Mortgages: The ruble, the dollar or yen ...?

There are two models of the behavior of borrowers in the choice of currency. First - risky. Take out a loan in the currency in which the lower interest rates and the rate of which (according to individual forecasts) will fall. But almost all experts unanimously advise borrowers to take mortgages in the currency, which are tied to income. Borrowers who have taken at one time dollar mortgage, now a winner - despite the fact that some banks to reduce foreign exchange risk may raise rates. In addition, traditionally the interest rates on dollar loans are lower than for loans in rubles. It all seems very attractive. According Dinars Yunusova, vice president of business development DeltaCredit, «today to borrow in dollars benefit: the rate on them is lower than on the ruble, so goes the savings on a percentage. The fall of the dollar even more cheaper the loan. Homebuyers understand it, so the dollar mortgage demand. " And Olga Sadovskaya, board member of City Mortgage Bank, believes that the best strategy at this point: the rate on the loan is less and the dollar change in the right direction. But currency risk remains, said Sadovskaya, and if the dollar will rise sharply, not to avoid the negative financial impact. In this case, there is the urgent question: Can we rely on predictions about the behavior of the dollar in the future? "While the dollar weakened against the ruble, a simple man who takes a mortgage, there is no way to estimate the motion of the currency market over the next 10-15 years (the typical term of the loan). If the problem is the client - to take and repay the loan, but do not play in foreign exchange markets, we recommend tying the currency to the currency of the loan of their income to changes in market rates did not cause a situation where customer payments on the loan becoming unbearable, "- says on this occasion, Elena Shilin, senior vice president, "Mortgage Bank". However, according to Olga Sadowski, "adverse financial effect" can be mitigated by having made timely refinancing operations, which will not only change the currency of the loan, but at the same time extend the benefits and reduce the interest rate. "If the borrower has an income in rubles, the ruble loan will help minimize foreign exchange risks associated with sharp fluctuations in the dollar. But mortgage payments may actually be greater, given the difference in interest rates, "- says Sadovskaya. And to date, interest rates on ruble loans by 1.5-2% higher than rates on dollar, although this difference is rapidly decreasing. Do not forget that if you pay in rubles, and payments, for example, in dollars, then each time, paying on the loan, the borrower bears the costs of conversion. Many banks are moving in unison for the ruble, and refuse to dollar loans as such. According to Dinara Yunusova, "these banks will likely fail to attract dollar funding at a competitive cost." "If I offer today a mortgage in dollars of 8% - explains Yunusov - and someone can raise funds just under 15%, then it turns out unprofitable issue such as loans." A bank can not observe their own benefit. The Bank grants loans in the currency in which receives funds, explains Elena Shilin. "If the funding is in rubles, the bank is more profitable to make loans in rubles. If the bank funding in foreign currency, issuing ruble credits the bank must pay extra for covering foreign exchange risk. " But, of course, the bank can not break away from the current consumer demand for loans in a particular currency. Historically, Moscow and St. Petersburg preferred to mortgage loans in dollars, while borrowers from other Russian regions - in rubles. Given the development of the Russian mortgage market and the active promotion of mortgage programs in the regions, the share of ruble loans is growing steadily. They become something taken for granted. Most likely right now who came to the bank customer in the first place will be offered rubles. According to Igor Sadowski, first deputy chairman of the "Bank ZhilFinans" is linked to the strengthening of Russia's currency, on the one hand and a drop in popularity and credibility of the U.S. dollar - on the other. Along with the traditional Rouble and dollar loans to Russian banks began to issue exotic loans, such as the Japanese yen. Such a move has taken the Bank of Moscow, making the interest rates on loans in yen lowest in the Russian mortgage market - 6-7% per annum. In order to obtain a loan at a minimum rate of 6% to pay 10% of property value and provide a bank reference 2-PIT. According to experts, the main drawback of loans in Japanese yen - a currency conversion costs. Despite the apparent profitability of the operation, Alexei Moiseev, head of debt, "Renaissance Capital", recommends that people not far from the financial market lending in the Japanese currency. Choose currency mortgage - it's an individual decision of each customer. Here, according to Olga Sadowski, "it is important to understand that the choice of any of the currencies has both pluses and minuses, the ideal strategy does not exist."