Risks of a currency mortgage: monthly payment increased by 12%

04/ 03

The exchange rate to Russian ruble exceeded a psychological mark, having made 36,37 rub for dollar and 50,15 rub for euro. Very strongly it struck on the mortgage borrowers who have taken in due time the credit in foreign currency. Experts of RDI prepared answers to the most topical issues: what decision is most weighed at course jump, to what conditions of the credit agreement it is worth paying attention and whether it is necessary to restructure urgently a mortgage to pass on ruble платежи.  

 Appending the signature under the credit agreement, the client assumes financial risks. And having taken a mortgage in dollars or euro, also currency risks. In terms of the contract it is obligatory to eat points where risks, consequences are specified. But credit specialists don't place emphasis on these points, don't make evident calculations about increase выплат.  

 Let's say the borrower issued a mortgage for the sum of 115 000 euros (4 500 000 rub) for apartment acquisition in Moscow area 3 years ago, having paid 5–7% of a principal debt. Average interest rate in currency – 9–10% if the loan is granted for a period of up to 20 years. For these 3 years of euro grew with 39 to 50,15 rubles for unit of foreign currency. If earlier the sum of monthly payments made in transfer to rubles – 43 251 rub a month, now jumped up to 54 341 in connection with a current rate. The same concerns a dollar mortgage. About the 30th dollar I rose to 36,37 rubles, and payment - with 43 410 to 52 092 rub. If other things being equal, the client takes a mortgage in rubles, his payments in a month equaled 49 548 rubles. 

 Known way to cope with a currency mortgage – to transfer it to the ruble. As a rule, banks suggest to translate the remained debt on the credit of rubles at the rate of the Central Bank. The rate will be flowing in rubles, i.e. it will increase somewhere by 2–2,5% and will make around 12–13%. Thereby, the borrower will be insured from currency risks. 

 "At an approach choice what to do with a currency mortgage, the borrower has to estimate once again the forces, – Rustam Azizov, the head of the mortgage center of commercial management of RDI makes comments. – To a lesser extent it is worth relying on positive scenarios – falling of an exchange rate, decrease in an interest rate or salary increase". Big credit risks – the reason of that, borrowers try to make out a mortgage in rubles, though a rate on a mortgage in currency of 9-10%. Consumers understand that benefit can be temporary because of possible sharp jumps of dollar or euro. 

 Certainly, there are clients who make out a mortgage in currency. As a rule, it is clients who work in foreign missions and get paid in foreign currency. In fact, they risk nothing. "In the market of mortgage lending it isn't observed any changes of interest rates or conditions in credit currency, – Rustam Azizov makes comments. – Nevertheless, in many banks there is an opportunity to restructure the currency credits of rubles without any additional expenses. But there is a probability that process рес