Mortgage: what to do with a foreign currency loan. Are we converting to rubles? Refinancing - the price of the issue. When it is necessary and when it is better not to rush. Refinancing of a foreign currency mortgage loan Refinancing of a foreign currency mortgage

One of the programs is the refinancing of foreign currency mortgages in rubles. In this case, the lending conditions change, the amount of debt is recalculated, the amount of payment in national currency changing interest rates. Some banks use the opportunity to change the currency of the mortgage to attract customers. They offer refinancing of foreign currency mortgages of other banks.

How to refinance a mortgage

Restructuring a foreign currency mortgage in your bank is not always profitable, so borrowers are looking for the most profitable terms and apply for refinancing to other banks. But there are some difficulties - it is difficult to choose the best option without minimal knowledge. To understand how profitable it is to refinance a foreign currency mortgage and get a loan in ruble terms, you need to pay attention to some nuances.

Mandatory conditions

Not every borrower can take advantage of the program. Russian banks impose certain conditions. In general, they are similar to the conditions for refinancing a foreign currency consumer loan, but there are some peculiarities.

The main requirements for refinancing relate to:

availability of collateral;

loan term;

no delays;

the size of the debt;

pledge object.

Mandatory conditions for registration in each credit institution may differ, often each borrower is considered individually.

What is regulated

Relationships between lenders and borrowers that relate to mortgage loans in general, regulates the Federal Law "On Mortgage" and other legislative acts. As for anti-crisis measures, the main document is the Draft Law on the Restructuring of Foreign Currency Mortgages. Also, the Central Bank of the Russian Federation developed special programs, recommendations and other legal acts to ensure stability financial system and protect the interests of borrowers. Some of them have been accepted, others are under consideration. Are being considered different variants. Today, banks are required to restructure problem loans, but in the near future, banks may be required to restructure foreign currency mortgages without fail.

Who can count

In addition to the requirements for a mortgage loan, banks also impose requirements on the borrower himself:

age from 21 years old at the date of signing the contract to 65 years old at the time of full repayment;

good credit history;

sufficient level of income;

employment;

work experience;

place of registration of the borrower.

Real estate that acts as collateral for a dollar mortgage must meet the requirements set by the lending bank.

The procedure for refinancing a mortgage loan

Refinancing a mortgage or consumer loan in euros, US dollars, Swiss francs or another currency is a new loan, and accordingly, the procedure is the same.

First of all, you need to familiarize yourself with the offer of credit organizations and choose the best option among them. After that, an application is submitted to receive a preliminary decision. If it is positive, the borrower should prepare a package of documents:

application form;

borrower's passport;

document confirming income;

document confirming employment;

loan agreement;

certificate of the state of debt;

credit account details;

documents for real estate acting as collateral.

When refinancing, the borrower will incur additional costs associated with the assessment, re-registration of collateral, property insurance, notary services and conversion. This must be taken into account when calculating the feasibility of the procedure.

The bank reviews the application, checks the submitted documents, solvency of the borrower, real estate. The approval process can take anywhere from a few days to a few weeks. After that, a final decision is made. If it is positive, the borrower signs a new mortgage agreement in national currency.

Converting foreign currency mortgages into rubles

When refinancing, the recalculation of the loan is carried out at the rate recommended by the Central Bank of the Russian Federation, or at the internal rate of the bank. This leads to the fact that the amount of debt increases. Also increasing interest rate refinanced loan, which means that the size of the payment changes.

Some borrowers require banks to recalculate at the rate in effect at the time the mortgage was issued in dollars. Banks do not go for this, so such situations are most often resolved in judicial order. The court usually takes the side of banks, arguing that the borrower had to take into account the risks of a sharp increase in the exchange rate when applying for a foreign currency loan.

Where to go

Each bank has its own mortgage offers, and most importantly, they provide on-lending at different rates. The course should be the first thing to consider. Secondly, you need to consider the rate, which can be quite high. It is recommended to use a loan calculator for calculation.

Offers of banks in 2018 vary, it is worth paying attention to the programs of Deltacredit Bank, Sberbank, Bank of Moscow. Raiffeisenbank also refinances a foreign currency mortgage, you can refinance a foreign currency mortgage loan in rubles at VTB 24.

Converting a foreign currency mortgage into rubles allows you to avoid currency risks, it is not always profitable. Therefore, before deciding to take such a step, the borrower should make a calculation, as well as take into account additional costs. Consideration of the application will take a lot of time, the borrower will have to prepare documents, which also takes time.

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Foreign currency mortgage holders are faced with the problem of increasing the exchange rate of foreign banknotes in relation to domestic ones by several times for the period from 2008 to 2015. Having received a loan in a foreign currency for the purchase, most often of real estate, citizens are forced to repay the debt in a similar currency. labor activity predominantly takes place on the territory of Russia and, accordingly, payment for labor is made in domestic rubles. Therefore, the borrower needs to spend several times more funds to pay off the debt compared to the initial period of the mortgage. As a result of the incommensurability of the borrower's salary and assessed contributions the credit institution had difficulties in repaying the loan.

Based on expert research, on the territory Russian Federation reside about 150,000 people, which are foreign exchange mortgages.

To protect the interests of clients who preferred lending in foreign banknotes, the Central Bank of Russia (CB) has letter of recommendation to other financial institutions with a proposal to conduct refinancing with the setting of the US dollar exchange rate at 39.38 rubles per unit of foreign currency.

Latest refinancing news: in December 2015, the Ministry of Finance on behalf of the President of the Russian Federation Putin V.V. prepared bill, which proposes to introduce additional liability for credit institutions in case of insufficient informing of their clients about the existing risks when obtaining a loan in foreign currency. This document is pending government decisions autumn 2016.

Refinancing- a procedure that provides for obtaining a new loan on improved terms for the client. In this case, the funds will be used to pay off the debt in full or in part. This operation can take place in original bank, as well as in a third-party credit institution.

Conditions for refinancing foreign currency mortgages in rubles

Foreign currency mortgage refinancing possible for clients with a good reputation who do not have a relapse on loan default, including other loans in one bank.

Refinancing foreign currency mortgages in rubles is a procedure for refinancing a loan when concluding a new agreement, where the currency for payments is the domestic ruble. In this case, the translation course is negotiated with the client separately. Instruction of the Central Bank at the preferred refinancing rate at 39.38 rubles. per US dollar is advisory in nature and is not subject to mandatory application.

Basic requirements for the borrower when refinancing:

1. Preferred age from 20 to 55 years.
2. Solvency.
3. Education and social status (secondary factor).
4. Loan amount from 30 thousand rubles. up to 1 million rubles
5. Continuous work experience of one year.
6. The client must be registered at the location of the credit institution.

If refinancing is for foreign currency mortgage borrowers, the credit institution applies additional requirements to the acquired property. For example, the property must be in the sole possession of the debtor and members of his family and must not be burdened by property claims of third parties or organizations. The property must also comply certain characteristics. If this living quarters– the technical condition allows citizens to live in it in accordance with legislative norms and conditions of SES. If this industrial facility– the property meets fire safety requirements and the necessary technical characteristics.

Examples of refinancing in various Russian banks:

1. Refinancing foreign currency mortgages at Sberbank. Implemented for a period up to 30 years. If the procedure is drawn up for a minimum period of several months, the loan rate is 13.75% per year. In this case, a certificate of ownership must be obtained for the dwelling.
2. On-lending of foreign currency mortgages at Delta Credit Bank. Starting from 2015, the financial institution offers to transfer a loan from foreign currency to domestic, taking into account ruble exchange rate with a lending rate at 12%. If used special program- refinancing is carried out under 13,25% . The term of the loan must not exceed 25 years.
3. Refinancing of mortgage loans for individuals at the Bank of Moscow. A credit institution provides a loan for a period up to 30 years at an interest rate 11,75%.
4. On-lending of foreign currency mortgages in VTB 24. Loan amount from 100 thousand to 3 million rubles. Fixed interest rate - 17% . The Bank does not carry out such a transaction with the participation of credit institutions of the VTB Group.

The average refinancing interest rate in Russian banks is 12 — 16% in year. Mortgage loan term from 5 to 30 years. Credit institutions refinance a foreign currency loan at the current rate or the rate proposed by the regulator - the Central Bank of Russia, which is RUB 39.38. per US dollar. At the same time, the refinancing rate at the Central Bank is 11% in year.

The procedure for refinancing a foreign currency mortgage

The refinancing procedure is the conclusion of a new agreement with facilitated lending conditions. Step-by-step procedure for refinancing:

1. Visiting a branch of a credit institution and getting acquainted with mandatory list documents and terms of service.
2. Collection of necessary documentation. If necessary, search for a guarantor, as well as obtaining technical papers for collateral.
3. Drawing up an application for refinancing a mortgage at a bank branch and attaching the necessary documents to it.
4. During two weeks receiving an official response from a bank employee.
5. If the requirements are met, the conclusion of a new contract with the terms of payments in domestic currency.
6. If necessary, make a down payment.
7. Making regular mortgage payments to the account financial organization.

List of documents submitted to the bank

The list of documents to be submitted to the bank when refinancing a loan:

• Personal income tax certificate confirming the applicant's income. If the applicant is individual, 2 form of personal income tax is provided.
• Passport of the borrower or other document proving his identity.
• Copy work book, certified in a notary's office or office at the place of work.
• A sample questionnaire provided and completed at a branch of a credit institution.
• Initial agreement with the bank.
• Receipts of payments and a document confirming the balance of the debt.

Pros and cons of refinancing foreign currency mortgages

Benefits of refinancing mortgages in foreign currency:

• Facilitate monthly payments for the client.
• Opportunity to avoid the seizure of collateral.
• An accelerated refinancing procedure, provided that the procedure is carried out in one financial institution.
• Maintaining a good reputation due to the timely repayment of debt through refinancing.

Disadvantages and "pitfalls" when refinancing:

• The overall financial burden on the client. The amount of all payments will become greater in comparison with the initial amount established by the contract.
• When refinancing, an additional fee may be charged, including for early repayment of the loan.
• When drawing up an agreement with a third-party financial institution, an additional package of documents will be required.

Refinancing a foreign currency mortgage in rubles is relevant with residual debt from 60% and more from the original loan amount.

An example of refinancing a foreign currency mortgage

Citizen V.A. Sokol is a foreign exchange mortgage lender of the Bank of Moscow. At the end of 2015 in connection with financial crisis and insufficiency Money lost the ability to pay the loan. Having applied to the head office of a financial organization with a request to refinance and restructure the loan, he was refused due to the lack of appropriate programs.

Citizen Sokol, on the basis of a refusal, issued consumer credit in a third-party company to pay off the bulk of the mortgage debt and sued the Bank of Moscow to invalidate several clauses of the agreement and refuse to restructure payments into the national currency.

The court recognized Sokol's petition as unfounded and refused to invalidate certain clauses of the agreement with the bank.

Conclusion

Refinancing- the process of concluding a loan agreement in the original or third-party bank on more favorable terms to repay the resulting debt on a foreign currency mortgage.

To date, refinancing is carried out according to the following principles:

1. Borrower's preferred age from 20 to 55 years.
2. The solvency of the client is confirmed by the relevant certificate.
3. The pledged property is not encumbered by property claims of third parties.

News and reviews of the foreign exchange market

Loans directed to the purchase of housing are distinguished by their long-term nature. Each bank wants to have as many mortgage clients as possible. After all, for this he receives a good reward in the form of interest on the loan amount and fees for its maintenance.

That is why, even with a slight “thaw” in the economic environment, many banks are going to soften lending conditions. First of all, this concerns the reduction of interest rates. For banks, a shortfall of 0.5 or 1% of the loan amount is almost imperceptible.

But for a simple layman, even such an indulgence can be a significant relief of the credit burden. The possibility of renewing the agreement on other, more loyal to the borrower terms called mortgage refinancing. In 2019, due to the difficult economic situation that negatively affected almost every Russian, debt rescheduling is in high demand.

Loan refinancing: definition and types

Mortgage Refinance Means Refinancing loan agreement on more affordable terms for the borrower. Wherein new loan may be issued by the original lender or by a completely different lending institution.

For example, a mortgage taken from Rosbank can be repaid in full or in part with funds received on a loan from Gazprombank. However, you should carefully study all the conditions of the new lending and evaluate the economic feasibility of such a transition.

This year, most banks offer the following options for refinancing loan products:

Interest rate reduction

Everything is clear here: the lower the interest rate, the more profitable mortgage. That is, every month the borrower spends a smaller amount from his budget.

Extended credit period

The principal amount of the debt does not change, but due to the increase in the repayment period of payments, monthly payments are reduced. Ultimately, the borrower will pay more money(by increasing the amount of interest), but this option will facilitate his existence "here and now", when each payment becomes an unbearable burden.

In connection with the increase in the loan amount, this option is also beneficial for the bank. After all, if he does not make concessions to the borrower, he will most likely get problems associated with non-payment of the loan. And in the case of an increase in the term of payments, he will receive more money due to the growth of interest payments.

Changing the payment currency

This type of refinancing mortgage loan beneficial if the borrower is confident in the long-term growth of the currency in which the loan was received. For example, this year, citizens who have issued a foreign currency mortgage have found themselves in a very difficult situation. The exchange rate of the euro and the dollar rose significantly against the national currency.

For this reason, repaying a loan from ruble earnings is becoming increasingly problematic. Therefore, many borrowers seek to convert foreign currency mortgages into ruble ones.

For example, VTB 24 Bank offers mortgage refinancing by converting a foreign currency loan into Russian rubles at a foreign exchange rate that is as close as possible to the MICEX rate at the time of a specific conversion. At the same time, the transfer of a mortgage into another currency can also be combined with another type of debt restructuring, for example, extending the maturity of the mortgage.

When is mortgage refinancing beneficial?

If the improvement of credit conditions occurs within the framework of one institution, then this is almost always beneficial for the borrower. Any reduction in the interest rate means significant savings for the borrower.

But to negotiate with the bank to increase credit period it makes sense only if the initial term is more than five years. Most often, for long periods, targeted loans are issued - mortgages and car loans.

The procedure for obtaining on-lending within one institution is usually very fast. Wherein additional contributions and there are no payments. In addition, in order not to lose a client, especially with a good reputation as a borrower, the bank is ready to make concessions.

In this regard, it often turns out to be even more profitable to stay in your bank and renew an agreement with it on new terms than to go to another lender offering more attractive lending conditions.

The situation is somewhat different when refinancing mortgages in other banks. Best deals 2019 does not always allow consumers to save. And all because it is necessary to take into account various kinds of associated costs. Here the situation is as follows: the reissuance of consumer loans on more favorable terms does not entail large material costs, but the transactions for which movable and real estate can incur significant costs. They're in more relate to the revaluation of collateral. Moreover, new loan op can insure, and until the re-registration of the apartment, the borrower will have to pay high interest. The rate will decrease immediately after the completion of the registration of the property.

In connection with all of the above, all experts are unanimous that it is economically feasible to refinance a mortgage in another bank only if the new lender offers a reduction in the loan rate by more than 2%.

Mortgage refinancing scheme in another bank

The procedure for obtaining a debt restructuring is different from obtaining a standard loan under mortgaged property only by the need to prepare and submit to the organization offering Better conditions lending, additional package documents.

As a rule, it includes information related to the performance of credit obligations in relation to the original creditor. After all, no bank wants to acquire a problem client. Therefore, many credit organizations agree to issue mortgage refinancing only on the condition that the borrower has regularly fulfilled its obligations for at least six months. This is a testament to its positive credit reputation.

In addition, if you want to refinance a loan at another bank, you should reread the agreement. If it contains a clause prohibiting early repayment of the mortgage, then nothing can be changed. Additionally, when early repayment the loan can be provided for considerable "compensation". The presence of this condition can make debt restructuring much less profitable.

Documentation

To refinance a mortgage at Sberbank in 2019 must submit:

1. Documents for the loan you want to reissue, namely:
   • mortgage agreement, payment schedule and additional agreements to it;
   • a copy of the mortgage on housing;
   • certificates containing information on the balance of the debt and cases of delay in payments (if any);
   • certificate of assignment of rights of claim under the primary contract.
2. Questionnaire and passport of the applicant.
3. Documents confirming the level of income (certificates of earnings from the place of work, a copy of the work book, etc.).
4. Documents for collateral real estate (for ownership, appraisal acts, etc.).

This list is not exhaustive. In a specific situation, it can be supplemented or changed.

Refinancing procedure

Most lending institutions follow the same mortgage refinancing scheme. In Rosselkhozbank in 2019, for example, it happens like this:

1. The client prepares and addresses the prepared documents to the bank.
2. The review process lasts for 10 working days (provided that the entire package of necessary documents is submitted).
3. If a positive decision is made, a date is set for the signing of a new contract and the necessary agreements.
4. The balance of the loan is repaid by transferring money to the current account of the original lender. At the request of the client and compliance necessary requirements(for example, a sufficient level of earnings), the bank may issue a new loan for a large amount.
5. The old loan is considered repaid (as evidenced by a certificate from the old lender), and the borrower monthly fulfills loan obligations to the new lender.

Requirements for the borrower and refinancing conditions

Since refinancing, in fact, is the execution of a new loan, the borrowers are subject to the same requirements as usual.

In each institution, they may differ slightly, but most banks, including Absolut Bank, consider only citizens as their clients for mortgage restructuring:

• over 21 years old and under 55 years old women, 60 years old men (at the same time, banks usually issue mortgage loans for such a period, only after which the borrower reaches retirement age);
• citizens of the Russian Federation with a residence permit;
• with continuous work experience during the last 6 months and at least one year in total for the previous 5 years.

How additional terms can be seen as a positive credit history and timely fulfillment of obligations to the former creditor.

But the conditions under which mortgage refinancing takes place can vary significantly in each credit institution. For example, Alfa Bank will issue a new loan only under the following conditions:

1. The maximum loan amount is 60 million rubles.
2. The minimum value of the property for which the loan is reissued is 2.5 million rubles.
3. Credit period - from 5 to 25 years.
4. The interest rate depends on the length of the loan period. On average - from 12.5 to 13.5%. For clients who receive wages through Alfa Bank, the rate is lower.
5. When customers refuse personal or title insurance, the rate is higher by an average of 3%.
6. Property located only in certain Russian cities, such as St. Petersburg, Moscow, Perm, Kemerovo, Yekaterinburg, Ufa, Khabarovsk, and some others, should serve as collateral. It does not matter whether it is a primary or secondary residence.

Video: Talking about mortgage refinancing

Total

In such a difficult economic environment, every borrower, without exception, wants to make his life a little easier by reducing the monthly loan burden. This is quite realistic, especially given that the mortgage was issued at the height of the crisis or immediately after it, when interest rates were very high.

At present, banks state support, so without it, to attract additional clientele, they offer more favorable lending conditions. If you want to refinance a mortgage, it is best for a borrower to first try to negotiate with an existing lender. He can lower the interest rate, extend the period or change the loan currency.

Depending on the specific situation, any of these decisions can significantly affect the repayment of payments. If you do not want to make concessions to your own client, you can look for more profitable offer from other banks. But at the same time, you should take into account all the additional costs that may arise during the re-registration of the debt.

03/25/2015 Oksana Litvinova

The problem of foreign currency mortgage loans became especially acute in the fall of 2014. The dollar rate rose rapidly from the level of 34-35 in the summer to a maximum value at the beginning of 2015 of 68-69 rubles. Following the exchange rate, the payment on the mortgage of foreign currency borrowers doubled. It should be noted that under the terms credit policy most banks, borrowers can pay up to 50% of their monthly family income, and sometimes more. Insofar as wages The vast majority are paid in rubles, it turns out that for some families the amount of the mortgage payment eats up their entire monthly income.

State assistance to foreign exchange mortgage lenders

According to the Agency for Housing Mortgage Lending (AHML), in Russia there are now about 20,000 mortgage agreements in foreign currency. To solve this problem January 23 Central bank published a letter of recommendation for banks with a proposal to transfer mortgage loans from US dollars at the rate of October 1, 2014 (39.38 rubles). However, banks are not ready to voluntarily take on such losses. The current programs for refinancing foreign currency mortgages into rubles provide for transfers at the current market rate, but at preferential rates.

Having held a meeting on March 19, the Central Bank decided that it was inappropriate to help all foreign currency borrowers. According to the Central Bank, mostly foreign currency loans from rich people, but only 1.5-2 thousand borrowers out of 20 thousand really need help. It is assumed that assistance will be provided targeted by buying out AHML from the bank problem loan and restructuring it in the future. The state allocates 4.5 billion rubles to AHML to fight problematic mortgages. It is planned to help 35 thousand borrowers, incl. 1.5-2 thousand in foreign currency.

What should currency mortgage borrowers do?

Thus, the state actually withdrew itself from solving the problem of foreign currency mortgages and shifted it onto the shoulders of the clients and banks themselves. The client is left with 3 options: leave everything as it is in the hope that the dollar will fall further; refinance a mortgage in rubles at your bank; refinance a mortgage in rubles in a third-party bank. We will not make forecasts for the dollar, so I propose to consider what refinancing programs banks offer to their customers.

Banks offer their clients to refinance foreign currency mortgages into rubles at the current market rate, but at a reduced rate. For example, DeltaCredit Bank offers to switch to rubles at a rate of 12%, the Bank of Moscow - 12.95% -13.85%. The advantage of this solution is that you do not need to confirm the sufficiency of your solvency, you can refinance even with delays, you do not need to reassess market value pledge. In fact, refinancing in rubles in your bank means restructuring the loan.

If your bank does not have a program for refinancing foreign currency mortgages in rubles or the rates are not preferential, then you can consider offers from other banks. For example, Sberbank offers to refinance foreign currency loans from other banks at a rate of 15.25% -16.25%. However, there are a number of restrictions, because in fact this is a new loan in a new bank:

• The borrower will need to re-submit income documents and meet the solvency requirements (moreover, the payment on the ruble loan will be higher than the foreign currency;
• Comply with other credit policy requirements, such as a minimum length of service in the last position;
• Do not have overdue payments on foreign currency mortgages;
• Re-assess the market value and comply with the credit policy standards for the sufficiency of the value of collateral;
• Pay the costs of re-registration of the pledge and the mortgage agreement.

When is it profitable to refinance a foreign currency mortgage in rubles

To answer this question, you need your current foreign currency mortgage rate, the balance of the loan term, and your expectations for the dollar. The amount of your debt in this case irrelevant.

To evaluate, let's take the average rate on a foreign currency mortgage in dollars in the amount of 10%, take the current dollar exchange rate of 60 rubles, consider various terms until the end of the loan (from 5 to 20 years) and various average course dollars for the period of the remaining term of the loan (from 60 to 100 rubles). At the same time, we will exclude the costs of valuation and re-registration of collateral. The table below shows the interest rates below which it is not advisable to refinance. The rates are calculated by comparing the amounts of overpayments on the loan.

Thus, if the rate remains at the level of 60 rubles for a year, then it is worth refinancing only the same rate - 10%. If the rate goes down and for a long time, then it is not worth refinancing at all. If you have 10 years left on the loan and you expect the average rate to rise to 80 rubles over the next 10 years, then you should refinance at a rate of 17.3% or lower. It turns out profitable even to move from your bank to Sberbank at a rate of 15.75%. In addition, refinancing allows you to get out of the "currency game" and save your nerves.

When the ruble was constantly strengthening, and the country's economy was developing and growing steadily, the lending market offered a large number of offers in foreign currency. A loan could be taken not only in dollars or euros, but also in francs, yens, etc. Such lending was actively advertised in the media, and the conditions were offered much more favorable than with loans in rubles - the interest rate was minimal, which reduced the amount of the monthly installment.

The idea of ​​refinancing a foreign currency mortgage

The 2008 crisis caused the devaluation of the ruble, and monthly payments on foreign currency mortgages increased sharply, which provoked the desire of borrowers to refinance their loans in rubles. But after a certain time, the exchange rate stabilized and strengthened again. And those who solved the problem in this way were able to pay their debts again without any problems. But refinancing foreign currency mortgages has become one of the ways to protect yourself from sharp fluctuations in the exchange rate.

With a more thorough recalculation of debt with current interest and at the current rate, it turned out that on-lending is an unprofitable measure, therefore, it will already be offered on more reasonable terms. The amount of the monthly contribution increased many times, even in comparison with the indicators of the updated rate. Nevertheless, many borrowers decided to take this step, even with an increase in the monthly payment and a significant overpayment, as soon as the ruble exchange rate stabilized. Those who made this decision explained this by saying that protection from currency fluctuations is worth the overpayment. However, there were also those who remained in foreign currency mortgages and hope that the ruble is completely safe.

Refinancing foreign currency mortgages today

In 2012, foreign currency borrowers considered various options in foreign currency and eventually agreed that as long as the ruble exchange rate does not reach 41 rubles, on-lending is absolutely pointless. At that moment, such a fall seemed unrealistic, but in 2014, most of the bank's customers simply did not have time to respond to the events that had occurred. In December, 65 rubles had to be paid for one American dollar, but it was too late to refinance. In order to stabilize the exchange rate, the Central Bank increased key rate refinancing and almost overnight, interest on mortgage loans increased by several positions and ranged from 17% to 21% per annum.

After the dollar rose significantly in price, foreign currency borrowers began to hold rallies, putting forward demands to refinance foreign currency loans at a fair rate. At first, there were few such actions, but already in January, more than a thousand protesters gathered under the building of the Central Bank. The Central Bank did not keep itself waiting and turned to banks with a request to refinance foreign currency loans at the October rate, that is, 39.38 rubles per dollar. In addition, it was possible to set interest rates for ruble loans at the level of current rates, which was explained by the sudden increase in creditor risks. But borrowers reacted negatively to this wish.

How effectively does the Central Bank refinance?

At the time when loans in foreign currency were issued, the interest on them was very low - 8-12%, and today banks offer re-crediting, but on conditions high interest – 18-20%.

And the following comes out, for example, a loan for 100 thousand dollars was taken with a condition of 8% per annum, the ruble exchange rate was 36 rubles, while today the borrower must pay 63 thousand rubles a month. And if he refinances his loan at 20% per annum, then even at the proposed fair rate, he must pay 120 thousand rubles a month. That is, the possibility of repaying the loan becomes even less to be implemented.

According to experts, such conditions for refinancing a mortgage are beneficial only for those who have recently taken out a loan and took it for a short period of time and at high interest rates. In any case, you can take security measures and apply for a mortgage.

Bank reaction

Reaction financial institutions was ambiguous. For example, the leaders of the banking sector, VTB 24 or Sberbank, said that they would study the proposed recommendations and report on the decision as soon as possible. But "Delta Credit" continues its activities in foreign currency lending according to the old scheme and the rate that was set at the time of execution of the contract.

Smaller lenders anonymously admit that such a mortgage on-lending scheme does not suit them, and they are unlikely to use it. In their opinion, in order to provide this kind of support to foreign currency borrowers, it is worth allocating compensation payments banks to cover losses.

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