In June this year, they were granted 3107, in July – 3406. In the first half-year, they were 12,444 loans for the total amount of over USD 2,128 billion. Since the beginning of the program’s operation (i.e. from January 24, 2007) over 23 thousand. in total, they borrowed USD 3.4 billion.
For many people, using the “Family on their own” program is the only chance to buy your own M or home. And it is not about the fact that those interested in taking such a loan can count on lighter treatment by banks when determining their creditworthiness because in the vast majority of cases this is not true.
If they are able to obtain such a loan
During the first 8 years of financing of such liability will be much easier for them because of the installation may be even lower by USD 805.
However, warnings are becoming louder and louder that for many borrowers, cheap credit can be a trap. In August, the number of such loans dropped for the first time. 477 people less benefited from this offer than in July, which can not be fully justified by the holidays.
What should you be afraid of? As explained by Andrea Hadson, chief analyst at Good Finance, most potential borrowers do not know what amount of subsidy they can count on. And he counts on the maximum. Meanwhile, the surcharge is equivalent to 50 percent. interest accrued from the basis for calculating the surcharge at the reference rate (which is the basis for determining the amount of the surcharge) in force on the day the surcharge is calculated.
Pursuant to the Act, it is a variable interest rate, which is the basis for determining the amount of subsidies for interest on preferential loans. It is equal to the average three-month Credit Checker rate, calculated as the arithmetic average of quotations in the quarter preceding the given quarter, increased by 2 percentage points. Currently (i.e. in the third quarter) this rate is 6.44 percent.
What is it actually about?
Well, the fact that the state does not pay 50 percent. to our interest accrued to us at the bank where we took out a loan under the program, but only 50 percent reference rate, i.e. 3.22 percent So it may turn out that in an institution that imposes an exceptionally high margin on such a loan, incurring such an obligation will simply be a game of no candle.
Before deciding to submit an application, it is worth reviewing the offer of at least several banks, as the differences in their margins are sometimes very large. And banks that have an attractive loan on offer are not willing to explain all the complexities to customers. Some just hide the truth. Many institutions give a margin in ranges, then you know more or less what to expect.