The no-purpose mortgage or repair on credit


For many Russians the understanding of the mortgage and hypothecary programs is limited to habitation purchase. But it not absolutely so: banks are ready to give out today money under no-purpose hypothecary programs. The big popularity use hypothecary programs on a habitation accomplishment, or simply credits for repair.

If you have got new apartment and you do not have not enough money for repair you can receive the credit in many banks on the security of your apartment. If you wish to take at once two credits (on habitation and on its repair) you can take the second of them on the security of apartment of relatives. Many banks are ready to go even on such risk for satisfaction of requirements of borrowers. The average size of the credit under the no-purpose mortgage in Moscow makes about 90 000 US dollars. Such the credit to you can give out for 10 years, and the interest rate will make 14-16 %.

Nevertheless, the choice between the mortgaging credit (mortgage) and the consumer credit depends on bank and the borrower. Here the big role is played by the sum of the credit and that term on which the borrower counts. If the sum does not exceed 20 000 dollars it will be possible more favourable decision the consumer credit. Some banks are ready even to issue беззалоговый the credit for habitation repair to provide growth of own credit portfolio. The tendency of growth of no-purpose hypothecary programs on the one hand is favourable to banks, however now it is too much conversations about possible “credit crisis” when people cannot simply pay credits. So to rejoice while early.

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This entry was posted on Wednesday, August 8, 2007 at 2:19 пп and is filed under About credits in general.