Before you borrow, who soberly evaluate their potential

25.01.2011 16:18
Anna Karimov, Head of lending to individuals of Novosibirsk Municipal Bank changes the most important parameters of a mortgage loan: the interest rate, down payment and the requirements for proof of income, expected by experts in 2010.

1. What are the interest rates today can take a mortgage loan?

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In 2009, during the crisis, banks have virtually stopped the implementation of mortgage programs. Even if nominally they were present in the line of credit products, "barrage" of interest (30%), along with tightened conditions of selection of borrowers made mortgages unaffordable for customers. "Warming" in the mortgage market began in the III quarter of 2009 as the stabilization in the economy in general and the banking system as a result of saturation of liquidity. In early 2010 the average market rate for loans to buy housing on the secondary market dropped to 17-20% per annum in rubles up to 14% - in dollars.

In addition to the magnitude of inflation and cost of funding, the size of bets are determined by several parameters: the size of down payment, term, currency and credit, etc. The lowest level of rates offer big banks, which the state supports low-cost resources and banks, working with HMLA Partner Program.

In particular, the Novosibirsk Municipal Bank in November 2009 provides loans to purchase housing on the primary and secondary real estate market in Novosibirsk and Novosibirsk region in a joint program with the Novosibirsk regional agency mortgage (NOAIK). Loans are granted at a rate of 30% to 70% of the cost of purchased housing in the amount of 250,000 to 4 million rubles, for a period of three to 30 years. The interest rate on finished housing ranges from 9.47 to 11.43% per annum. Full cost of the loan ranges from 11.58 to 19.3% per annum. Interest rate on housing under construction is set at 17% per annum. After registering property and the mortgage rate is set to the client, acting at the time of registration of a mortgage on the finished housing. The total price of credit for housing under construction reaches 21.74% per annum.

2. How to evaluate the profitability of attracting a mortgage?

Those who are confident in their credit, in my opinion, it is now to take advantage of a good thing to improve their living conditions through a mortgage. Last year, property prices have fallen, but the fall has stopped, and growth will follow necessarily. Do not forget that the increased availability of mortgages will be an additional factor in the growth of housing prices. In addition, given that the crisis construction companies mostly complete construction begun objects rather than creating a foundation for the future in the coming years can be expected to reduce supply in the market. And quality accommodation at reasonable prices, which even now is, will be sold out first. With regard to interest rates, then wait for their sharp decline in the near future is not worth it. But even if the drop occurs, it will be possible to take advantage of refinancing programs offered by the Bank, to renew the contract on a new, more favorable conditions and reduce their credit load.

3. What are the requirements for potential borrowers placing banks today?

During the crisis, banks' claims on borrowers have tightened, and this situation continues. Of the product line disappeared high-risk loans with no down payment, the amount of minimum payment was increased to 20-30%. Almost all banks require a formal confirmation of income for the Help 2-PIT, while previously considered and "gray" income borrowers. Turned to the banks is also important to have good credit history. These actions are understandable - to the economically unstable period to increase mortgage loan portfolios without increasing risks, banks need to be sure of the borrowers.

4. What currency do you recommend today to take a loan given the unpredictability of exchange rates?

Mortgage loans - a product of long-term, and will behave as currency in the foreseeable and, especially, in the longer term is difficult to predict. Remember how in 2009, during the devaluation of the ruble, the dollar rose from 25 to 36 rubles, many borrowers were forced to prematurely put out foreign currency loans. Do not forget about the inevitable costs when converting the amount of foreign currency loans in U.S. Dollars. Therefore, those who makes out a mortgage for a long time, must give careful consideration before deciding to borrow in foreign currency.

5. Is it profitable to buy an apartment in the mortgage, which are pledged with the bank? What are the advantages of buying a home this way?

Special advantages for such a purchase there. However, individual banks can go to meet the customers who buy mortgage housing, in terms of adjusting fees for grant and loan processing to the downside.

6. How to be a borrower who are in financial trouble?

Be sure to contact the bank, not waiting until the situation becomes intractable. Banks are interested in is not to build up a portfolio of "bad loans" and ready to go for restructuring if the borrower will provide reasonable arguments significant deterioration in their financial situation.

7. How, in your view, will further develop the situation with the default by borrowers?

Due to the fact that the situation in the country's economy began to stabilize, a significant increase in the number of default of borrowers, we do not expect.

8. What to look for in the contract, then to sleep?

Before you decide to take a mortgage, you need to, firstly, to analyze the proposals of different banks, and, secondly, very carefully assess their financial capabilities. Mortgage payment a substantial amount of income, and in a situation of limited budget, the family, taken out loans have to be more than one year. Calculate the forces. Do not take credit to the limit (when the payment of "eat" half or more of the family budget), the more income that can not only grow but, as shown by the crisis and fall.

Before signing a contract, ask your loan officer all conditions: the need for insurance of property or life, the fee for issuing and servicing the loan repayment schedule of principal and interest on it, etc. Important question - you set the date of payments. It is important that they are aligned with the timing of receipt of wages or other income from which will be extinguished debt.

It is best to take the credit agreement home in a quiet environment to study it, and then all the questions to ask a specialist.

9. Personally, you would take a mortgage now?

Like any man, I assume that this is a very important step and should be addressed to him only when there is no other way to solve the "housing problem". And only if the financial burden will be for me to lift.

Les Hihlich,
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