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Friday, October 21, 2016

“Putin persuade Russians to a mortgage in a stalemate”

During today’s meeting of Putin with the head of Sberbank German Gref, the question arose about the mortgage. The President noted that potential buyers of apartments do not expect a rate cut and it is better to decide on the purchase of housing now, when, according to GDP, interest rate, and so below the lower – “only” 12 percent.

“Because inflationary processes are developing, and so forth, so who wants and is ready, it is better to do now,” showed its awareness of the President.

Obviously, Mr Putin has drawn on more than an upbeat report from the Bank of Russia for the first half of 2016, the year in which black and white, that lately a number of approved and obtained mortgage loans increased by as much as 44 percent.

photo: kremlin.ru

“Nothing like that, probably not. Bankers are telling the whole story” answer this question “MK” addressed to those who are versed in this challenge almost better than the financiers, and certainly better than the politicians – the former currency of the food. One way or another, but these people last year were forced to solve their housing issue.

HELP”MK”. After a sharp jump in rates dollars and euros at the end of 2014 approximately 150 thousand Russians, who took credit in foreign, often exotic currency, were left with nothing.

Monthly these once more than wealthy members of the middle class – were forced to pay on its debt, which also grew, by about 150-200 thousand rubles. “Our apartments were worth less than we give,” worried unfortunates whom but themselves and journalists are not spared nobody. Including the President: during one of their straight lines, he said plainly that to help mortgage holders and to force banks to restructure loans of dollar to the ruble will not. Swam, well, yourself!

The most advanced in the legal and financial sectors were able to negotiate with the banks on equal terms (which under the agreement are secret and not disclosed): “Just at some point bankers realized that it is better to negotiate than not to get anything in the end. But we agreed not on emotions or feelings but on solid knowledge of legal loopholes and financial laws.”

Today, many foreign currency mortgage holders in this thread are like fish in the water better than other experts. It is their “MK” and was asked to comment on the recent credit initiative of the President

The President says it’s time to take out a mortgage again – lower than it is today, housing prices will not be.

– Things are not quite right – sure, 40-year-old Irina, a marketer, one of the former activists of mortgage confrontation of those who “hold fast” to the last, and still was forced to part with housing credit, as she has almost written a book. Actually, I think the mortgage market situation today is a stalemate – banks, in fact, cease to increase mortgage portfolios, as it is much less profitable in comparison with other areas of banking business.

– So you want to say that banks are reluctant to give a mortgage?

– It is not profitable to banks, and by the citizens and not beneficial, and scary. Earlier there were no such moods. Putin’s statement in such a stalemate, I think, is a veiled call for the banks still do not turn off this program

– As it is both a means and folding construction, the crisis in this sector of the economy – and then in increasing numbers in other sectors, right?

– People are just not ready in terms of reduced pay and insecurity – unemployment and so forth, to subscribe even on the mortgage. 12 percent, which the President says, it’s not really exact numbers. In fact for average credit with average parameters of market interest rate now is at least 15 percent. And only those who pay 20% of pervonachalno and beaet credit at least 15 years at least 4 million of 11-12 percent for the perfect options to the borrower.

Perfect ipotechnikam – he who, in the opinion of bankers?

– Perfect? It’s with an initial payment of 70 percent of the cost of housing and whose salary is three times higher than average monthly payment. But there are not more than 10 percent, and likely even less. Before the middle-class “climbed” mortgage and hope for the best, or at least on stability. Now understand, if something happens (like us, for example) – and no one will help. Should hope only for themselves.

Mr Putin may simply not reported…

Ilya SHABLINSKY, doctor of legal Sciences, member of the Council on human rights commented on the situation “MK”:

The words of the President in the controversy with the head of the largest Russian Bank, I can interpret only that Putin knows what next year will be worse, money will be even less and therefore encourages citizens that have to spend now, while it is possible though something to buy.

Current interest rate of the banks is unprofitable for everyone. For citizens, it is real – it really is about 15-16 per cent, and by the 17th year, simply can not physically be less. I recently took out a loan, however, not the mortgage, and gave it to under 18 percent. This bondage. A significant part of the salary. But if banks will lower rates, then their incomes will fall sharply, so that no one in their right mind would go.

Next year the economic situation should expect even worse.I assume that oil-producing countries will continue to increase production of oil, so the ruble against the dollar in the best case will retain its value or, most likely, will fall. People will have less money. To take out a mortgage on these conditions will be extremely difficult. So the conversation Putin and Gref did not cause enthusiasm and optimism. We, unlike Putin, does not know exactly how much is left in our coffers – the reserve Fund and national welfare Fund. But, apparently, not so much money.

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