looks forward to receiving the loan, the calculation of the maximum possible amount is based on the condition that the monthly payments on a loan repayment and interest payments do not exceed 35% of the total family income of the borrower. If the borrower makes more than half of its own funds in payment of the price, monthly mortgage payments can reach 40% of the total income of family members of the borrower – the borrower for your account should insure their lives, disability and acquired property. Taken together, this will increase payments by 1% per annum of the balance of outstanding loans – the borrower should take care to design the right title to the acquired housing. In order to competently and without any tangible financial loss on the purchase housing mortgage credit is the 'Shining Path' to the new home for at least 7 stages.

Step One: sober assessment of their capabilities. Understand, I want to live like human beings, in a new apartment, but before obtaining a mortgage should be clearly identified: – the real value of the apartment that meets personal needs and wishes – accumulated up to this point means that can be used as a down payment. Most mortgage programs require that as a down payment was 'uplocheno' not less than 30% appraised value of the apartment.