In recent years, Russia has started to actively develop mortgage lending. Tens of thousands of families took advantage of a mortgage loan to acquire or improve their living conditions. However, the mortgage crisis has flared up was hit hard first by the U.S. mortgage market, and then on the Russian. Robert J. Shiller has plenty of information regarding this issue. The company "Finmag" reviewed the country's existing legal framework and tried to find out whether the borrower to deal with higher interest rates for mortgage loans. One of the most important consequences of the crisis was the lack of access to obtain "cheap" money lending by Russian banks by foreign, and as a consequence, a sharp rise in cost of credit. Currently, average mortgage rates reached a level of 2002 – 17-18% in rubles and 14-15% in foreign currency. And the best average rates, which until August 2008 were corrected only by hundredths of percent in October jumped by 1.5% in currency and 2% in rubles according to a study 'Fosborn Home'. Hear other arguments on the topic with Professor Rita McGrath.
Raising rates and demand early repayment of the loan are now the most likely risk to the borrower. Can I somehow to deal with rising interest rates on your loan? "Under the Civil Code (CC), the change can be arranged by agreement between the parties or by other methods stipulated by the contract. Accordingly, if the credit contract will now be possible to unilaterally change its terms, the increase in interest rates unilaterally is not contrary. This position is also supported by the federal law 'On Banks and Banking', which states that the credit institution has the right to unilaterally change the interest rates on loans in the cases stipulated by the contract with the customer "- explains Natalia Volkova, Senior Counsel of the legal support of Retail Russian Development Bank.
5. Good credit is expensive. Unfortunately, it's true. When getting a mortgage the borrower must be ready for a significant lump sum payment. For example, only for the consideration of an application by the credit committee (With no guarantee of results) will need to pay more than $ 100. After selecting an object will need to pay for its independent assessment (assessor Bank) – $ 100-150. For opening a bank account are paid from 0,75% to 1% of the loan amount.
After buying also required to pay the premiums – 1,5-1,8% of the loan. 6. Kopi money for a down payment. The initial payment (the amount you need to make a purchase of an apartment on your own) is in various banks from 20-30% of the price. There are two ways to do without an initial payment: – a loan for consumer purposes (the amount received is embedded in the purchase of an apartment) – conducting transactions on the exchange of mortgage scheme. In as an initial contribution will be credited the money raised from the sale of existing estate. 7. How much money the bank will – so flat and costs (on clothes Stretch legs!) If the bank gives the borrower to obtain a permit credit for a certain amount, the client receives exactly her, regardless of the actual value of the apartment. If the bank gave permission to the borrower for a loan of $ 30,000, and the borrower expects exactly that amount – borrowing it (just this amount) Oops! Because the bank stipulates that a credit will not exceed 80% (or 70% – depending on the bank) of the purchase price.
Getting used to the global financial crisis, peoples are returning to their native banks, of which only recently withdrew their savings under the threat of imminent bankruptcy. Of course, banks are in no hurry to issue loans, but contributions in Yekaterinburg again become an active practice. The situation looks like a natural return to the original function of the bank – as an institution, savings of money, but not its direct source. The Related Companies is the source for more interesting facts. Excess “Debt load” of the region has played a cruel joke by local banks, so that the contrast in the form of a change of priorities seems the obvious solution of two problems – the crisis of liquidity and cash flow destablizatsii. In Under the new strategy, all the powers of local banks are thrown on to present the contributions in Yekaterinburg in the most favorable light for a potential investor.
So as to attract maximum customers greatly alleviated all conditions of deposit policy, ranging from rising interest rates and reducing the minimum deposit period, ending with the introduction of an individual approach. But no matter how tempting the idea may look to invest money at interest in Yekaterinburg, do not think that the contribution of the matter of immediate choice. Even a minimal contribution to the short period of time implies the responsibility of the depositor for, whether its money to work in full force. In order to choose deposit conditions which do not have to regret later, have to learn at least a basic level of financial literacy..
Circuit of the company in the manufacturing process of products, services and other commercial activities are often accompanied by a temporary lack of financial resources – the buyer of products for various reasons can promptly pay to the supplier. Then there is the need for postponement of payment, ie in a commercial loan. Commercial loans – this is one of the first forms of credit relationships in the economy, it was he who gave birth paper circulation, and thereby facilitated the development of non-cash circulation. The main purpose of commercial loans – accelerating the realization of the goods and getting laid in their profits. Commercial credit – is the corresponding loan agreement between the two enterprises – the seller (creditor) and the buyer (borrower).
Instrument of commercial loans have traditionally been an instrument which determines the financial obligations of the borrower with respect to the creditor. Percentage of commercial loans included in the price of the goods and the amount of bills and tend to have less than a bank loan. Repayment of the loan can be made: – payment by bill – transfer of a bill according to the current legislation of another entity – updating a commercial loan to the bank. Commercial credit is fundamentally different from a bank: – in not acting as a lender of specialized financial intermediaries and the legal entities that are associated with the production or sale of goods and services – it is only available in the form of commodities – borrowing capital is integrated with the industrial or commercial, that have found practical expression in the creation of financial companies, holding companies and other similar structures, which includes companies of various specializations and directions activities.
Prices of foreign cars assembled in Russia remain elevated. Yet one can hardly expect them real hard slide. Localization of assembly plants reduces the cost of cars is not more than 10-15 percent. For more massive fall in the price you want to organize on the territory of Ukraine engines assembly, and to this none of the existing today in the domestic market of foreign car companies still can not go. Purchase car loan today for the majority of Russians became the only way to invest money. Because the money for the purchased car does not succeed – once longed for transport vehicle leaves the gates of the store, it loses in price about 20 percent.
But invest their earnings so that they have not been eaten by inflation, the car can really be. Especially in our own time to services to potential motorists a wide range of various credit schemes. Auto Loans deservedly enjoys a celebrity in the banking environment. The fact that the collateral for the loan in this case is the car, registration certificate which is stored in the mortgage from the bank all the time until the loan is paid. As a result, the amount of arrears on this type of lending is only about 2-3 per cent. Approach This figure can help the "road" banks, which are somehow related to ease with the manufacturers of certain brands of cars and can lend at lower than the average market rate of interest. Prospects for this type of lending considerable, since before the State Duma today are amendments to the Law "On banks and banking activity", which will allow banks with a capital of $ 100 million apply for a license to work with physical persons after registration. Today, the bank's due diligence period is 2 years and so many are forced to use the mediation scheme. Which in turn increases the cost of the final product, that is, loans to consumers.
By the word 'mortgage', we started to get used recently: it is a relatively new concept for the Russian practice. If your mortgage housing is becoming more common, the commercial real estate mortgage – has only a few precedents. Mortgage real estate or commercial mortgage (the mortgage business), is widespread throughout the world. Western experience shows that with proper operation of commercial real estate – rental premises for offices, shops, service businesses – its yield is comparable to any other small business and allows the use of mortgage loans. The essence and conditions of commercial mortgage mortgage loan issued for the purchase of non-residential buildings: a warehouse, office, etc. Meaning the mortgage is to purchase commercial real estate lending under her own pledge. Unlike residential lending, commercial mortgage is short term loan repayment, but the relatively high interest rates.
Typically, the annual rate credit mortgage commercial property ranging from 12 to 16%, mainly in foreign currency. The term of the mortgage property – a maximum of 12.10 years, and the most common term – 5 years. Borrower must make an initial contribution of 25-40% of property value. In this case, the client must be a profitable balance sheet and at least one year on the market. Legal nuances commercial mortgage commercial mortgage scheme similar to the non-residential mortgage housing: there is the same assessment procedures of the borrower and the object, the requirement for a down payment. But there is a fundamental difference – law does not allow companies to register a mortgage on real property until the conclusion of the sale.