OREANDA-NEWS. November 16, 2011. The Bank of Moscow starts implementing special programs to refinance/restructure loans in the Swiss Francs and Japanese Yens.

The program includes several variants of refinancing/restructuring mortgages with the refinancing of the loan into rubles with the privileged conversion at the rate of the Bank of Russia and establishment of a privileged rate on the new ruble loan, and with the application of the privileged rate on the loan (without changing the loan currency). The term of the loan may be increased within 50 years to additionally decrease the debt burden.

"Realizing the social responsibility of business and offering special programs for borrowers in Francs and Yens we make the unprecedented conditions of helping borrowers, who face a difficult financial situation due to the growth of rates of these currencies, – Oleg Pyatlin, Head of the Mortgage Loan Department of the Bank of Moscow, commented, – the borrowers’ applications will be considered individually, and the terms of refinancing/restructuring will be defined jointly with the borrower. We will compare the current amount of payment, which has grown considerably in the ruble equivalent due to the growth of the currency rates, to the payment, which the borrowers would pay, if they initially took the loan in rubles for the similar period against the ruble rate then effective. In our opinion, it will also be fair to the mortgage borrowers, who has initially formalized the loan in rubles".