Loans in foreign currency were very popular a few years ago. They were extremely profitable. However, we all know that due to economic changes and the ubiquitous financial crisis, these loans began to get more expensive and interest in them fell. Now, when the situation begins to stabilize many people think back about the foreign currency loan. Are banks willing to provide them?
In connection with what happened to the loans taken in Swiss francs and the entire affair associated with it, banks today are reluctant to grant loans in foreign currency. The options in this regard have been significantly depleted. The hardest thing is to get a foreign currency mortgage in our country. First of all, no bank in Poland will give us such a loan in Swiss francs for the reasons mentioned above. The only option is to take such a loan in euros or British pounds.
Who can take a foreign currency loan?
Due to large changes in the system of granting foreign currency loans in Poland, few people can get this type of support. It turns out that the Polish Financial Supervision Authority has issued a special communiqué related to currency loans. This message applies to taking out mortgage loans.
We can, of course, do it, but we must earn income in the currency in which we want to borrow. This regulation also applies to people who receive very large incomes. Thus, there are clearly visible exacerbations regarding foreign currency loans.
Profitability of foreign currency loans
The regulations introduced by the Polish Financial Supervision Authority have meant that loans taken out in foreign currencies are only profitable for people working abroad. Only they can take out such a loan and calculate whether this type of solution is ideal for them.
First of all, it should be emphasized that such people are in a favorable situation because taking a loan in a foreign currency do not have to worry completely about the volatility of our zloty exchange rate. Talking about their currency risk is easier. It turns out, therefore, that a foreign currency loan is a very good idea if we earn in US dollars, euros or British pounds. You just need to find the right bank that will give us a currency loan under the best conditions.
Offers foreign currency loans
Not all banks offer currency loans today. However, we can find several attractive options via the Internet. First of all, we have to take into account that such loans will have to be repaid up to 35 years. By default, however, the repayment period is 30 years in most banks.
It should also be taken into account that banks considering our loan application do not only take into account current earnings, but also predict how our financial situation will look in the future. As a result, we can not always count with a positive consideration of the application. They can only count on those who are stable in financial terms and this stabilization will continue for many years. Only then does the bank see us as a profitable customer.