Banks always offered a debt restructuring for those clients who pre-announces the upcoming or ensuing problems. It can be an increasing the loan term, deferral of principal repayment, the reduction percentagerate. Of course, banks are going it is not too happy, because they will lose part of the planned income. Nevertheless, the Bank is more advantageous to receive a certain amount than in the event of delay not get it at all.
On average, banks are willing to lower the interest rate on the loan by 1.5-2 percenttion of the item. However deluded not to be. Usually they offer this benefit for a period not exceeding two years, i.e. not until the borrower is experiencing financial difficulties. Some banks at the end of this term again raises the percentage of thetarget rate and even with the lost revenue during the grace period.
To reduce percent on the credit, you must contact the Bank and submit the documents confirming deterioration of your financial condition. This can be a copy of the workbook, if you were fired, salary certificate, if it fell, sick leave or doctor's note, if you cannot fulfill debt on the condition.
However, after analyzing your condition, the Bank may consider that you will not be able to pay the loan even after the refinancing, and offer to sell the property, the acquisition of which was spent with borrowed money. So in this situation it is important not to overdo it.
Banks can reduce the percentageing the rate and in the following case. For example, the borrower took out a mortgage three years ago at 16% per annum, and now the rate for a similar loan is 13 %. But in this situation, there are also its pitfalls. First, it is not necessary to think about refinancing if the difference between the percentagetion rates is small, not less than 3 percentof the data points. Secondly, it is not too noticeable a difference from the decline in the percentagerate in annuity payments, especially if you paid more than one-third of the loan. Now the payment amount, a significant portion is the size of the principal debt, and a large share of the % s you have already returned to the Bank.
Advice 2 : How to reduce the interest rate on the loan
As a rule, in the contract price of the loan is set at a fixed rate of interest charged for the use of the funds of the Bank during the year. In the calculation a certain amount of interest on the loan are taken into account the value of the interest rate and the actual number of calendar days on which you take the money. If this is not the last place and the amount of money.
To reduce interest rate when you refinance. In this case you instead of the old, the least favorable loan can take a new loan that will offer the best conditions. Due to the new loan is necessary to cover the old loan.Thus, you will be able not only to reduce the interest rate, but also reduce the period of payments on the loan.
In order to reduce lending rates from the Bank, you must provide documents that can prove the financial problems have arisen. Typically, banks are most favorable to borrowers, who warn in advance about their problems. But the main thing in this case is a neat implementation of the ongoing obligations of the client.
For example, if the reason for loss of financial income as a result of dismissal from a permanent place of work, then in this case you will need to provide a copy of your employment record. When low-wage - help 2NDFL (about the monthly income wages). If the reason was a temporary loss of earning capacity, the supporting document is a copy of the hospital and a doctor's note.
Make a loan that is secured by collateral or guarantee such a mortgage will cost you much cheaper. In this case, the Bank any collateral (a car or apartment) significantly reduces the risks relating to credit defaults. Therefore, a credit institution can make a much more attractive individual parameters of the loan: lower interest rateand increase the credit limit.
If you do not really need the insurance, then discard this service. Because when any loan for insurance takes also a certain percentage every month, which will then be included in the principal amount of the debt.