Rus News Journal

The incorrigible mortgage

the State actively stimulates purchase of apartments in new buildings, redeeming at banks mortgage loans under 11 % annual in roubles for the term up to 30 years. But banks have also rouble programs with rates below the state. Besides, now in the market the program of insurance of responsibility of the borrower which should lower risks of banks, so, and rates takes root. However, while all these measures have not made a mortgage more well.

in the middle of February the Savings Bank has started to give out credits under the program the Mortgage with the state support . The first this program has joined VTB 24 which has started to work under this scheme since June of last year. By estimates of VTB 24, from the moment of start of the program the bank has given about 3500 credits for the sum more than 5 mlrd rbl. By the current moment on a program share it is necessary more than 50 % of all given credits for acquisition of under construction habitation and about 20 % of all credits for ready habitation.

Besides VTB 24 and the Savings Bank in government program realisation are engaged Gazprombank and Uralsib . The program is directed on support of the primary market of real estate - the mortgage under preferential rates can be issued on purchase of the under construction or constructed premises at the legal person (the builder or the investor). the Given program can be interesting first of all to the banks financing concrete building projects of typical habitation, especially in the regions which have been kept away from Moscow and St.-Petersburg as banks are interested in redistribution of credit risks from the builder on physical persons. Purely commercial risks of the builder connected with slow realisation of apartments and as a whole by accumulation of volumes, not finding demand in the market so, credit risks of financing builders of banks " are compensated also Besides, decrease; - the director of department of retail business of Nordea - bank Vyacheslav Ljasevich considers.

program Conditions are that: the credit it is possible to issue a maximum for 30 years with the minimum initial payment of 20 % from apartment cost, without the additional commissions. The rate under the credit should not exceed 11 % annual in roubles. It is necessary to notice that the borrower will pay this rate only after registration of a mortgage in favour of bank that is when the apartment in the under construction house will pass in the category of ready habitation. Before under the credit the raised interest rate will operate. So, before mortgage registration in VTB 24 rate raises no more than on 2,5 %. In the Savings Bank for this period the rate will raise on 1,9 - 3,75 %. After mortgage registration in VTB 24 rate under the credit will make 11 % annual irrespective of term of the credit and the sum of an initial payment, in the Savings Bank - 10,7 - 11 % annual. The lowest rate - 10,7 % - can be received, having issued the credit for ten years and having brought more than 50 % of cost of apartment.

as a whole bankers speak about success of the given program. high enough shares of the given program in total amount of delivery of mortgage loans testify to high degree of its competitiveness, especially at acquisition of under construction habitation. The increase in period of validity of a government program till the end of 2013 has essentially expanded a circle of under construction objects which can be bought within the limits of the program, having increased thereby and population possibilities on habitation acquisition on a mortgage with the preferential interest rate - the head of department of working out of credit products and partner programs of department of mortgage lending VTB 24 George Ter - Aristokesjants tells. According to the assistant to the general director of Agency on mortgage housing crediting (AIZHK) Andrey Semenjuka, in the market mortgage loans with the interest rate of 11 % are actively claimed. According to Bank of Russia, in the end of the last year the average rate in the market made 12,5 %. Besides, as show our sociological researches, citizens now are more focused on habitation purchase ekonomklassa in a new building - Andrey Semenjuk tells.

However in the market there are alternative programs which can offer not less favourable conditions even without state support. For example, the Savings Bank till the end of 2011 has prolonged the action In ten according to which at entering at least 10 % of cost of apartment the interest rate will make 10 % annual in roubles. However, here there are restrictions: the credit can be issued only on the objects constructed with participation of proceeds of credit of bank. The given program also loses state in duration: the credit it is necessary to return a maximum for ten years.

low the interest rate and an initial payment under the credit - major factors which help to increase availability of mortgage lending. And if banks are ready to lower rates on a mortgage the choice of programs with the minimum initial payment while is limited. In this connection the insurance company (SK) AIZHK suggests to enter obligatory mortgage insurance of responsibility of the borrower that will reduce risks as him, and bank. The scheme of the given kind of insurance is simple: the insurance is made out on a difference between the minimum initial payment and a standard payment of bank. If at a default of the borrower of selling cost of apartment does not suffice on repayment of an amount of debt (including penalties), the insurance company compensates to bank the missing sum.

as have told in SK AIZHK, according to the law on a mortgage the insurance premium on insurance of responsibility of the borrower should be paid at once for all period of validity and on the average makes 2 - 2,5 % of the sum of the credit. And the insurer will make insurance payment after on defoltnomu to the credit the bank realises object of pledge and cannot to extinguish completely at the expense of the obtained means debts of the borrower.

one of the designated advantages of such program - lower cost of the credit at the expense of decrease in risks of the creditor. In SK AIZHK assume that credit cost will be reduced on 2 - 3 %. Banks are more reserved in estimations. in due course, when similar insurance will be included into practice, the difference in interest rates will decrease approximately to one percentage point. Preconditions for such practice are: insurance risks will decrease, so, the insurance which now makes to 5 % of cost of apartment, it will be appreciable to become cheaper, therefore the difference will be more obvious also the credit with the insurance it becomes more favourable. Owing to a rise in prices apartment cost will cover the size of originally taken credit. In this case banks will not put risks in interest rates and it will be possible to speak about decrease in rates and for borrowers who cannot obtain today the credit for apartment under the minimum payment, - the head of department of development of a mortgage of bank " tells; Opening Alexander Efims. - it is known that for bank clients who can bring no more than 10 % of cost of apartment, are in a so-called zone of risk. As a rule, such borrowers it is easier with it leave at a default, than those who has granted more considerable sum of own means. And arguments in favour of distribution of this insurance are quite obvious to participants of the market .

However, total cost of the credit with mortgage insurance even taking into account a discount from bank it will be frequent above than if the borrower podkopil money and has brought in bank of 20 % of cost of real estate. For example, at purchase of one-room apartment for 5 million rbl. under the bank program Deltakredit Delta rouble at the minimum initial payment of 20 %, term of the credit of 25 years and the interest rate of 13,75 % annual monthly payment will be made by 45 113 rbl., an overpayment to bank on percent - 9,53 million rbl. At decrease in an initial payment to 10 % of cost of apartment, and the interest rate - to 12,75 % (that is on 1 % assumed by bankers) monthly payment under the credit will grow to 47 400 rbl., and the bank income - to 9,7 million rbl. Thus the borrower will need to pay on the average 90 - 112,5 thousand rbl. for the insurance. However at reduction of the rate by 2 % (as assumes SK AIZHK) monthly payments will be reduced to 44 100 rbl., and an overpayment to bank - to 8,7 million rbl. Thus, in this case it will be possible not only to reduce to the borrower an initial payment, but also slightly to save on monthly payments and a total overpayment.

Bankers as a whole approve an innovation of SK AIZHK, but to apply it at themselves do not dare yet (except for VTB 24 and the banks working under standards AIZHK). Theoretically it is the good tool for decrease in an initial payment which is by the current moment the factor constraining development of a mortgage. In a case with insurance of financial risks it is necessary to consider that any additional payment increases monetary loading by the borrower. In this sense the borrower should have a choice, buy this insurance or not. We consider such variant but while the mechanism of insurance offered by us is not up to the end built and in it there are many complexities. Besides while cost of such insurance for the client too big that increases mortgage loan cost. We carry on negotiations with our partners, including with SK AIZHK, for reduction of cost of the given kind of insurance - the vice-president on development of business of bank " tells; Deltakredit Dinara Junusova.

it is valid, while too high tariffs of insurers and necessity at a time to pay all sum lead to increase in cost of the credit. that this program became mass, it is required to reduce the tariffs, here again much will depend on policy AIZHK. It is mutually advantageous process: if AIZHK will lower tariffs for reinsurance also the insurance companies after will go on cost fall - Alexander Efims tells.