How to deal with loans in times of crisis

Is it worth taking a loan

The key rate of the Central Bank is now 20%Key rate of the Bank of Russia / Central Bank. Which, of course, affected the rates on loans. Banks are not charitable institutions, and they are having a hard time right now. It is simply unprofitable for them to offer loans at a rate below the key one. And although you can still find generous offers with a lower rate on the websites of credit organizations, it is not certain that it will continue when it comes to approving an application.

Under these conditions, taking a loan, especially for a large amount, is unprofitable: the overpayment will be crazy. If we take for example a mortgage of 2 million for a period of 20 years, then at a rate of 10% the overpayment would be 2.63 million, at 20% - 6.15 million.

There are exceptions when a loan can be considered. First of all, this preferential mortgage - for example, the Far East at 2% per annum. Special programs like this one promise

do not cancelThe authorities of Primorye said that the rates on state mortgage programs in the region have not increased / KP. Or if the bank agreed in advance on a loan at a low interest rate and is still ready to issue it to you.

But it is worth thinking not so much about low interest rates, but about your own solvency in the near future. Even if the rate is very tiny, and the loan is more like an installment plan, the main debt will also have to be repaid with something. If you are in an industry that shakes during any crisis, this is not an option for you. You need to be very confident that income will continue in the near future.

What to do with an existing loan

Worth it in the first place re-read the contract and look for a line in it with information whether the bank can change the rate if any circumstances occur. There are contracts where the interest rate is tied to some variable parameter. However, in the document shouldRuling on refusal to transfer the case to the Presidium of the Supreme Arbitration Court of the Russian Federation No. VAS‑15748/10 / VAS RF its upper and lower limits, as well as the details of the procedure, how exactly this happens. That is, if this is your case, you can understand what the maximum rate can be.

But in most contracts, it is fixed, so you can exhale: you have a very cheap loan. And so you just have to carefully make monthly payments so as not to run into fines.

As for early payments, it is worth thinking carefully and looking at the terms of the loan. If we talk, for example, about mortgages, the rates on deposits, which are considered to be the most unprofitable conservative instrument, two times higher than for housing contracts concluded before February 2022 loans. And, on the one hand, it makes sense to invest money for early repayment of a loan in something that should increase your capital.

On the other hand, sooner or later the loan will still have to be repaid. And let's count here. Let us have a loan of 2 million at 8% per annum for 10 years. If you pay 300 thousand ahead of schedule and choose to reduce the loan term, you will save almost 314 thousand on overpayment. Suppose that we put these 300 thousand for six months on contribution at 20% per annum with capitalization. Six months later, we take away 331.5 thousand and give them on account of the mortgage. This will save 316 thousand on overpayments. That is, there is no big difference.

But there is another nuance. If money depreciates in inflation, then debt depreciates too. Only while you have banknotes, you dispose of them. And they may be needed. Don't forget about the risk of losing your job. With a loan, this problem will become even more acute. So you need to have an airbag that will cover several payments. Perhaps it should be formed by postponing overpayments for a while.

In any case, first consider, then act.

What to do if you can no longer pay the loan

Speak to the Bank

In any unclear situation, it is better to contact the bank to discuss whether it is possible to change the terms of the loan. Usually, as a result, the monthly payment was reduced, and the payment period was increased. This, of course, increased the overpayment. But if you manage to keep the bet, it's already a success.

Take a Mortgage Vacation

For borrowers with home loans from 2019 existFederal Law No. 76‑FZ of May 1, 2019 “On Amendments to Certain Legislative Acts of the Russian Federation in Part features of changing the terms of a loan agreement, loan agreement, which are concluded with the borrower - an individual for purposes not associated with the implementation of his entrepreneurial activity, and the obligations of the borrower, which are secured by a mortgage, under borrower's request" mortgage holidays. This is a period of up to six months, during which you can not give monthly payments or make them partially. The debt is not written off, it still has to be paid back. And also pay interest for the vacation period - they will be charged at the contract rate.

Mortgage holidays can be taken if income has decreased by more than 30% or other circumstances have occurred that worsen the financial situation. At the same time, credit housing is the only one used for personal needs, and the loan amount is not more than 15 million.

Read more about mortgage holidays separate material Lifehacker.

Consider credit holidays

This innovationDraft Law No. 80712‑8 “On Amendments to Certain Legislative Acts of the Russian Federation”. You can take credit holidays for any bank loan issued before March 1, 2022.

They can be applied for if income has decreased by 30% or more in the last month compared to average earnings in 2021. The maximum amount of credit with which it is allowed to use the holidays has not yet been determined.

Otherwise, the conditions are similar to those of mortgages. You can choose your own vacation period - from a month to six months. During this period, the bank will not require payments or add penalties for them. But interest for this period will accrue and then add them to the amount of the debt. Moreover, for mortgages, he will do this at the rate of the contract, and for consumer loans and credit cards - at a rate of ⅔ of the average market value of the total cost of the loan, established by the Central Bank.

Do I have to pay for the material benefit of savings at interest

According to the Tax Code, if the loan rate is below ⅔ of the refinancing rate of the Bank of Russia on the date of payment, then savings on interest are considered material gainTax Code of the Russian Federation Article 212. Features of determining the tax base when receiving income in the form of material benefits. This is income, you need to give it away personal income tax. And in this case, the rate is 35%Tax Code Article 224. tax rates. And this has stirred up borrowers who do not want to pay additional taxes.

However, from the explanations of the Ministry of Finance shouldLetter of the Department of Tax Policy of the Ministry of Finance of Russia dated November 3, 2020 No. 03‑04‑05/95889 “On Taxation Personal income tax income in the form of material benefits from savings on interest for the use of borrowed (credit) funds "that material gain arises in two cases:

• If the loan is issued by an employer or interdependentTax Code Article 105.1. Related persons organization / entrepreneur.
• If the savings is material assistance or counter-performance by the IP organization of its obligations to the borrower. For example, it is a payment to a person for services rendered to him.

That is, the law mainly concerns bank employees. But they won’t have to pay tax either if they bought housing on credit, for which they have the right to tax deduction.