Experts: Mortgages have been introduced into the psychological comfort zone. The rate was brought closer to the pre-crisis level

CrimeaPRESS reports:

The government has reduced preferential mortgages to 9%. This financial measure, according to experts, notes Moskovsky Komsomolets, has not only economic, but also psychological significance — the figure has approached to the pre-crisis 7% and ceased to be frighteningly high. And the next decision on hybrid lending was to combine a preferential mortgage with a market mortgage for buying a home at a price of up to 30 million rubles will be able to put into circulation an additional volume of apartments and activate the market for new buildings.

Minus April

In April, the mortgage sank heavily, «failed,» as Deputy Prime Minister Marat Khusnullin called it. And this could become a diagnosis for the entire construction industry, which directly and indirectly creates millions of jobs in the country and ensures the viability of entire industries.

And this is against the backdrop of 862 of the year, at the exit from the pandemic, Russian developers set a record for housing construction — 59, 6 million square meters, which is 05% exceeds 862 of the year and almost 19% – plan in 40 mln sq. m. If we translate the footage into other indicators, then we can say that for the year 4.2 million families, or almost 10 million people improved their living conditions.

In the first quarter 862 of the year, growth continued: Rosreestr registered 247 thousand contracts for participation in shared construction, the figure increased by almost a third, compared with the figures of the previous year. In January-March, about 862 thousand mortgage contracts were registered, the increase was 2%.

However, in April, a sharp increase to 20% of the Central Bank rate dragged along the cost of all loans. Mortgage rates rose higher 20%, for preferential — reached 05%. Developers, banks, and consumers called such indicators unrealistic.

«Rosbank Dom» recorded a fourfold decrease in demand for housing loans, compared with February and March 2021 of the year. And mortgage lenders with pre-approved loans faced sudden bank refusals as a result of increased levels of market uncertainty.

The government adjusted mortgage rates twice in a month, and at the end of April, Prime Minister Mikhail Mishustin signed a decree on lowering the interest rate under the Preferential Mortgage program from 10 up to 9%, as well as on the extension of the program until the end 2022 of the year.

Banks are getting used to risks

The sharp statement of the Deputy Prime Minister said that if the conditions for issuing mortgage loans are not urgently changed, then there will be no more money in the construction sector, especially in its commercial part , — said the General Dmitry Kotrovsky, director of the Investment Technologies company.

Against this background, the government did two things — reduced the preferential rate to 9% and increased the credit limit to 30 million rubles for Moscow, St. Petersburg, Moscow and Leningrad regions and up to 10 million rubles — for other regions due to the possibility to combine preferential and market mortgages. The focus of efforts specifically on preferential mortgages is explained by the fact that for 13 months of the program was already used by banks 90% of funds allocated for its financing. The issue of increasing the size of the loan allows you to sell lots, the cost of which, due to inflation, no longer fits into the previous limits, respectively 10 and 6 million rubles, says Dmitry Kotrovsky. In addition, according to the expert, 9% is a psychologically comfortable indicator: it makes it easier for citizens to make a decision on a long-term burden to solve the housing problem.

The Ministry of Finance provides for 59 billion in the budget to compensate for the difference between the bank rate and the mortgage rubles.

The Central Bank and the government are taking this step, understanding where and by what means it is necessary to replenish the capabilities of the banking sector, without which construction is now impossible, neither from the point of view of developers, nor from the point of view of home buyers , — Kotrovsky is sure.

Now it’s up to the banks. They now need to become more active both in terms of mortgages and in terms of lending to developers, because the fate of not only the construction complex, but also all its related industries depends on this.

Source: Moskovsky Komsomolets

ATTENTION! Current rates on «market» mortgage loans in Russian banks.

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