Therefore, all the attention - the Swiss franc. For Russia's currency market is more exotic than the Japanese yen. On our Far East loans in yen in the long run. But a similar experiment AKB Michinoku Bank in Moscow (though with a floating rate), were not successful, recently completed - a branch of Japanese bank has generally ceased to engage in mortgage.

The minimum interest rate for mortgage loans to purchase housing on the secondary real estate market is in Moscow and St. Petersburg (the main consumers of this service) 9% per annum in foreign currency. Most often it refers to dollar loans. The bottom bracket was installed about a year ago, the National Reserve Bank (and its subsidiary of the National Mortgage Company), during this time fell below 10% almost all the leading players in this market. Further reductions - against the backdrop of a falling dollar, a major credit currencies of the two capitals - seemed impractical from an economic point of view.

Other banks that issue mortgages, were less in promises, but the leaders adopted a landmark kept in mind. Mansion standing in Sberbank, have long since made his bet on the ruble and stressing that its focus, looking at the past year interest rates on dollar mortgages, while lowering them on ruble loans.

Tax threshold

To overcome the barrier devyatiprotsentnogo was another obstacle - in the form of domestic tax laws. According to Art. 212 of the Tax Code, "material benefit from savings on a percentage basis for the use by the taxpayer borrowed (credit) means" recognized income taxpayers.

The same article defines in this case, the tax base as "the excess of interest on borrowed (credit) funds denominated in foreign currency, calculated on the basis of 9 per cent per annum over the amount of interest, based on the terms of the contract." The bank should become a tax agent for each client and communicate information, "which follows. Well, at least, promises a credit institution with an overhead.

Seven Plus

The annual interest rate of 7% set by the Bank of Moscow for a "Swiss" loans, consistent with such parameters: the initial payment - no less than 30% equity, term loans - from 3 to 7 years, as well as providing information on the form of 2-PIT. Then, depending on these two indicators is built digital series: 7,2% - 7,4% - 7,5% - 7,9%. The maximum rate is calculated for a period of 10 to 25 years with an initial contribution of up to 30% (before July 1 this year, the lower limit is zero). Upon confirmation of income form the bank rates are traditionally grow: is from 7,5% to 8,4%.

Thus, Lucky Seven, which represents a breakthrough in the front currency interest rates, is more symbol than reality, as claimed in any advertising the minimum value. After the borrower of the Bank of Moscow that attracted low-interest, will have a two percent margin to pay taxes. In the long term lending, according to preliminary estimates, it will add to the rate for using of credit of about 0,1%. Approximately 0.2% will bring loss on conversion (but this is common misfortune currency loans). These half a percentage point, perhaps, the weather did not do - but their existence it is useful to know the future of the borrower. No "white" salary range will be released at approximately 8.7%. It is clear that the stated dollar 9% in many banks, too, it turns turn into a 10% or even 11% per annum. And here is the time to dwell on such a variety of headache borrower, as currency risks.

Borrower with a calculator

Behavior grandfather Dollar and Euro if the child is not predictable, then today is clear to any layman. What is the master Swiss Franc, with what you ate and what his relationship with his shirt-guy rubles - not so obvious.

In principle, as the Japanese yen, the franc is a stable currency. His last major fluctuations related to the mid-1980's, when it rose compared with the U.S. dollar more than doubled. If you follow the dynamics of the Swiss currency against the ruble, we see that since 1999 (17 rubles), its value for a long time, undergoing minor fluctuations, rose in the winter 2004-go to the limit until the mark (about 25 rubles) and again fell a year ago a middle level (21 rubles), where he resides to this day. For comparison: in this month LIBOR (interbank offer rate on the London foreign exchange market) of the dollar - about 5,3% per annum, and the Swiss franc - 2,2%.

Aggressive incentive

More recently, Bank of Moscow first in a promotion, offered to borrowers with no down payment mortgage. Revolutionary, it would seem, step added whist assertive player, but, more importantly, pushed off the ground and the other participants, at first with skeptical otnesshihsya to this initiative. Today, zero-fee no longer looks like something out of the ordinary.

Most likely, the expansion of the currency band in relation to mortgages, too, after some confusion, will resonate in the hearts of competitors. Expansion line for those who are engaged in a mortgage is not for show (yet I did a national project!), The question of honor. How great will the volume of borrowing - a separate matter. Bank of Moscow, according to managing director of Block "Retail Business" Alexander Sherstyukova to the end of 2007 expects its loan portfolio in Swiss francs, the cost of which would be equivalent to 4 billion rubles.

Competition in the mortgage market continues to grow, and we can assume that other leading credit agencies are already preparing their "counter moves" - tempting offers with loud slogans. Orient themselves in this ocean programs the person did not receive economic education is becoming increasingly difficult. Upon closer examination mortgages in Swiss francs - a product for financially literate borrowers.