Banks offer the old loans to new borrowers. Bargain whether and how great the risks found out the "Money". Banks offer the old loans to new borrowers.
Almost yesterday we were promised that the summer of 2010 will be an unprecedented release of the sale of secured apartments and houses, which simply bring down property prices. The prices are still holding on, but it does significantly increase the supply of property recovered from unscrupulous borrowers.
Now, almost every bank on the site has a section "sale of mortgages, where you can find apartments, cars, land, houses, warehouses and much more.
Seeing that the "product flop, even the bankers have decided to offer loan programs for the purchase of the collateral. Their essence is that the bank does not change the conditions of the loan, but merely replaces one borrower to another (there is novation). This can earn?
Low start
The first thing that interested in old loans - the relatively low rates. Earlier loans issued under the 12-14% per annum, mainly in foreign currency, now - by 25-27%, and only in UAH. And, of course, so you can get foreign currency loan, which is now generally available. Reminder: novation does not involve making a new loan, so the bank has the right to keep the loan currency unchanged.
In assignment of debt is not paid and the fee for issuing credit. And this is a significant savings. In different banks the payment ranges from 1% to 6% of the loan amount, that is when you make a commission for the issuance of mortgage can reach, for example, 10-20 ths. True, the cost of notarization pledge agreement and payments for the renewal of property nowhere to go - still have to pay.
Unfortunately, assignment of debts of the old borrowers offer a few banks. Similar programs on a regular basis, offer only "Raiffeisen Bank Aval, OTP Bank, Erste Bank and SEB Bank.
Most banks simply impose new loans to customers at the old collateral, which, for whatever reasons, badly sold. But conditions of crediting the purchase of such mortgages still soft. For example, you can find offers with its own contribution in the amount of 5-10% or a mortgage for 30 years. Then, as a minimum, which require banks for loans - your own contribution to the 30-50% of the purchase price and the maximum loan term is rarely more than 15 years.
Interest rates on mortgages by purchasing mortgage assets also below. They vary from 18% to 26,6% per annum, which is 1-3 percentage points lower than the national average on the market. True, mandatory spending is sometimes necessary to add one-time commission, which may be in the amount of 0,5-6% of the amount.
Are smaller and the cost of auto loans napokupku collateral. The rates are within the 18-24% per annum (at 1-4 percentage points lower than the average), plus a monthly commission - from 1,5% to 3% of the amount of payment.
By the way, if the assignment of credit monthly commission bankers do not practice. Apparently not want to confuse customers. Now they realize how important it is that the borrower clearly saw the size of their obligations and realize them.
Scalded with milk
In general, the requirements for solvency of the borrower applying for redemption of a pledge or assignment of the old loan, differ little from current obscherynochnyh standards - income must be documented (with reference work, move the account, and regular remittances), loan payment should not exceed 40 - 50% of the total income of the borrower / his family.
Loan for redemption of mortgage is convenient because the size of the payment can be adjusted by adjusting it with an official income of the borrower. For example, the monthly payment can be reduced by increasing the period of loan or annuity choice of repayment. In the case of an assignment of debt payment amount is already known. A borrower will only have to prove that he can withstand it.
Incidentally, the fact that collateral is sold entirely at bargain prices, and credit will have to pay a penny - no more than a myth. If issued a new loan, most banks are trying to bargain for their objects the maximum price. But the interesting proposals still occur at these flea markets. For example, not very strained, "Money" found the proposal of banks to issue loans: for a two-room apartment in Kiev, the collateral costs 350-420 thousand UAH, in one room - from 250 thousand UAH.
They could challenge
Despite the apparent attractiveness of the above transactions for them there are some very serious risks. The situation could turn into a nightmare when, for example, the bank will sell the customer a flat, from which refuse to leave previous tenants, or a car, which is subject to court hearings. In this case, there is a big risk to stay and no money and no property or plunge into the endless litigation.
In this case, the fact that the purchaser of property draws a bank loan is a kind of guarantee fairness of the transaction. After all, if the former owner will claim the mortgaged property, one of the parties to the dispute will be the bank, which, in theory, would seek to protect the interests of the new borrower, which now depends on repayment. When buying a mortgage solely for the money the new owner is alone with the problems of protection of property rights.
But the ideal is to choose objects from which the former owners abandoned voluntarily. It is very desirable that the transaction is made not by the general power of attorney, which the owner had ordered the bank, but in his personal presence. Such an agreement would be much harder to challenge.
Assignment of the old to the new loan to a borrower or loan processing to mortgage property seized - a good chance to save on credit payments. But the risks of such transactions are quite high.
Almost yesterday we were promised that the summer of 2010 will be an unprecedented release of the sale of secured apartments and houses, which simply bring down property prices. The prices are still holding on, but it does significantly increase the supply of property recovered from unscrupulous borrowers.
Now, almost every bank on the site has a section "sale of mortgages, where you can find apartments, cars, land, houses, warehouses and much more.
Seeing that the "product flop, even the bankers have decided to offer loan programs for the purchase of the collateral. Their essence is that the bank does not change the conditions of the loan, but merely replaces one borrower to another (there is novation). This can earn?
Low start
The first thing that interested in old loans - the relatively low rates. Earlier loans issued under the 12-14% per annum, mainly in foreign currency, now - by 25-27%, and only in UAH. And, of course, so you can get foreign currency loan, which is now generally available. Reminder: novation does not involve making a new loan, so the bank has the right to keep the loan currency unchanged.
In assignment of debt is not paid and the fee for issuing credit. And this is a significant savings. In different banks the payment ranges from 1% to 6% of the loan amount, that is when you make a commission for the issuance of mortgage can reach, for example, 10-20 ths. True, the cost of notarization pledge agreement and payments for the renewal of property nowhere to go - still have to pay.
Unfortunately, assignment of debts of the old borrowers offer a few banks. Similar programs on a regular basis, offer only "Raiffeisen Bank Aval, OTP Bank, Erste Bank and SEB Bank.
Most banks simply impose new loans to customers at the old collateral, which, for whatever reasons, badly sold. But conditions of crediting the purchase of such mortgages still soft. For example, you can find offers with its own contribution in the amount of 5-10% or a mortgage for 30 years. Then, as a minimum, which require banks for loans - your own contribution to the 30-50% of the purchase price and the maximum loan term is rarely more than 15 years.
Interest rates on mortgages by purchasing mortgage assets also below. They vary from 18% to 26,6% per annum, which is 1-3 percentage points lower than the national average on the market. True, mandatory spending is sometimes necessary to add one-time commission, which may be in the amount of 0,5-6% of the amount.
Are smaller and the cost of auto loans napokupku collateral. The rates are within the 18-24% per annum (at 1-4 percentage points lower than the average), plus a monthly commission - from 1,5% to 3% of the amount of payment.
By the way, if the assignment of credit monthly commission bankers do not practice. Apparently not want to confuse customers. Now they realize how important it is that the borrower clearly saw the size of their obligations and realize them.
Scalded with milk
In general, the requirements for solvency of the borrower applying for redemption of a pledge or assignment of the old loan, differ little from current obscherynochnyh standards - income must be documented (with reference work, move the account, and regular remittances), loan payment should not exceed 40 - 50% of the total income of the borrower / his family.
Loan for redemption of mortgage is convenient because the size of the payment can be adjusted by adjusting it with an official income of the borrower. For example, the monthly payment can be reduced by increasing the period of loan or annuity choice of repayment. In the case of an assignment of debt payment amount is already known. A borrower will only have to prove that he can withstand it.
Incidentally, the fact that collateral is sold entirely at bargain prices, and credit will have to pay a penny - no more than a myth. If issued a new loan, most banks are trying to bargain for their objects the maximum price. But the interesting proposals still occur at these flea markets. For example, not very strained, "Money" found the proposal of banks to issue loans: for a two-room apartment in Kiev, the collateral costs 350-420 thousand UAH, in one room - from 250 thousand UAH.
They could challenge
Despite the apparent attractiveness of the above transactions for them there are some very serious risks. The situation could turn into a nightmare when, for example, the bank will sell the customer a flat, from which refuse to leave previous tenants, or a car, which is subject to court hearings. In this case, there is a big risk to stay and no money and no property or plunge into the endless litigation.
In this case, the fact that the purchaser of property draws a bank loan is a kind of guarantee fairness of the transaction. After all, if the former owner will claim the mortgaged property, one of the parties to the dispute will be the bank, which, in theory, would seek to protect the interests of the new borrower, which now depends on repayment. When buying a mortgage solely for the money the new owner is alone with the problems of protection of property rights.
But the ideal is to choose objects from which the former owners abandoned voluntarily. It is very desirable that the transaction is made not by the general power of attorney, which the owner had ordered the bank, but in his personal presence. Such an agreement would be much harder to challenge.
Assignment of the old to the new loan to a borrower or loan processing to mortgage property seized - a good chance to save on credit payments. But the risks of such transactions are quite high.
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