How the mortgage in Russia develops?
the population had Several years ago no idea of a mortgage at all. It is insignificant small part of the Russian families could use terms of a mortgage loan on annual percent extortionate today offered by banks with a big initial contribution.
used a mortgage only 2% of the Russian families Today. While 61% of the population need improvement of living conditions according to Federal construction agency and zhilishchno - to municipal services. The small part of the Russian citizens, about 9 - 10% can independently solve this problem without attraction of proceeds of credit, the rest remains the only exit from this situation - to use a mortgage loan.
Today other terms, than at the beginning of development of a mortgage in our country are offered to consumers of this type of a credit product absolutely. The mortgage loan is granted by 350 banks, offering more than 1000 credit products. It is possible to obtain a mortgage loan for up to 30 years, under 9 - 10% per annum in dollars and 10 - 12% in rubles with an initial contribution of 10 - 30% today.
Leaders in use of mortgage loans are the Moscow region (Moscow and area) and St. Petersburg, then there are Volga, Siberian, Ural, Far East and Southern districts. It is possible to notice a stable tendency of increase in a share of regions in the all-Russian mortgage lending.
Today successful development of a mortgage rests against some obstacles. Major factors it is possible to call the following:
Low volumes of construction and input of new housing (on average in a year there has to be a gain for Russia of 145 million square meters a year while only the third part is carried out). The integrated approach is necessary for the solution of this problem. “ The policy in the field has to provide active actions in several directions at once, - the president of Association of regional banks of Russia Alexander Murychev claims. - As main of them it should be noted: overcoming of deficiency of the land plots with developed inzhenerno - municipal infrastructure, ensuring competitive character of distribution of land under building, development of production capacities of a construction complex and creation of effective funding mechanisms for construction “.
Limited solvency of the population. Taking into account a prompt increase in prices for real estate it is simply heavy to population to cope with monthly payments on mortgage loans if it concerns “ pure “ purchases. Also having requested from bank a certain sum for the credit and not having managed to pick up option for purchase from - for sharp growth of the price, borrowers should address to bank again, but already behind other sum.
Insufficiently low interests for the credit in comparison with the USA and Western Europe, where interest rates at the level of 3 - 7% per annum. Today in Russia it is possible to obtain a mortgage loan under 9 - 10% per annum in dollars and 10 - 12% in rubles. Naturally banks gradually fly lower rates. With arrival of foreign investors on the Russian market it will be possible to expect essential decrease of interest rates.
Psychological factors: the population just is afraid to borrow such large sums for 15 - 20 years, being afraid of uncertainty both in economic stability in the country, and in the life. The population just is afraid to be left without housing as a result. However only isolated cases of loss of the apartment as banks first of all are interested in receiving the credit money given on purchase of the apartment are known.
Imperfect legislation: modification of the regulations providing protection of interests of creditors and the rights of borrowers is necessary. Serious obstacles for banks exist in crediting of new and unfinished housing where there is no property right to housing yet and encumbrance cannot be imposed. Low rates of development and improvement of the legislation slow down development of mortgage lending.
Need of simplification of procedure of receiving a mortgage loan and mitigation of requirements of banks to the borrower. For this purpose a lot of things are already made: many banks agree to take into account at calculations of solvency of the borrower “ gray “ salary, consideration of the application an initial contribution on average 10 - 30% were reduced to several days, and some banks are already ready to issue the credit and in general without initial contribution.
at the population various additional expenses on receiving the credit and the commission which can significantly raise an interest rate for use of the credit Also reduce popularity of a mortgage loan. However, for the last, 2006 many banks refused the majority of them.
The integrated approach is necessary for further development of mortgage lending, the member of the committee of the State Duma on taxes and fees Alexander Kogan considers. It is necessary “ to inform people, to raise their income, to clean bureaucratic barriers. Besides, it is necessary to debug systems of granting the land plots under new construction, to increase its volumes, including using the new " technologies;.
However with confidence it is possible to tell that popularity of mortgage lending in our country gains steam and more and more Russian consumers seek to use this financial instrument for increase of the quality of life and expansion of vital space.