Often, after taking out a loan, the question of refinancing it in the same bank arises. Changing conditions, reducing the amount of payments - all this greatly worries borrowers. Does the financial institution provide such services and are they so beneficial?
It is unprofitable for the bank to refinance its own loan. We will have to replace expensive and very good credit with cheaper ones. The lender seeks to retain the client at any cost, especially if the client pays regularly.
Refinancing: what is the benefit
It is quite possible to achieve your goal even without refinancing by providing bonuses, pre-crediting in the required amount at a lower rate. In this case, all competitors' bids are taken into account.
More favorable terms may be offered for granting loans in the future. On its own initiative, the bank will not provide any privileges.
Managers can only voice proposals to regular reliable customers. At the same time, the loan should not cause problems, and the borrowed person expressed a desire to transfer to another institution.
However, there are some exceptions here. Sberbank allows refinancing only for loans issued in their office only when combined with the debts of third-party organizations.
A maximum of five loans are allowed. If there is a consumer loan from Sberbank and, for example, a loan from Gazprombank, both debts are combined at a lower interest rate. The main advantage of the service is the provision of an additional amount for personal needs.
Special refinancing programs are offered at third party banks. Even a couple of percent reduction is successful. Experts call VTB one of the most profitable institutions for such an operation with 10.0% per annum. But Alpha offers a credit card at a zero rate for two months, and Tinkoff - for 55 days.
It is pointless to rush to re-lend a mortgage: you will have to spend money on revaluation of property again. So it is important to calculate all possible costs in advance. It is possible that the costs will far exceed the expected benefits.
Restructuring: pros and cons
Debt restructuring is proposed as a variant of the operation. To accept the application, the bank must ascertain the seriousness of the reasons for such an action.
Good reasons are recognized:
- loss of work through no fault of the person being credited;
- loss of a breadwinner;
- the birth of a child, care on credit;
- military service;
- deterioration of health with serious medical intervention.
Each reason must be documented. If everything is correct, the application is approved. The bank can offer several options for solving the problem:
- provide credit holidays: the borrower does not pay interest for some time;
- change the account currency: dollar mortgage to ruble;
- extend the loan term to reduce the amount of payments.
However, the main difference between restructuring and refinancing is as follows. The first service is issued in the same bank where there is a debt. Reducing the amount of payment is allowed only by extending the term of the contract.
As a result, the final overpayment increases. And the maximum efficiency is possible only for the first five years of repayment. In the future, the meaning is lost: in the first years, most of the interest is paid off with a minimum of the principal debt.
It is more profitable to refinance a loan in a third-party organization. In your bank, it is better to draw up only restructuring without changing the rate.
