Banks will be forbidden to raise rates for issued personal loans unilaterally – on September, 25, 2009, the corresponding bill has been brought in the State Duma of the Russian Federation.
According to the amendments developed by Vladislav Reznik, Chairman of the State Duma Committee on the Financial Markets, bank cannot reduce credit period unilaterally, increase rates and commissions on operations. It concerns personal borrowers. Now banks have the right to change rates on the credit if it’s specified in the credit contract with the borrower.
Banks, issuing mortgage loans, would suffer from these amendments in the first place. Probably, they will have to make a primary increase of rates or to issue adjustable-rate mortgage loans.
Kommersant
