the Government adopted the program of preferential mortgage at 6.5% per annum, which is almost half the current rates. It would seem that the important and positive step, which should allow many citizens to solve the housing problem. However, experts believe, to the mortgage boom of the reduced rate will not. In humans at least there is no money for the first payment of 20% of the property value.
If anyone had a financial reserve, its corny eaten during the period of quarantine. Incomes fell, all the savings go to the bottom, and no benefits does not force the vast majority to spend the money on something else. As a result, the program can use no more than 5-10% of borrowers who are fortunate enough not to lose his job and not to cut salaries.
Prime Minister Mikhail Mishustin signed a decree on the program of preferential mortgage at 6.5% per annum. Unprecedented low percentage may be achieved at the expense of state subsidies to banks under this program. “The rate is not above 6.5% is maintained for the entire term of the loan, — the press-service of the Cabinet. — The program is distributed on home loans to 8 million roubles in Moscow and St. Petersburg and up to 3 million rubles — in other regions of the country.” Loan pricing is not the only constraint to be faced by the borrower who dream to purchase a house. Preferential mortgage will be valid only until November 1, 2020, the minimum contribution of 20%, and for those who want to extend the living space, the benefit is even forget.
market Expert real estate Academy of management Finance and investments Aleksey Krichevskiy, without questioning the importance of government decisions, highlighted problematic aspects associated with a reduced mortgage. “Not everywhere there are apartments in new buildings suitable for value — he says. — Very few apartments in Moscow and St. Petersburg, which sold for 8 million rubles, and in the regions – 3. It is about those areas that are suitable for a large family, and with this purpose usually take the mortgage. Moscow family with a child can not buy an apartment in the building for the same 8 million roubles — the normal trite one-bedroom apartment will cost more”.
According to QIAN, under the requirements of the new program of preferential mortgage lending fit only 45% of the apartments in the cities with population from 500 thousand people. The average area of lots — 45 sq. m. Is 25% less than the average in the market.
the government’s program assumes that in the next six months will issue up to 250 thousand new mortgage loans. However, notes Krichevsky, because of the restricted conditions, it is difficult to say what the figure will turn out in the end. Plus no one knows when it will end the pandemic and how this will impact future income.
meanwhile, in 2019, Russia had issued 1.27 million of mortgage loans — 14% less thm in 2018. Only in Russia issued about 50 million credits, the share of mortgage is about 12%.
Another problem facing those wishing to obtain an apartment at a reduced rate: first payment — not less than 20%. In the cities, not to mention the two capitals, we are talking about millions roubles. People just can’t afford it. The isolation only lasts a month, but for people who, for example, worked in the service sector, the source of income has disappeared two months ago, so all the savings go for food and mandatory payments. Those lucky people for whom the presence of millions of rubles – not a problem, has already solved their housing problems without any benefits.
“I don’t think we’ll see a housing boom. It should be a loan, limited in amount to 8 million roubles in Moscow and up to 3 million in the regions of Russia. 20 years — the maximum term of the loan. Not everyone will cope with such conditions, says Director of sales office “BCS” Vyacheslav Abramov. — In addition, those wishing to issue a mortgage should not be of their homes. The preferential rate will not be available for those who are planning the expansion of the living space.”
“This mortgage is aimed mostly to support the construction industry. Cheaper mortgage to 6.5%, with government support, will attract to the market a lot of money,” — said chief analyst at Teletrade mark Goikhman. Recall that the average rate on housing mortgage loans (HML) is 8.7%, according to the Central Bank of Russia on March 1.
Head of research Department Amarkets Artem Deev suggested that favorable conditions for borrowers may be perceived by developers as an excuse to increase property prices. At the end of March, against the background of excessive demand of the population to buy housing, developers have raised prices by an average of 5-10%. At the same time, banks willing to make loans at a concessional rate. “Banks are interested in attracting the remaining “quality of borrowers”, as the proportion has been steadily declining, but the proportion of borrowers with a high debt load and already marked by the increase of defaults on loans”, — believes the analyst.
According to experts, in General, a program can use no more than 5-10% of borrowers from the category of those who kept the workplace and whose wages significantly above the average in Russia.
