Does the Russians encourage a new law to get a mortgage?
It became known that a draft law on encouraging citizens to accumulate a down payment on a mortgage has already been sent to the government from the State Duma. At the end of March 2019, he should return to the State Duma and they will begin to consider it. What was stated by the chairman of the State Duma Committee on the financial market Anatoly Aksakov.
As it became known RIA News, the bill provides for the introduction of a housing savings mechanism. Thanks to this mechanism, as expected, the Russians will be able to get a loan to buy a home when they accumulate an initial down payment on a mortgage.
According to the document, only banks approved by the Central Bank in the deposit insurance system will participate in the program. Banks will be required to pay interest on such deposits and, after a period specified by the contract, issue a mortgage to the client. The contract will record the amount of savings, upon reaching which the client can apply for a mortgage, the amount of the housing loan itself, the term of the savings, the size of the deposit rate. It is too early to say how beneficial this will be for banks or citizens, because it is hard to say how it will turn out to be the adopted document and how it will work in practice.
About the initiative it became known a year ago. Then Aksakov said that the interest on such deposits may be higher. However, the bank will be obliged to issue a cheaper mortgage when the deposit of 20% is accumulated on the deposit. It should be noted that banks then, very ambiguously evaluated this project. They feared difficulties with the poor credit history of potential borrowers.
In addition, then it was supposed to make the housing and savings deposits of the Russians irrevocable. But this norm was not agreed upon with the government and is missing in the current version of the bill. However, the depositor in any case will not be able to get his savings from the bank upon request. There will be some kind of procedure.
At present, as Aksakov clarifies, the initial comments of the government regarding housing and savings deposits of citizens have been taken into account, the draft law has been finalized and re-sent to the government for approval. The term of the mentioned agreement will be at least one year and the down payment on the mortgage cannot be accumulated in several banks.
The Bank will be entitled to refuse the mortgage to the client in the future if it considers that the potential borrower may not repay the loan on time. In turn, the client will also have the right to refuse a mortgage if it notifies the bank before the contractual deadline for its conclusion.
As it became known RIA News, the bill provides for the introduction of a housing savings mechanism. Thanks to this mechanism, as expected, the Russians will be able to get a loan to buy a home when they accumulate an initial down payment on a mortgage.
According to the document, only banks approved by the Central Bank in the deposit insurance system will participate in the program. Banks will be required to pay interest on such deposits and, after a period specified by the contract, issue a mortgage to the client. The contract will record the amount of savings, upon reaching which the client can apply for a mortgage, the amount of the housing loan itself, the term of the savings, the size of the deposit rate. It is too early to say how beneficial this will be for banks or citizens, because it is hard to say how it will turn out to be the adopted document and how it will work in practice.
About the initiative it became known a year ago. Then Aksakov said that the interest on such deposits may be higher. However, the bank will be obliged to issue a cheaper mortgage when the deposit of 20% is accumulated on the deposit. It should be noted that banks then, very ambiguously evaluated this project. They feared difficulties with the poor credit history of potential borrowers.
In addition, then it was supposed to make the housing and savings deposits of the Russians irrevocable. But this norm was not agreed upon with the government and is missing in the current version of the bill. However, the depositor in any case will not be able to get his savings from the bank upon request. There will be some kind of procedure.
At present, as Aksakov clarifies, the initial comments of the government regarding housing and savings deposits of citizens have been taken into account, the draft law has been finalized and re-sent to the government for approval. The term of the mentioned agreement will be at least one year and the down payment on the mortgage cannot be accumulated in several banks.
The Bank will be entitled to refuse the mortgage to the client in the future if it considers that the potential borrower may not repay the loan on time. In turn, the client will also have the right to refuse a mortgage if it notifies the bank before the contractual deadline for its conclusion.
Information