news com: Credits in exotic currency

Occurrence mortgage credits in Swiss francs in Russia is connected with access of banks to cheaper western resources which allow them to reduce, in turn, percent on the mortgage. However, the tempting rate in practice appears not such attractive - on accounts of experts, exchange fluctuations of Swiss francs and constant costs at converting can bring in long-term prospect to nothing a difference in the rate.

The Russian banks offer attractive enough conditions on the mortgage in the given currency. So, in May, 2007 the Bank of Moscow has started realisation of the program of a farm-mortgage lending in Swiss francs under the lowered rates: from 7 % of the annual. As of the beginning of November, 2007 the volume of the credits issued by bank in this currency has made 4 billion roubles.

Michael Matovnik, the chief of a bank direction of Rating agency "Interfax", considers what to take mortgage in "exotic" currency is necessary very cautiously. In its opinion, there is a big risk of an overpayment under such mortgage, however there is a probability to pay and less.

Undoubtedly, rouble mortgage credits will cost more expensively. It is played also by bank experts in marketing, offering lower rates under credits in nonconventional currencies for Russia. Mr. Matovnik explains, that at lower interest rates it is possible to expect for the big amount of credit. If not suffices on the credit in roubles or dollars in francs quite will suffice on the same apartment, Michael Matovnik has given an example.

Certainly, risk presence is - uncertainty of a rate of this currency. However, experts consider, that unlike dollar, francs behave stably enough.
Alexander Kondrashov, the representative of Association of the Russian banks, opposite confirms: «it is better to take the credit in the Russian currency as the next 2-3 years the rouble will be stable».

«As in Russia high enough volontility (a variable in formulas of the optional pricing, designating fluctuation of yield of basic asset since the present moment to an option expiration date), foreign exchange drawing increases», explains Michael Matovnik.

«Crediting in francs would be very favourable at its invariable rate. But the Swiss currency continues to become stronger against the dollar, i.e. To rise in price. For a year rate NBU (National Bank of Ukraine) of franc to grivna has grown on 3,8 %. At dollar the opposite tendency», on the contrary, was scheduled - Vladislav Korolev, the deputy chief of department of a farm-mortgage lending of "Ukrsotsbank" has expressed the opinion.

But experts nevertheless do not advise to "peck" on the low interest rate in "unfamiliar" currency. Not to be trapped, it is necessary to compare dynamics of a rate of this currency against the dollar and euro. Also experts consider, that Swiss francs even more often become a gamble subject so that it is necessary to be extremely cautious.

One more minus - not so that simply to find exchange office where will sell Swiss francs, moreover on a favorable rate and without the commissions. It is not necessary to forget at that, that the rate below 9 % in currency is taxed. Many experts are uniform in one - the mortgage in Swiss francs will be "exotic" in the Russian market, but for a long time will not be delayed.

news location: Russia, business online

Articles is about: Credits, currency, banks

sorce: RealtyPress.ru