Mortgage Loans in foreign currencies such as Swiss francs, will be przewalutować – establish rules adopted Wednesday night by the Sejm . To be able to benefit from the proposed solutions need to meet several conditions. The night, however, the vote resulted in a surprising change – most of the costs resulting from the difference in rates will assume the bank.
Update 6/8/2015 8:27
One of the conditions is the criterion surface property. In the case of housing, it can not exceed 100 square meters, and the house – 150 square meters. The property must be either used for their own needs. The criterion does not apply to area families with three or more children.
Under the new rules for conversion of mortgage loans would naturally occur at the rate of preparing a contract restructuring. It has to rely on a calculation of the difference between the value of the loan after conversion and the amount of debt, we would have at this point the borrower had in the past entered into an agreement with a bank for a loan in Polish zloty, and not in a foreign currency (how many would gain if he had a loan in US dollars, and not Helvetian currency).
In the original project the bank and the borrower dzieliby a difference in half. Half umarzałby bank, and the second half would provide a preferential loan with an interest rate of 1.5 percent. Yesterday evening, however, the vote brought a huge change. According to the amendment of the Alliance bank has to redeem up to 90 percent of the amount. If, however, the difference would be a negative value, it will not be subject to redemption, but it was the obligation of the borrower as a whole.
The legislation was also speaking on condition that the borrower can not have another apartment or another house. However, in accordance with the adopted amendment SLD with the power to restructure the borrower can also take advantage of having another dwelling or part of it, but if they are acquired through inheritance after taking out a restructured loan.
The adoption of a law on special rules for the restructuring of foreign currency housing loans due to changes in foreign currency exchange rates for the Polish currency 281 MPs were in favor, 2 opposed the and 150 abstained.
According to the authors of the Act new solutions are expected to cost the banks 9-9,5 billion zł, but at the same time they are to be exempted from paying income tax on remitted portion of the loan.
Recently, the work of the parliamentary commission of public finances applicants – Members of the PO – proposed that the restructuring of the loan could benefit people who purchased an apartment with an area of 100 sq. m and a single-family house with an area of 150 sq.
In an earlier draft law, the figures were 75 and 100 square meters. With this condition were exempted families with at least three children. After the changes in the law are still many children will not have to worry about the yardage their homes.
– initially considered increasing the limit on the size of the property only for families with two children, but ultimately decided to expand the range for everyone – says for money Forum Krystyna Skowrońska, Member of the Civic Platform, which corresponds to the party for this project.
Another important change concerns the date of the request. Banks would have only 30 days to answer the conversion, so as to not yield to the temptation to artificially prolong the process. This amendment particularly sharply opposed the Polish Bank Association.
Amendments PO pass. PiS loses
Public Finance Committee was strongly against the amendments of Law and Justice. Law and Justice deputy, Paul Szałamacha said that all walutowi the borrower should be able to change the loan. The politician complained that the proposals PO deputies will be able to use only ten percent of indebted in Swiss francs.
– This set of proposals of PiS is not the amendment, and a vast change of direction. In my opinion, this law would be unconstitutional. I know what our charges are too, but I am convinced that the proposal of the PO is consistent with the law – says Skowrońska.
The negative impact of these amendments the opposition also commented the deputy finance minister, Isabella Hazel. The Ministry of Finance pointed out that the adoption of amendments of Law and Justice will make the restructuring of the loan will benefit, including those who bought apartments for rent, for example, and treated them as investments.
Instant battle for votes frankowiczów PO
– I hope that today we will send a bill to the Senate, and certainly at the next meeting we will project that could become law already November 1st – assured even before the vote, Ms Krystyna Skowrońska.
It’s hard to resist the impression that the rate is related to the temptation of voters. Of this there is no doubt Tomasz Bursa expert in the banking sector with Opti Capital. – It is so twisted and these emotions made, that none of this good will not. It is obvious election campaign. Something first proposed the then candidate Duda, then the run AFTER found the answer and so are the results – lists of Bursa.
Recall: Health Minister first presented plans for the law on July 8 and at the end of this month Polish parliament adopted at first reading a draft law on the restructuring of foreign currency loans to buy apartments. There was no vote. At the request of the Sejm Deputy Speaker chairing the Meeting of Elizabeth Radziszewska no dissenting voices were raised. Later at an accelerated pace over the parliamentary commission working document, which proposed minor amendments today.
The project deputies of the Civic Platform is designed to enable conversion of loans in Swiss francs by 2020, but under several conditions. With such a solution will be able, after the changes, take advantage of those who bought an apartment no larger than 100 square meters or villa with a maximum area of 150 square meters.
The offer is directed only to debt, the value of the loan is 120 percent of the apartment. Thereafter until 2020 it is expected to decrease and eventually will also apply to loans under which those rates at 80 percent.
The idea is to loan denominated currency translation after the current exchange rate. The Bank will calculate how much it would cost the same obligation incurred in Polish currency. The difference between him and the current loan would be divided equally between the financial institution and the client.
In this way, the landlord would be with two loans: a mortgage, bearing interest of three-month WIBOR (now about 1.7 percent) of an additional margin of the bank. Secondly, there would be no obligation secured by mortgage, and the interest rate should not be higher than the current reference rate (now 1.5 percent).
Availability of support will increase. The costs do not?
The cost of this solution to financial institutions was estimated taking into account the initial proposals at about 9.5 billion. More interestingly, despite increasing limits footage of houses and apartments still Platform argues that the banks will pay the same amount. We must also always remember that ultimately will pay for the customers of those institutions which we all are.
– From ordered by us reports show that the expenses we talked about earlier was calculated with a big allowance. Currently, it can be concluded that the burden for the sector will be at the same level or slightly higher – provides Krystyna Skowrońska.
A completely different view is, in turn, Konrad Pluciński of direct.money.pl – Expanding the pool of loans eligible for the program of restructuring of these, for the financing of large apartments and houses theoretically can make the previously estimated 9.5 billion cost of the operation will significantly increase – says the analyst.
KNF praises the PBA and analysts criticize
The Financial Supervision Commission has been steadily argues that the project does not threaten the stability of the financial system. Although the cost of the exchange rate risk to be borne by the banks, but it would be spread over the years. According to the KNF, thanks to this project for the future borrower would have been permanently freed from this risk.
On the other hand, the PBA constantly reminds that court judgments so far not question the legality of the loans and the lender acted in accordance with the law. Polish Bank Association also requested that the law contains a means test.
Thomas Bursa from the beginning did not advocate this solution and its assessment of the amendment have not much make – I do not understand advisability of introducing this limit for yardage. I see no logical justification for it. Why would someone who has 300 meters can not count on support – rhetorically asks the analyst.
Few understand the difficulty politicians of the ruling camp has also Konrad Pluciński – Much of the borrowers will not want to incur high additional costs of the operation. Even if some of them will be discontinued, and the rest will be distributed in installments with preferential terms. Especially if you take into account the real possibility of rising interest rates – notes Pluciński.
– Others may have similar problems with repayment of the two installments of loans in zloty, which is now a foreign currency loan. The biggest advantage of aid proposals for frankowiczów seems to be that it will be optional, that is, the borrower will be able to decide himself whether he wants to use it – concludes the analyst.
Meet frankowiczów:
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