While the Ukrainian mortgage market works mostly familiar pair - UAH
and the dollar. But in recent torque further strengthens its position.
Many explain this drop in the dollar. And they will be wrong - the credit has
sense to take a weakening currency. But it's not interesting - there is a lending
in other currencies
Exotic currency is not very popular. Only a few Ukrainian
Today banks issue loans in Swiss francs, for example, "UkrSibbank".
And they are not much cheaper dollar - from 8%, and get them
You can only help in confirming income 2-NDF, the original
contribution of at least 20% and term loans of up to 10 years. Perhaps the Swiss
franc really great future: as long as it is one of the most stable
currency in the world - not by chance she was chosen to host part of the National Bank's gold
reserves. And in the mortgage market in Europe it is issued more than 60% of all loans.
As an experiment the Ukrainian subsidiary of Bank of Moscow "BM Bank" launched
Another project - put in Japanese yen loans. Interest rates on yen literally
amaze: the credit can be issued only at 6%, depending on the
forms of income verification. However, among all the currencies in which we are given
mortgage, this - the most unstable: in May 2007, it went
against the dollar by 12%, which is quite significant. At the beginning of this
, the position of credits in the yen strengthened further due to rising interest
rates in UAH and USD. Thus, the borrower has a good
margin of safety when the rate unfavorable to his side.
In addition, periods of strong yen, when the rate fell below 110 yen per dollar,
so far lasted no more than two years: in 1999-2000 and 2003-2005.
Therefore, long-term strengthening of the yen seems unlikely. Although now
yen "goes" at the rate of 100 per 1 dollar. But over the last 10 years the yen
the dollar fluctuated in a fairly wide range, from 80 to 250! It turns out that
answer to the question, whether favorable loans in yen, not. Can
on this loan to save money? Can. Is it possible to lose? Also possible. Let us
example in the European experience: Some British banks in the 90s
experimented with the Japanese currency, but because of the yen surges, many
borrowers could not repay the loan and the banks quickly turned these programs.
While the experience of lending in exotic currencies evaluated ambiguously.
Market participants speak of him with skepticism. Mortgage brokers, for example,
say that the percentage of applications for mortgages in Swiss francs, they are minimal.
Like, if you do not consider appeals on a wave of bank advertising directly
during the product launch, interest in such exotic items literally.
Demand for these loans are tiny - less than one percent. Rather, people
just afraid that in the future can be very exotic money grow by
against the hryvnia. And then to renew the hryvnia currency loan,
need to undergo conversion - a lengthy process. And most importantly - costly.
In addition, the need to repay these loans in the loan currency and exchange
courses for exotic currencies, we are not the most profitable. In addition, at maturity
credit in currencies other than the currency of the loan, the lending bank has to offer
internal conversion rate is also quite disadvantageous for the client, his
it its profitability. In any case, before taking a mortgage
yen, or francs, better to find out how much you save by
lower rate, how many will lose on the conversion and tax (if
still have to pay), and even then decide whether the game worth the candle. Necessary
consider the difference between currency speculators and subprime borrowers. Last
not every year to contract for change currency lending, as
ruined by the commission to the bank. When choosing the yen as the currency of Mortgage
Credit should be guided by the following recommendations: First,
universal solution - take a mortgage loan in Japanese yen or not
- Does not exist. Much depends on trends in exchange rates, planned
terms of the loan and the borrower's personal financial situation. Second,
need to understand the presence of currency risk and be prepared for a significant
short-term fluctuations in exchange rates. Now denote the trend of strengthening
yen to the dollar, and it is expedient to wait for its completion. By the end of 2008,
it may strengthen to levels 105-110 yen per dollar. Third, the potential
strengthen the hryvnia to the currencies of developed countries are already close to exhaustion, and his
significant strengthening of the yen in the future is unlikely. Fourth, on the other
hand - cheap loans in yen, the Japanese industry provided the power
and are a major source of liquidity for the global financial
system. LIBOR rate currently stands at USD 5, 2-5, 5% per annum,
and the yen - 0, 6-0, 7%. Hence, the gain in credit costs of about 4, 5-4, 9%. It was
would be odd not to use this source of funding to reduce the cost of
mortgage loans. Fifth, the gradual or abrupt devaluation of the national
currency in any case reduce the attractiveness of any foreign currency
as a means of mortgage lending. With the current size of gold
reserves and balance of payments as long as we can not worry about the stability
hryvnia exchange rate, but the import has a tendency to rapid growth, reducing the positive
balance. But let's not forget that the negative trade
balance of Ukraine looms large. And, in case of continuation of the crisis
in global financial markets, it will not be compensated by the inflow of foreign
investment. In the event of devaluation of the hryvnia losses of mortgage the borrower can