Mortgages: how to choose "their" currency

Despite the abundance of banks offering mortgages, the programs themselves are not much different from each other. This is understandable: after all, the development of credit programs of any bank account the realities of the global financial market, the requirements of the Central Bank, the experience of competitors. Most banks offer mortgage loans in both currencies - dollars and rubles. Fairly common (but less) loans in euros. There are also a few suggestions to borrow Swiss francs and Japanese yen. How to choose "their" currency, and what difficulties might arise, understood Internet Journal of Real Estate Metrinfo in the capital - dollars, in the regions - Ruble most common currency for a mortgage loan - the U.S. dollar and Russian ruble. As the Director of Development Credit Fund Artis Veyps usually Muscovites prefer to borrow in dollars, and residents of other regions - in rubles. Explained the practice is not economic, but only in historical and psychological reasons. (Remember, popular in the nineties anecdote about the new Russian, "You will not believe it, brothers: America theirs dollar - just like our buck!") Even though in the early nineties, when inflation was just terrible, it was decided to fix the salary of workers as well as the price of high-value goods, including the cost per square meter, it is in U.S. currency. Since then - and until now - the real estate market of Moscow and Moscow region "dollar." In the regions, as more people are employed in state enterprises, where no one srodu occurred to calculate employee pay in dollars. In addition, the price per square meter has never been "furious". Consequently, thinking people rather 'ruble' credit in dollars, however, may discourage the client. It must be noted that recently the ruble and the Moscow market is gradually gaining ground: sellers and developers are often put up the price tags in rubles, and the rental market in the lower price range is almost moved to the "wooden". In Moscow, the same mortgage as long as there is "equality" the dollar and the ruble. How to avoid "currency fork" Experts advise to take a loan in the same currency in which the main gain income - wages or profits. In this case, the client does not risk to get into quite a common trap - "currency fork." Indeed, the exchange rate over time tends to change - rise or fall. For example look no further than necessary - we all have witnessed, as the dollar rose last month to 2 rubles! The conditions of the contract, however, remain unchanged. If the monthly payment is $ 1500, it is the same amount the customer is obliged to pay until the loan is not repaid. Suppose a customer earns 100 000 rubles. a month. The monthly mortgage payment is $ 1,500, that is, at the rate of U.S. currency $ 1 = 25.4 rubles. - 38 100 rubles. If the dollar goes up, and after a while it will cost at least 30 rubles., The contribution increases to 45 000 rubles. And if the dollar appreciates by half? Fee of more than 76 000 rubles. per month may be too much for the borrower. Of course, it is unlikely in the near future we are waiting for a radical change of course for all currencies. Still, consider this possibility should be, especially for those clients who are not going to repay the loan ahead of schedule. Recent history, unfortunately, does not remember and such "surprises". How not to "get on taxes," Credits in "exotic" currencies, primarily attract customers rates - they are lower than in the ruble and dollar loans. For example, a mortgage loan in Japanese yen today, you can take 6,45-8,1% per annum, and in Swiss francs - from 8% per annum. Low interest rates mean that the borrower's monthly payment decreases. This makes it possible to increase the amount of credit - to borrow more money. However, low rates on loans to related tax "zamorochki" that should be analyzed together with the specialist. What do we mean? If a borrower took out a loan at interest rates below the Central Bank refinancing Russia, the difference between these rates is called the "material benefit". Until December 31, 2007, such borrowers were obliged to pay tax on this very material benefit. Since 2008, the situation eased borrowers - in accordance with amendments to the Tax Code, if the mortgage debtor is entitled to a deduction property, the tax charge. (For more details see our article "The Russians! Regain your tax deduction, and sleep well") if the borrower has already taken advantage of this right, you have to pay tax on material gain at a rate of 35%. Complexity is the following. We need to understand, did you use the right to deduct the property or not, how do you pay for - the old or new, if taken out a loan to the amendments, what to do if rates during the loan repayment changed (if, for example, floating, for details article "Uplyvut whether interest rates under the pressure of the winds of crisis?" and if he also established a new Central Bank refinancing rate - and in 2008 he changed it 5 times!). To reiterate, without a specialist tax debtor here does not understand. And the bank in that it not a good assistant in a bank "narrow specialists" can not be. And the responsibility for timely payment of taxes is not a bank and the borrower. Therefore, to understand the intricacies of tax - is the task of the client. And this is why the bank? The residents tend to explain the appearance of the mortgage market in the unusual currency exclusively promotional purposes. But seriously the bank will not develop loan programs, not quantified risks for the sole purpose to attract attention and "for fun". As explained to a correspondent of the Internet magazine about real estate Metrinfo director of sales and development of Russian Mortgage Bank Alexei Dorosh, some banks are developing programs to attract a certain currency from the public. For example, right now, due to the global financial crisis, the possibility of the bank to get long the euro and cheap in the West narrowed. Therefore, banks open deposit accounts in euros. A "deposit" the money is already possible to invest in a portfolio of mortgage programs in the euro. The second reason - a reputable company to receive interest at the bank a large loan in any currency. The Bank specifically for this company is developing a program in the required currency, and additionally creates a mortgage portfolio. Summary of online magazine about the property Metrinfo Of course, the usual family, which solves the housing problem, have little interest in banking "wrong side". People are trying to choose the best offer at the moment, and the bank chooses the customers based on their financial capabilities. Choosing a loan product, we must remember that the basic parameter, it still does not interest on the loan and the value of the apartment. It defines the main burden on the borrower. So, first of all, it is necessary to evaluate the alleged object of pledge. You can do this by using our calculator "Free Evaluation of apartments in Moscow online." This service calculates the approximate cost of apartments, on the basis of actual, current market prices. Calculating the cost of an apartment with our on-line counter, you can already directly calculate the loan amount and monthly payments on the mortgage calculator, a bank. In general, experts advise to choose a loan based on their capabilities for the next three - five years. Forecasts for longer nobody will give you. Five years later, the family may be revised financial policies - for instance, to prepay or refinance a loan with another bank. On the other, more attractive terms, perhaps in a different currency.