Expenditure on New Year's visit, feast and gifts can sometimes jeopardize the planned repayment of the loan. What if the money to make regular loan payments are simply not enough? - You can ask the bank "credit Holidays - Lodging delay payment of the loan (for a year or two -: ().
Dentist Anton Mikhailichenko long wanted to take a loan to buy a car. In the cabin, where he decided to buy a car, told him about the campaign, which runs in conjunction with one of the major banks. She concluded that the processing of a loan to the borrower to take first six months does not repay the loan. The proposal seemed to Anton interesting, and he agreed. Already signed all the necessary papers, "happy" car owner learned that he was released only on payment of the loan principal, rather than the full amount of payment (with interest). Instead of the $ 550 a month for six months, Anton pay the bank for only $ 216.
All is good, but because the amount of debt in this period is not reduced, the total overpayment on the loan increased from 33% to 36%, ie $ 650. In the end, seemed to be profitable loan with deferred borrower brought some disappointment.
So with bankers, advertising the credit holidays, you need to be particularly attentive (such programs offer "Finance and Credit", Ukrsotsbank, Raiffeisen Bank Aval, "Arcade", "State Export", "Kreditprombank). They are not charities, right? :) The more the customer resides "in the credit leave," the more, in the end, is the total overpayment on the loan. It found "Money", the annual deferral increases the size of the overpayment on auto loans are on average 10 - 15%, and mortgage loans - to 4 - 5%. Ultimately, this "translates" not of one thousand dollars ...
In addition, most banks are allowed to defer repayment of the loan principal only, while requiring accurate calculation of accrued interest. At the same time most of the banks allowed the transfer payment charges only in the early period of loan and only if the loan processing with a large down payment - from 10% to 40% of the purchased property. Those few lenders that allow a delay in handy for the borrower when the entire loan period, limit the "breathing space" between 1 and 6 months, and only occasionally allowed to defer payment of the loan principal for the last month of service. So whether to accept the proposal of bankers to take a break in the payment of credit, and under what circumstances such "favors" can be profitable?
Who amiss?
Any financier known rule - the longer the borrower uses the money, the more they cost him. Therefore, the extension of credit or deferred payment make credit more expensive. Always. : (
And yet, despite this, the "vacation credit" may be beneficial to the borrower. For example, a time-out to pay for a mortgage loan after a home purchase will acquire furniture or make repairs, without resorting to borrowing for these purposes. If these additional costs are inevitable initially, it is worth thinking about how to search a loan with deferred payments.
For example, the delay for a year to pay for the body ten-year loan of $ 50 thousand at 12% per annum increase the resulting overpayment of $ 3 thousand, but if you do not do the extension, and take to repair loan, for example, $ 5 thousand for four years under the usual consumer credit 30% annum, the need to overpay $ 3,75 thousand and in addition, approximately $ 2 thousand to increase the maximum annual payment: ((sample calculation - in the annex to the online version of this article on the site www.dengi-ua.com).
Advantageous to delay and those who buy housing on the primary market and had some time to rent an apartment - up until construction is completed. Moreover, some banks are willing to grant an extension until the commissioning, which is often prolonged. So those who are to be serious waste after processing the mortgage, is to plan their family budget and estimate that can be profitable - or delay registration of additional loans.
Of course, it is worth to go into a small "credit holiday" and then, when money for the payment of installments on the loan is just not enough. In this case, the transfer payment would cost still cheaper than making a new loan to pay off the old.
Making out a loan with a delay, it is worth taking care that the possibility of "handling day" was the borrower not only once at the beginning of the period, but at least several times during the lending period. For example, UkrSibbank in mortgage program "Star Time" offers the borrower the opportunity two times over the entire loan term to take "credit holiday" duration from 1 to 6 months. During this period, the borrower should not pay anything at all - no body of credit, or interest thereon. These amounts are transferred and split into the following periods.
Benefit option and transfer the debt to the past months - in this case, an overpayment will be the same as in the standard scheme of repayment. For example, OTP Bank allows up to 30% of the body auto loan move to pay off in the last month of the loan. If the borrower can not repay the debt balance at once, he may ask to extend the loan repayment for another three years.
Choosing the bank is pre-calculate how much delay will increase the overpayment on the loan and how much money will be freed as a result. For example, significantly reduce operating costs for the loan (almost half) can only be car loans.
Upon payment of a mortgage so serious "discharge" is impossible. Because in the beginning of the maturity of mortgage payments on it for 70 - 80% of accrued interest. So credit holidays reduce the current payments for no more than 30%.
Do not rush
And yet again: in spite of tempting offers of bankers, the best way to increase the cost of credit than a postponement, not to find. :) Especially if you execute it at the very beginning of using a credit when the amount of the loan and interest will be the largest. If you ask installments in the middle or end of term loan, the borrower's loss may not be as significant. For example, if you reduce the debt on auto loans up to $ 10 thousand and arrange installments for 6 months, turning them to the bank for the remaining two years will have only a few hundred dollars.
Finally, the most important thing: do not chase the shares, during which banks offer loans with deferred. After all, the credit Holidays "ordinary borrower (especially mortgage) can obtain at any time! If the borrower's financial situation suddenly deteriorates, he should not despair. You can contact your credit manager with a request to reformat the schedule of payments and, if before that time a loan repayable in gently, the bank probably will meet the client. The best option - it is the extension of credit (and, consequently, reducing the size of current payments), rather than a temporary exemption from payment of the principal amount. Indeed, in the first case, the borrower continues to steadily pay off the bank, and gradually reducing the amount of debt and accrued interest.
How much are they giving?
The longest "vacation credit" - in three years - in Ukraine offers Bank Finance and Credit ". Other banks limit the grace period 6 - 24 months, not more (see table).
Sometimes the programs are offered to delays in the shares and an estimated decrease in 0,5 - 1% rate on the loan (like, for example, Ukrsotsbank and Kreditprombank). However, most rates on loans "suspended" differ little from those offered in conventional loans.
Can not pay?
Credit terms of grace period in Ukrainian banks
Dentist Anton Mikhailichenko long wanted to take a loan to buy a car. In the cabin, where he decided to buy a car, told him about the campaign, which runs in conjunction with one of the major banks. She concluded that the processing of a loan to the borrower to take first six months does not repay the loan. The proposal seemed to Anton interesting, and he agreed. Already signed all the necessary papers, "happy" car owner learned that he was released only on payment of the loan principal, rather than the full amount of payment (with interest). Instead of the $ 550 a month for six months, Anton pay the bank for only $ 216.
All is good, but because the amount of debt in this period is not reduced, the total overpayment on the loan increased from 33% to 36%, ie $ 650. In the end, seemed to be profitable loan with deferred borrower brought some disappointment.
So with bankers, advertising the credit holidays, you need to be particularly attentive (such programs offer "Finance and Credit", Ukrsotsbank, Raiffeisen Bank Aval, "Arcade", "State Export", "Kreditprombank). They are not charities, right? :) The more the customer resides "in the credit leave," the more, in the end, is the total overpayment on the loan. It found "Money", the annual deferral increases the size of the overpayment on auto loans are on average 10 - 15%, and mortgage loans - to 4 - 5%. Ultimately, this "translates" not of one thousand dollars ...
In addition, most banks are allowed to defer repayment of the loan principal only, while requiring accurate calculation of accrued interest. At the same time most of the banks allowed the transfer payment charges only in the early period of loan and only if the loan processing with a large down payment - from 10% to 40% of the purchased property. Those few lenders that allow a delay in handy for the borrower when the entire loan period, limit the "breathing space" between 1 and 6 months, and only occasionally allowed to defer payment of the loan principal for the last month of service. So whether to accept the proposal of bankers to take a break in the payment of credit, and under what circumstances such "favors" can be profitable?
Who amiss?
Any financier known rule - the longer the borrower uses the money, the more they cost him. Therefore, the extension of credit or deferred payment make credit more expensive. Always. : (
And yet, despite this, the "vacation credit" may be beneficial to the borrower. For example, a time-out to pay for a mortgage loan after a home purchase will acquire furniture or make repairs, without resorting to borrowing for these purposes. If these additional costs are inevitable initially, it is worth thinking about how to search a loan with deferred payments.
For example, the delay for a year to pay for the body ten-year loan of $ 50 thousand at 12% per annum increase the resulting overpayment of $ 3 thousand, but if you do not do the extension, and take to repair loan, for example, $ 5 thousand for four years under the usual consumer credit 30% annum, the need to overpay $ 3,75 thousand and in addition, approximately $ 2 thousand to increase the maximum annual payment: ((sample calculation - in the annex to the online version of this article on the site www.dengi-ua.com).
Advantageous to delay and those who buy housing on the primary market and had some time to rent an apartment - up until construction is completed. Moreover, some banks are willing to grant an extension until the commissioning, which is often prolonged. So those who are to be serious waste after processing the mortgage, is to plan their family budget and estimate that can be profitable - or delay registration of additional loans.
Of course, it is worth to go into a small "credit holiday" and then, when money for the payment of installments on the loan is just not enough. In this case, the transfer payment would cost still cheaper than making a new loan to pay off the old.
Making out a loan with a delay, it is worth taking care that the possibility of "handling day" was the borrower not only once at the beginning of the period, but at least several times during the lending period. For example, UkrSibbank in mortgage program "Star Time" offers the borrower the opportunity two times over the entire loan term to take "credit holiday" duration from 1 to 6 months. During this period, the borrower should not pay anything at all - no body of credit, or interest thereon. These amounts are transferred and split into the following periods.
Benefit option and transfer the debt to the past months - in this case, an overpayment will be the same as in the standard scheme of repayment. For example, OTP Bank allows up to 30% of the body auto loan move to pay off in the last month of the loan. If the borrower can not repay the debt balance at once, he may ask to extend the loan repayment for another three years.
Choosing the bank is pre-calculate how much delay will increase the overpayment on the loan and how much money will be freed as a result. For example, significantly reduce operating costs for the loan (almost half) can only be car loans.
Upon payment of a mortgage so serious "discharge" is impossible. Because in the beginning of the maturity of mortgage payments on it for 70 - 80% of accrued interest. So credit holidays reduce the current payments for no more than 30%.
Do not rush
And yet again: in spite of tempting offers of bankers, the best way to increase the cost of credit than a postponement, not to find. :) Especially if you execute it at the very beginning of using a credit when the amount of the loan and interest will be the largest. If you ask installments in the middle or end of term loan, the borrower's loss may not be as significant. For example, if you reduce the debt on auto loans up to $ 10 thousand and arrange installments for 6 months, turning them to the bank for the remaining two years will have only a few hundred dollars.
Finally, the most important thing: do not chase the shares, during which banks offer loans with deferred. After all, the credit Holidays "ordinary borrower (especially mortgage) can obtain at any time! If the borrower's financial situation suddenly deteriorates, he should not despair. You can contact your credit manager with a request to reformat the schedule of payments and, if before that time a loan repayable in gently, the bank probably will meet the client. The best option - it is the extension of credit (and, consequently, reducing the size of current payments), rather than a temporary exemption from payment of the principal amount. Indeed, in the first case, the borrower continues to steadily pay off the bank, and gradually reducing the amount of debt and accrued interest.
How much are they giving?
The longest "vacation credit" - in three years - in Ukraine offers Bank Finance and Credit ". Other banks limit the grace period 6 - 24 months, not more (see table).
Sometimes the programs are offered to delays in the shares and an estimated decrease in 0,5 - 1% rate on the loan (like, for example, Ukrsotsbank and Kreditprombank). However, most rates on loans "suspended" differ little from those offered in conventional loans.
Can not pay?
Credit terms of grace period in Ukrainian banks
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