UKRAINIAN INDEX
OF EFFECTIVE INTEREST RATES
ON CONSUMER LOANS FOR INDIVIDUALS
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CreditMarket Index: a mean effective rate on mortgage growing steadily to 25.35%

CreditMarket Mortgage Index has increased to 25.35% by 29 August 2012 against 24.22% recorded on 15 August 2012 (a mean effective rate on mortgage loans per annum, in UAH) compared to 24.05% recorded on 01 August 2012. The information is as of 29 August 2012.

Denys Rakovsky, Sales Director at KreditMarket: “CreditMarket Mortgage Index is growing steadily; it has increased by 1.13 p. p. and reached 25.35% (against +0.17 p. p. in the previous period). It’s the highest point of CreditMarket Mortgage Index recorded by us since the calculation start (since July 2011). The previous highest point was recorded on 18 January 2012 when the mean effective rate on mortgage increased to 25.14%.

For the last two weeks since the previous calculation eight out of fourteen banks from our CreditMarket Mortgage Index list (Ukrsotsbank, Erste Bank, OTP Bank, Sberbank of Russia, Pireus Bank, VTB Bank, Kredobank, Oschadbank) have changed the mortgage loan terms: these banks increased the nominal interest rate which resulted in the growth of a mean effective rate for this crediting type.

As we mentioned many times, the state mortgage program launched by the government did not practically affect the terms of standard mortgage products of commercial banks, at least at the current stage.

In our opinion, the key rate growth factor is a strong deficiency of long-term monetary resources in the Ukrainian credit market. Unfortunately, today we do not see any significant prerequisites for changes in the market. Moreover, we still observe a steady growth of the cost of long-term hryvnia resources used by banks for real estate crediting. In particular, the interest rate for 12 months UAH deposits published by the NBU has increased by 1 p. p. since mid-July.

In the mid-term we don’t see any prerequisites for CreditMarket Mortgage Index falling below the current value, however, a further slight growth is quite possible.”

Information

CreditMarket Mortgage Index is calculated on the basis of loans granted at 70% of a purchase price of secondary market apartments for the term of 10 years. Promotional offers and credit on forfeited pledge excluded. The redemption scheme is annuity, or in case of no proposals – a serial loan. Currency – UAH. Principal is up to UAH400, 000 (the cost of an apartment – UAH571,500).

Index Values History

DateValue 
14.02.2014 23.10%
29.01.2014 23.10%
14.11.2013 23.10%
01.10.2013 23.14%
15.09.2013 23.24%
28.08.2013 23.24%
31.07.2013 23.96%
12.07.2013 24.04%
27.06.2013 25.30%
12.06.2013 25.30%
29.05.2013 25.64%
15.05.2013 25.64%
24.04.2013 25.64%
10.04.2013 25.64%
26.03.2013 27.34%
12.03.2013 27.43%
26.02.2013 28.48%
13.02.2013 27.94%
30.01.2013 27.94%
20.12.2012 28.64%
06.12.2012 28.64%
21.11.2012 28.13%
07.11.2012 28.13%
25.10.2012 27.12%
11.10.2012 26.76%
27.09.2012 26.39%
12.09.2012 25.79%
29.08.2012 25.35%
15.08.2012 24.22%
01.08.2012 24.05%
18.07.2012 23.86%
04.07.2012 24.09%
20.06.2012 23.83%
06.06.2012 24.00%
23.05.2012 24.00%
10.05.2012 24.12%
25.04.2012 24.12%
18.04.2012 24.14%
11.04.2012 24.13%
28.03.2012 24.13%
14.03.2012 24.35%
29.02.2012 24.34%
15.02.2012 24.29%
18.01.2012 25.14%
04.01.2012 24.44%
21.12.2011 24.44%
07.12.2011 24.35%
23.11.2011 23.37%
09.11.2011 22.83%
26.10.2011 20.37%
12.10.2011 20.37%
28.09.2011 21.52%
14.09.2011 21.52%
31.08.2011 20.37%
17.08.2011 20.37%
03.08.2011 20.37%
21.07.2011 20.37%
06.07.2011 19.22%
 

 

 
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