The law on credit stories on has urged forward demand for mortgage loans
the Theme of accessible habitation now one of the most fashionable in high offices. Not so long ago the mortgage theme was discussed on one of State Council sessions, and in the message of the president has received the status of the priority national project. It is a question of the grandiose project which realisation can change to the best all ours skosobochennuju to raw materials economy.
the Big project, the big money and the big problems. According to the president of Association of the Russian banks (ARB) Garegina Tosunjana, for today market capacity of mortgage lending in Russia makes 50 billion dollars. The volume of the means received for the account of delivery of credits for a mortgage on the beginning of 2005, has made 1 billion dollars whereas in the USA for this period it has been given out on these purposes of 4,1 trillion dollars.
According to ARB, now under the mortgage scheme it is got only 1,5 percent while 75 percent of citizens need improvement of living conditions.
the Authorities have accepted a number of the laws regulating the relations of borrowers and creditors. Last from them, the Law “ About credit stories “ has come into force last week, but special revival in the mortgage market it is not observed yet.
Analysts allocate three economic reasons, mortgages braking development in Russia. The first are unreasonably high prices for habitation.
the Great demand on apartments last years has caused rapid growth of the prices, for quite some time now demand falls, and the prices by inertia are kept at height. In commercials realtor agencies all time assert that the prices grew, grow and will grow. Actually it, of course, not so: realtors are afraid to reduce openly the prices, but willingly go on any discounts. But despite it, the prices while are absolutely very heavy for the majority of citizens even taking into account a favourable mortgage loan.
the Second reason consists that banks demand from clients high (to third or even to half of sum of cost) initial payments for apartment. To lay out such sum at once the majority of Russians while cannot afford.
the Third trouble of a mortgage - too high interest rates. From - for them the apartment bought on tick finally manages to the client hardly probable not on a quarter more expensively initial cost.
So about a mass mortgage in Russia to speak early - the mortgage lending share in gross national product yet does not exceed 1 percent (for comparison: in Great Britain it makes 62 percent, in the USA - 55 percent, in the continental European Union countries - more than 30 percent). The mortgage like should not be something unusual in Russia, but also mass it while, alas, will not name.
According to Bank of Russia, in 2004 on a mortgage it was necessary only 1,52 percent of all credits which have been given out to private persons. Rosstroj has counted up that in this time in Russia while it is given out only 46 thousand mortgage loans. To execute the order of the president and to provide increase in this figure to one million maximum by 2012, its annual gain should make not less than 47 percent.
Today, according to Agency on mortgage housing crediting (AIZHK), current rates of a gain of volumes of given out credits make 10 percent a month. In agency mark also growth of the average sum which are given out to the borrower, - for September, 1st, 2004 it made 364 thousand roubles, and for April, 1st, 2005 - already 397 thousand. Besides, a mortgage gradually “ it is extended “ - If it was difficult to borrow more than for 10 years now the maximum term of crediting makes 27 years (program AIZHK) earlier, and a number of banks plans to increase it till 30 years. As a result credits become more accessible: decrease the size of monthly payment and as consequence of the requirement to the income of the borrower. However preservation of so impressing dynamics for years - the big question. For its decision it will be necessary to cope with variety of sharply designated problems of the mortgage market.
the Main problem here is a low level of development of the Russian banks that also bankers, by the way, recognise. Long-term mortgage loans remain rather risky for banks, and the high risk always means high percent. However, banks plan to achieve reduction of rates at the expense of release of mortgage bonds under the state guarantees.
On the threshold of positive changes in the mortgage lending market there were pleasant changes which have more likely demonstrative character: some banks have lowered rates under credits to 9 - 10 percent in currency, have reduced an initial payment to 10 - 15 percent from cost of habitation and began to work more actively with new buildings. Thus, mortgage loans became more favourable and more attractive.
Already today banks to involve the client, increase terms of repayment of the credit till 20 years, refuse penal sanctions for preschedule payment, do not demand official acknowledgement of all sum of the income of the borrower and guarantors. However, similar loyalty has also a back. In exchange for that the bank will not be interested in an origin of means, it can give out the credit under higher percent. Or will raise an initial payment almost to half of cost of apartment. And here behind too low interest rate the high commission for opening and conducting the loan account often disappears.
Today in the market some warp of system of mortgage lending in favour of the largest participants of the market is observed: though nominally in the market are present more than 200 banks, 50 percent of the given out credits are necessary on the Savings Bank, and the share of five leading operators, according to Association of the Russian banks, exceeds 70 percent.
Such position speaks that for delivery of cheap long-term credits long resources which at not state Russian banks are not present are necessary and while cannot be. The deadline on involved means makes 3 - 5 years, therefore and rates on mortgage loans are so high (15 - 19 annual interest rates in roubles and 10 - 15 percent in currency). For their decrease the quantum leap - for example, removal of restrictions on access of banks to pension and to budgetary funds, means of social funds, creation of system of contributions without the right of preschedule withdrawal is required. Probably, some reduction in price of mortgage loans will be promoted also by occurrence in the Russian market of large western players.
Impreparation of bank system - not a unique problem of the Russian mortgage. In Russia solvency of the population is very low, the average income of the Russian in the end of 2004 did not exceed 5500 roubles while the average size of payment, according to AIZHK, made 5800 roubles.
As to the legislation it basically is ready to “ to the big jump “. Some question, connected with possibility of the reference of collecting on the put habitation is solved, the requirement about the obligatory notarial certificate of the contract is cancelled, conditions on granting of tax deductions are improved.
Most disputable of the accepted documents - the Law on share building, mechanisms of which practical realisation are not quite clear yet. In the comments to this document many large developers repeatedly noticed that in new conditions it will be very heavy to small and average builders to survive and many of them the market is simply left. Most likely, however, it will not occur.
to solve a problem of the long resources so necessary for the Russian bank sector for the organisation of high-grade system of crediting, the Law on mortgage securities is called first of all. In spite of the fact that it already has more than year, till now it is not registered any release of mortgage bonds on which so participants of the market count. The basic problem consists in absence of the standard documents which full package will be accepted only by the end of the year. Besides, maintenance of investments of pension reserves in mortgage securities was one of the law purposes. Realisation of this position is impossible without modification of the pension legislation.
From 210 podzakonnyh certificates which should give life to a package of housing laws, the government has accepted only one.
without hurrying up departments it is entrusted to them to solve housing problem work. The management of Federal Agency of the financial markets (FSFR) recognises that has prepared only two positions about housing co-operatives (about the reporting and specifications of financial stability of co-operative societies) and some documents which concern share building. And those has not had time yet even to show to participants of the market. At FSFR there are no in staff enough employees, especially in regions to supervise process.
Head of Expert management of the president Arcady Dvorkovich considers that the government works over the decision of a housing question insufficiently. However, not only the government it is necessary to blame that the housing package does not work. Now in the Duma amendments to it which should be accepted in spring session lie. For example, in them norms of pledge are corrected by granting of the credit to the builder: it will be authorised to it “ to put “ in bank of the right to that part of the house, in which apartments are not sold yet to potential shareholders, - that shareholders and bank represented itself as creditors of one turn. Laws which were " are shelved also; are withdrawn “ deputies from a package last year.
So the basic motive power of development of a mortgage in our country while there are slogans and appeals.