CrimeaPRESS reports:
In Russia, they launched a preferential mortgage for the construction of houses on their own. According to experts, it will be possible to issue it only for the construction of economy-class houses. And there is a risk of not meeting the deadline. The bank, in turn, assumes the risk of low collateral. The government launched a pilot preferential mortgage program for the construction of private residential buildings on its own. Borrowers do not need to draw up a contract with professional developers. According to , the corresponding decree was signed by Prime Minister Mikhail Mishustin. The maximum preferential rate on such loans will be 9% per annum, and their maximum amount in Moscow, St. Petersburg, Moscow and Leningrad regions is 12 RUB mln, in other regions — RUB 6 mln
In 120 year, within the framework of the pilot program, it is planned to issue about 8 thousand loans for the construction of private houses on their own. The launch of a new preferential mortgage program will allow more Russians to improve their living conditions , the government said in a statement.
Who is the new mortgage suitable for
Professor of the Department of State and Municipal Finance of the PRUE G. V. Plekhanova Yulia Finogenova clarified that about 50 thousand families — such a number of applications for the construction of a house in a mortgage were submitted earlier. Last year, more than half of all housing built was built by citizens themselves, she added.
The cost of construction of one square meter of private housing, depending on the material used (foam blocks, wood, brick, etc.) is 11 — 10 thousand rubles excluding finishing. Two-storey house on 50 sq.m. will cost about 6 million rubles. Therefore, for the construction of their own economy-class housing, the money under the new program is quite enough. The constructed houses can be used both as summer cottages in the summer season and for permanent residence, taking into account insulation , Finogenova noted.
Dmitry Veselkov, director of the Department of Mortgage Programs and Bank Lending at Metrium, did not agree with her. He called the limits on loans for borrowers under the new program — especially for the regions — quite tough.
With the current prices for building materials and equipment, it is hardly possible to meet such a small budget. Most likely, a house with a construction cost of 6-8 million rubles will be a frame one-story cottage (or a two-story cottage with an attic second floor) with a total area of u200bu200bnot more than 100-120 sq. m. And this is without taking into account the cost of interior decoration, which will amount to 1 million rubles or more , the expert said.
According to him, the new program may affect those Russians who already have unfinished houses (foundation, «box», etc.) and who do not have enough funds to complete the construction.
The program also assumes a short construction time — 12 months. This will force borrowers to use the fastest housing construction technologies, Veselkov pointed out.
Private projects are not stamping. There may be many nuances that will take time. In addition, there are already certain problems with the rental of special equipment for digging pits, septic tanks, and leveling plots. That is, the borrower may simply not meet the annual limit. What sanctions await him if this happens is not yet completely clear , — says Yaroslav Ostrovsky, a specialist in the Strategic Research Department at Total Research.
8 thousand mortgages – few across the country
Ksenia Yakushkina, director of banking ratings at the Expert RA agency, noted that 8,000 mortgages is a small number, but sufficient to test the product and fix emerging difficulties and typical risks.
According to Veselkov, before expanding the program, you first need to create an industry of fast and affordable private housing construction.
That is, at first it would be necessary to support companies that build inexpensive turnkey cottages, and then start lending to their potential customers , the expert is sure.
We need to really look at the cost of building a full-fledged house, which is now much higher than 6 million rubles, he continued.
Regional differentiation is required for the limit, taking into account the cost and materials of construction, which in Russia vary markedly depending on geography. Somewhere they build from natural stone, and somewhere — from wood, — Veselkov argues.
What are the risks of banks
According to him, within the framework of the new program, the authorities actually transfer its management to the banks. In general, the potential for lending with such parameters is small, so banks will cope with this, Veselkov believes.
The main risk of the bank under the program is that it issues a low-collateral loan: the cost of land (at least outside of large cities) is often low compared to the price of the entire household.
That is, such a pledge does not cover the credit mass. In addition, there is no legally binding agreement with the construction contractor, according to which one can judge the costs and risks of the bank’s participation , — specifies Veselkov.
Yakushkina also noted that the real value of collateral and its liquidity could become a problem for banks. The quality of independent development is not subject to any regulation and control, she explained. If the house has not yet been commissioned, the ability to complete the construction for subsequent sale is doubtful — the development was not typical and a qualified contractor was not involved, the expert added.
Ostrovsky clarified that a significant problem for the bank is to correctly assess the cost of the site and the hypothetical cost of the house.
The institute for land valuation does not actually exist in Russia. The assessment of the future home is also a rather dubious story: competent employees or at least outsourced organizations are also needed here. In addition, there are risks that hidden sales of illiquid land will be carried out in this way, for the construction of which the maximum possible loans will be issued. Theoretically, this case can lead to a large number of conspiracies between the «clients» of banks and managers in order to simply «cut» the loan received and give the bank ownership of the mortgaged land, which will be valued at the highest possible price , — the expert believes.
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