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Friday, March 23, 2018

The program will support the mortgage ends, what next

Mortgage loans are issued, but sluggish. Driver of market growth remain state subsidies, allowing banks to lend to borrowers at a concessional rate. Bankers are strongly advised not to delay loan processing: the program is valid until 1 January 2017, and until the prospects for its prolongation vague.

photo: Gennady Cherkasov

Goodbye, subsidies!

Head of ATS “Cf.ru” Vadim Tikhonov reported that on September 1, 2016 total mortgage portfolio of Russian banks amounted to 4.27 trillion roubles. Of these, about 97% were ruble-denominated loans. “The pace of growth from year to year decline: 7% in the first nine months of the year 2016 relative to 2015, 13% in 2015 in 2014, 33% in 2014 to 2013,” says the Chairman of the Board of Rosgosstrakh Bank Asker Enikeev. Judging by the dynamics, by the end of this year in volume and in units of the mortgage loans will be issued approximately 6-8% more than in the past. “But current volumes are far below renditions of 2014”, — says the banker.

However, this growth could not be estimated “ipotecaria”, about 40-60% of the results (the proportion depends on the credit policy of a particular Bank) are currently providing government subsidies. The program launched in 2015 and allows the bankers to give loans for purchase of primary residence at a reduced interest rate. “Now the average rate is at the level of 12.73% per annum, but we understand that almost half of the market is state support at a rate below 12%. That is, the average rate on loans for second homes is at the level of 13.4 to 13.5 per cent,” says senior Vice-President of VTB 24 Andrey Osipov.

The program ends January 1, 2017 and most likely will not be extended. “The program of state support has had a major impact on the market, but it has already played its role and will no longer make economic sense by reducing the key rate, — said the Deputy Director of financial policy Department of the Ministry of Finance Sergey Platonov. — As for our further views on how to support a mortgage, they are stated in new wording government resolution No. 220. Banks, in particular, will now have the assignment of mortgage agents for mortgage loans”.

“If you have already chosen your dream apartment, then now is the best time for the acquisition of property using the state program until it ended”, — advises the head of Department of development of mortgage products of Bank “Opening” Anna Yudina.

Margin for “shadow”

With rates found — if possible, do not put off the purchase of a flat in a drawer. After all, the classic mortgage rates largely depend on the key rate of the Central Bank. In September it was lowered to 10%, but in the future, the regulator made it clear — before the end of the year, this figure will not be reviewed. In October, Sberbank and VTB24 announced the decline in mortgage rates, but in the future the price tag on mortgage products formed under the influence of further monetary steps by the Central Bank. If next year the rate will be reduced — you can expect to reduce the price of housing loans. But while it is necessary to focus on the current “price”.

As regards the qualitative characteristics of modern mortgage products, in General they have remained the same: the perfect borrower must earn enough for a mortgage payment, had not more than 30-40% of your monthly income. Moreover, the income of this should be “white” — will have to Tinker with a certificate 2NDFL. Nalogoplatelshikov with “black” salary chance to be the hero of the novel is also a mortgage is — a certificate of income from work in the form of the Bank has not been canceled. But, of course, the “shadow” borrowers offer an interest rate several percentage points higher than white and fluffy: so, the Bank insures its own risks.

Some players offer a mortgage on two documents with the initial contribution of 30-40%, but here is the classic rule: the less documents you provide, the more expensive the loan.

Educational program for beginners

“EV” asked the financiers to give some advice for mortgage holders.

Director of mortgage lending SMP Bank Natalia konyahina recommends to accumulate a down payment of more than 30%. The higher the down payment, the lower the interest rate and the lower the monthly payment.

Asker Enikeev sure: “it is Desirable to analyze all the offers on the market to use the advantages of joint programmes of developers and banks to carefully evaluate the property as his inadequate price even at a low rate can significantly increase the cost of the loan”.

“If you have the ability and desire to take the maximum amount for a minimum period. The loan will be cheaper,” — says Vadim Tikhonov.

Even the “white” borrowers on a rainy day is to have a financial safety cushion of at least 2-3 mortgage payments.

And finally, the mortgage should be issued strictly in the currency of income. Of course, who doesn’t risk doesn’t drink champagne. But, as shown by the infamous history of foreign currency mortgage holders who are at risk — and he’s not eating or sleeping. And is that drink Corvalol.


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