Things to know about the percentage of the loan, not to remain in debt to the bank

What is the interest on the loan

The interest rate - this is specified as a percentage of the amount that a bank customer pays for the use of credit. It is calculated for a specified time period. For example, 15% would mean that the recipient of the loan annually, in addition to the principal amount of debt the bank to transfer 15% of it. But this does not mean that for the calculation of the overpayment simply take a percentage and multiply it by the number of years for which the credit is taken.

Firstly, there is such a thing as an effective interest rate (CPM).

UCS includes all the expenses of the borrower, including commissions and other charges.

Thus, when calculating the total cost of the mortgage bank will take into account the cost of an assessment of the apartment. This service is provided by a third-party organization, but without crediting you it would not have ordered so that the costs related to the mortgage. In this case, if the waste is provided by law, rather than the requirements of the bank, it does not take into account the CPM. For example, the CTP will not reach the full transport cost of the loan.

The full cost of the loan should be Federal law "On consumer credit (loans)" It is printed on the first page of the contract in large print in a rectangular box. It indicates a percentage per annum, or in monetary terms.

It is at the PUK have to pay attention, to understand how much you actually pay for loan. Exception - a credit card. The full cost of the loan is not very informative, since it is calculated from the total credit limit, while the interest will be charged only on the amount owed.

Second, no interest is charged on the entire loan amount, and the remainder payable on it. But here it is not so simple. There are two types of payments:

1. Annuity. The bank puts the amount of the client's financial liabilities, including interest, and divides the whole term of the loan. As a result, the recipient of the loan on a monthly basis to pay the institution the same amount. But the structure of the payment is not the same: first, the lion's share is made by interest, and towards the end of the term of the client begins to actively pay the principal debt.
2. Differentiated. Principal amount divided by the term of the loan and interest is charged on a monthly basis. For the consumer it is a long way from the maximum to the minimum payment, with the first payment will be high enough. But the principal and paid faster.

What affects the size of the lending rate

The refinancing rate of the Central Bank

This is the same rate of interest, under which borrow. Only in this case, the central bank gives a loan to financial institutions.

A commercial bank takes from the Central Bank loan for a year and during that time earns on loans, which gives the population. Accordingly, its interest rate to customers should be such that the Central Bank and the interest return, and earn.

Who is the key refinancing rate of 7.25% andThe Bank of Russia has decided to keep the key rate at 7.25% per annum " per annum.

the solvency of the borrower

The greater the risk that you will not return the loan, the less favorable rate offers. For example, interest rates are generally higher for loans on two documents, without income verification. This also includes the presence or absence of collateral, transfer of salaries to an account in the bank, agreed to the insurance and so on.

the inflation rate and the loan term

Two related parameters: the bank is going to make you not only tomorrow, but after 10 years, if you take a loan for this period. Therefore, the rate is likely to be taken into account the inflation forecast for the entire loan period.

Do not Lose Money

Carefully read the contract

The law provided for a special picture frame, with which the full amount of the loan. Ignore it - criminal negligence for your budget. Read the contract completely and carefully, do not miss the passages, even those that are written small print. Do not hesitate to ask the manager.

Once you have signed the contract, you agreed with everything that is written there. Therefore, remove all contradictions, before you put the autograph in the document.

Is not in default of payment

Set a reminder on your phone, computer, microwave, circled in red in the calendar days of the calculation. Note that these dates fall on a day off to take care of the enrollment payment in advance. Punctuality will help to avoid penalties and interest on arrears. And the size of the penalties can be quite noticeable.

If you can extinguish the loan ahead of schedule, extinguish

Interest is calculated on the principal amount. Early payments make it smaller. Therefore, the sooner you will extinguish the loan, the less the overpayment.

Do not take long-term loans in foreign currency

Interest on foreign currency loans is lower, but the dollars or euros should be stable, so that a loan was more cheap than its analogue Rublyovy. If you do not have the gift of clairvoyance and unbridled optimism, predict currency fluctuations over the long term it will be difficult.

A small loan quickly you will have time to give, even if something goes wrong. Long-term foreign currency credit in the fall of the ruble will turn into burdens that will be pulling out all the money you have on the service itself, that is the interest.

This rule does not apply to people with income in foreign currency, you do not depend on the ruble.

little things

Keep an eye on a dime. This is for you 5 cents - coin, unworthy even to prop up the table leg. To delay the bank for that amount - the foundation to fine you. More fortunate, if the sanctions are charged as a percentage of the amount of delay. And if the interest on the principal debt?

Follow the terms of the contract

No wonder that you have read the contract, follow what is written in it. For example, if you forget to renew the insurance, thanks to which you were offered favorable conditions for mortgage, The bank may increase the interest rate. And to reverse this process will be more difficult.

Keep in touch with the bank

If an employee of a credit institution is trying to contact you, take the phone and open the SMS. It is better for the umpteenth time to read advertising than to miss the message of default or other important information.

It is reasonable to use a credit card

Turn off the credit card debts in the interest-free period, and do not remove it from the cash, as for it often take a commission.

see also

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