CrimeaPRESS reports:
With an increase in mortgage rates by 2%, the monthly payment will increase by 13.22%, according to experts from the federal company «Etazhi».
After the increase in the key rate, most banks announced an increase in standard mortgage rates by 2%, but there are still banks that keep the same rates and are ready to approve applications with the preservation of conditions for a period of two weeks to 90 days— told Izvestia Tatyana Reshetnikova, Deputy Head of the Mortgage Department of the Federal Company Etazhi.
According to her, with a down payment of 15% and a loan term of 20 years, an increase in rates by 2% from 11.5 to 13.5% will lead to an increase in the monthly mortgage payment by 13.22%, and the overpayment on the loan will increase by 21.69 %.
To compensate for the increase in the cost of a mortgage, it will be enough to find an apartment with a discount of 9.92%, in which case both the monthly mortgage payment and the overpayment will remain at the same level, as with a loan at 11.5%, and with a loan term of 10 years, the discount should not be less than 6.52%— Reshetnikova explained.
At the same time, the growth of rates under standard programs again leads to the fact that mortgages in the primary market become more affordable, which may lead to another wave of price growth in the segment of new buildings.
It is quite difficult for secondary real estate to compete on price with new buildings with the increased difference in mortgage rates. With a loan term of 20 years, an apartment on the secondary market should cost 34.56% less than a new building purchased on a family mortgage at 6%, and 26.11% less if an apartment in a new building is purchased on a preferential mortgage at 8%— summed up Reshetnikova.
She also noted that with such an increase in rates, buyers will actively bargain when buying ready-made housing and opt for short-term loans in order to reduce the overpayment.
In addition, at an extraordinary meeting, the Central Bank of Russia decided to raise the key rate from 8.5% to 12% per annum. From August 22, banks will update mortgage rates: most will raise them by at least 2%. This will lead to an increase in monthly payments and overpayments on the loan by almost 25%, according to ASTERUS.
Using the example of an apartment in one of the metropolitan residential complexes, specialists from ASTERUS calculated how much the monthly payment on a mortgage loan and the final overpayment will increase after raising the key rate to 12%.
Now an apartment worth 19,657,000 rubles at the current market rate of 12.4% and a down payment of 15% (2,950,000 rubles) will cost the owner 177 thousand rubles a month with a loan for a period of 30 years. The overpayment for the entire period will amount to 47 million rubles.
Taking into account the new rate of 14.4%, which will be set from August 22, the monthly payment for the same apartment will already be 203.3 thousand rubles a month, and the overpayment for the entire loan period of 30 years will be more than 56 million rubles.
Thus, the monthly payment will increase by 15%, and the overpayment — by almost 22%.
In the autumn months, you can expect a decline in the market for new buildings. People will need time to adapt to new lending conditions, new rates and prices. The conditions will also change for subsidized mortgage programs: commission fees to banks will increase, so real estate for the client will become more expensive— comments Vera Stefan, commercial director of ASTERUS.
The increase in rates will occur in the secondary housing market. But state subsidy programs have not been developed for it, so demand will flow to the primary housing market.
However, this fact both contributes to the demand for new buildings and limits it. Today, about 30% of clients, when buying a new home from a developer, sell their existing property on the secondary market. Their capabilities will depend on how quickly the sale will take place and on what conditions.the expert explained.
In her opinion, it should be borne in mind that following the key rate of the Central Bank, deposit rates will increase and some potential customers may postpone the purchase of housing by returning money to deposit accounts in banks.
Earlier, on August 17, it was reported that Sberbank would raise rates on basic mortgage products by 2 percentage points from August 22. As a result, the minimum rate for new buildings in Sberbank will be 13.4%. Secondary housing can be purchased with a mortgage of 11.7%.
On the eve of the realtor, real estate expert Oleg Bendrikov said that the increase in the key rate to 12% per annum by the Central Bank of the Russian Federation will provoke a sharp increase in demand for real estate, which will lead to higher prices.
The expert recalled that last year, when the key rate was raised to 20%, this led to a sharp demand for real estate. This was due to the fact that people who had pre-approved mortgages at low rates rushed to buy properties to use it.
source: News
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