Russians lined up for cheap apartments
In Russia, the mortgage boom. Its attack is noted by many analysts and experts of specialized publications. Demand for mortgages is growing, due to a general drop in property prices and a decrease in down payments. So, in the first two months of 2018, VTB alone issued 26 thousand loans for the purchase of housing in the total amount of 58 billion rubles. The total mortgage debt of Russians by the end of 2017 amounted to more than 5 trillion rubles, and analysts believe that by 2020 this figure could double.
Now more and more mortgages are given with an initial payment of less than 20% of the total value of the property. Is this good or bad? For citizens concerned about purchasing their own housing, the more affordable the mortgage, the better. However, experts note that low down payments pose serious risks for banks. After all, the less the borrower gave the money as a down payment, the more likely it is that he will not be able to pay off the loan.
The average mortgage rate in the country is about 10%. It is less than before. Buying an apartment on a mortgage has become easier, but does this indicate an economic recovery in the country? In fact, household incomes have not been growing for a long time, which means that people may experience problems with repayments on loans. The average mortgage in modern Russia is about 2 million rubles. And in recent years, it has grown by almost a quarter.
Now, on average, borrowers pay 21 thousand rubles per month, while the approximate household income is about 44 thousand rubles per month. The Bank of Russia is concerned about tightening control over the provision of mortgage loans, as it believes that more than half of the average household income should not be spent on it. Otherwise, the risk of a borrower failing to pay a mortgage loan increases very seriously. On the other hand, without mortgage lending, most Russians simply will not be able to purchase housing, which means that the residential real estate construction market will practically stop.
The desire of people to obtain mortgage loans is also fueled by the social benefits provided by the Russian government. So, now you can use maternity capital as an initial contribution on a mortgage loan, and this is 453 thousand rubles. Many Russian families have a certificate of maternity capital - the only means by which they can pay the down payment. Further, citizens expect that they will cover the mortgage from current incomes, but as incomes decline, these calculations are not always justified. Many Russians eventually make requests for refinancing a mortgage.
Low mortgage rates pose great risks for banks and in the future, because if inflation increases, such credit programs will become unprofitable for banks. If banks are unable to cope with the volume of mortgage refinancing, then serious problems may come - both for borrowers and for the banking system of the country as a whole.
Now more and more mortgages are given with an initial payment of less than 20% of the total value of the property. Is this good or bad? For citizens concerned about purchasing their own housing, the more affordable the mortgage, the better. However, experts note that low down payments pose serious risks for banks. After all, the less the borrower gave the money as a down payment, the more likely it is that he will not be able to pay off the loan.
The average mortgage rate in the country is about 10%. It is less than before. Buying an apartment on a mortgage has become easier, but does this indicate an economic recovery in the country? In fact, household incomes have not been growing for a long time, which means that people may experience problems with repayments on loans. The average mortgage in modern Russia is about 2 million rubles. And in recent years, it has grown by almost a quarter.
Now, on average, borrowers pay 21 thousand rubles per month, while the approximate household income is about 44 thousand rubles per month. The Bank of Russia is concerned about tightening control over the provision of mortgage loans, as it believes that more than half of the average household income should not be spent on it. Otherwise, the risk of a borrower failing to pay a mortgage loan increases very seriously. On the other hand, without mortgage lending, most Russians simply will not be able to purchase housing, which means that the residential real estate construction market will practically stop.
The desire of people to obtain mortgage loans is also fueled by the social benefits provided by the Russian government. So, now you can use maternity capital as an initial contribution on a mortgage loan, and this is 453 thousand rubles. Many Russian families have a certificate of maternity capital - the only means by which they can pay the down payment. Further, citizens expect that they will cover the mortgage from current incomes, but as incomes decline, these calculations are not always justified. Many Russians eventually make requests for refinancing a mortgage.
Low mortgage rates pose great risks for banks and in the future, because if inflation increases, such credit programs will become unprofitable for banks. If banks are unable to cope with the volume of mortgage refinancing, then serious problems may come - both for borrowers and for the banking system of the country as a whole.
- P P 'SЊSЏ RџRѕR "RѕRЅSЃRєRёR№
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