In May, the installments of many loans will fall by over PLN 100

Interest rates of mortgage loans are based on WIBOR rates. The decrease in WIBOR 6M is so significant that in many cases the installment after the interest rate update will be over PLN 100and sometimes over PLN 200 lower than before. For example, a loan installment for PLN 400,000 for 30 years, granted last year with a variable interest rate, for the last 6 months was about PLN 2,893. After the interest rate update, for the next 6 months, it will be PLN 2,753, so the installment will drop by as much as PLN 140.

How much the installment falls depends on several factors

However, how much the installment falls depends on several factors. Of course, the amount is important. If it was a loan, e.g. at PLN 700,000, the installment will drop by as much as PLN 245. It is also important when the loan was granted. The “older” it is, the smaller the impact of foot reductions, so the smaller the decrease in installments.

Key update of the interest rate on a given loan

It is also key when it takes place Update of the interest rate on a given loan. If the last took place, for example, in March, then you will have to wait for the next installment until the next. In the case of loans with an interest rate based on WIBOR 6M, this is done once every 6 months, and those based on WIBOR 3M – once every 3 months.

The rate is the basis for calculating interest rates

Of course, the one which is also important The rate is the basis for calculating interest rates. If it is WIBOR 3M, then the fall in installments after the next update will be lower than in the case of WIBOR 6M. In the case of the said loan for PLN 400,000 for 30 years, the next installment will drop by PLN 55 (from PLN 2,882 to PLN 2,827). It should be added, however, that for a loan based on WIBOR 3M, which will have an update in April, the next update will be in July – and then the installment will probably fall again. In turn, a loan based on WIBOR 6M after April update will be next in October. In this entire period, the installment of the installment will therefore be similar.