All roads lead to the mortgage

06.10.2011 11:50
Articles about real estate | All roads lead to the mortgage One of the key initiatives of the National Bank seeks to strengthen mortgage lending, which would help not only strengthen the construction and the economy as a whole, but also solve one of the most pressing social problems.

Prevent the implementation of these plans may be except that the second wave of crisis, yes, "clumsiness" kabminovskih officials. Indeed, despite repeated calls for reduction of bank interest rates, the government itself in the current draft of the budget money allocated for these purposes is extremely small, Komsomolskaya Pravda.

Related article: In Crimea, from the beginning of the year issued 130 loans under the «own house»

During the years of independence, no government has been unable to offer an effective way to address one of the most pressing social problems of citizens of Ukraine - the housing problem.

On the housing register is now worth almost 1.2 million Ukrainian households. Per capita is about 23 square meters. m housing, on average, less than half in Europe, and nearly tripled in the U.S.. Over the last twenty years the record for the introduction of housing in the operation was established in 2008 - 10.5 million square feet. m, but it is - only slightly more than half the corresponding figure in 1990 (17.5 million square feet. m). According to the National Institute for Strategic Studies, for the purchase of a 2-room apartment of 75 square meters. m average Ukrainian, we should consider 20-30 years, and citizens, for example, Chile - 4 years, Honduras - 4.7 Turkey - 5.5 Brazil - 6.3.

Support for housing by the Cabinet, mainly through the State Mortgage Institution and the State Fund of promoting the youth building. However, the effect of this is not too impressive. As shown, not only because of the limited amount of budget financing, but often due to not always productive use of resources.

Under such conditions, a good stimulator of zhilstroya could be a banking system. However, since the crisis began mortgage lending virtually frozen. The total recovery in 2010-2011. fundamentally the situation has not changed. In January-August volume of loans to real estate declined by nearly 5.5% (4.5 billion USD).. At the same time for 7 months of this year, banks have given people new mortgages is 25 times smaller than the new consumer loans (1.8 billion USD. And 47.2 billion USD., Respectively).

In search of solutions to this problem the National Bank has launched vigorous activity to stimulate the banking sector to work intensively on the mortgage market. Through the efforts of the regulator, the parliament adopted a new version (taking into account the adjustment head of state) law "On regulation of relations between creditors and consumers finuslug." This document is substantially reduced credit risk of banking institutions, while removing many of the pitfalls and to borrowers, respectively - gives reason to expect recovery and reduce the cost of mortgage loans.

Reduce interest rates on the market designed to initiate the domestic central bank Ukrainian index rates on deposits of individuals (UIRP). The index is calculated independent institution - a prestigious international news agency Thomson Reuters. The main purpose of the indicator - it gives an adequate market price points the market value of resources, prompting banks to lower borrowing costs. Many financial institutions already use UIRP as the basis for calculating floating interest rates. This mechanism, incidentally, is also actively promoted by the National Bank to bank the "masses". Floating interest rates are generally lower than fixed, because they can not mortgage lenders in the cost of borrowing premium for interest rate risk, uncertainty in the market. Risks of manipulation of this indicator can be reduced to zero, the participation of one of the world's giants in the distribution of financial and business information, attaches great importance to our reputation.

To focus on banks in the mortgage market, and in parallel to solve a set of other macroeconomic issues (such as lower inflation, to protect the hryvnia against "excess" exchange rate fluctuations due to the dynamic increase in trade deficit), the regulator plans to "chill" the market of consumer crediting. It is assumed, in particular, to introduce a new standard of "maximum total amount of consumer loans" - H8-1 (will be calculated as the ratio of the portfolio of consumer loans and fixed assets can not exceed 300%). As noted by the director of foreign exchange reserves management of the National Bank of Alexander Dubihvost, the reorientation of the mortgage banks to support economic growth in the state. "It really will give impetus to the economy. And, of course, lead to the replacement of national product (housing) import cars, import mobile phones, etc." - A. Dubihvost predicted.

NBU Chairman Sergei Arbuzov repeatedly stressed that the central bank is ready to soften its monetary policy in the event of activation of the banks in the mortgage market. "As soon launch the first mortgage lending operations, the National Bank immediately answer", - assured AS Arbuzov. According to him, the emergence of new hryvnia may occur not only exchange channels, but also through the "release of money banks' (obviously, it was carried out on the mandatory reserves of banks, which are results of August reached 13.9 billion USD).

Another chip National Bank in enhancing the mortgage market could be the creation under his auspices, "Oschadbank" Ukreximbank, Ukrgasbank and the bank "Kiev" specialized financial institution that will deal with refinancing of mortgage loans. It is expected that the facility will produce 3-5-year mortgage bonds backed by mortgages issued by banks. Yield on these securities will be higher than government bonds, but lower than the corporate bank bonds. Thus, banks can transform a shorter life hryvnia (public deposits) in more long: issuing a mortgage with a short resource banks to sell mortgage-backed bonds for a period of one to three years. As reported by the National Bank of St. predpravleniya Arbuzov, Cabinet has already signed a resolution to participate in this program, the bank "Quartet." "We hope with the government before the end of this year to offer the citizens of the mortgage loans at 14% per annum," - said the chief banker of the country.

The expected strengthening of the mortgage market can prevent a second wave that did so ... the crisis of national indifference of officials. Despite repeated calls to the banking community to take active efforts to reduce the cost of loans in real estate and construction, the government itself in its own draft budget for next year provides for these needs ridiculous amounts.

Thus, the State Program of the construction (purchase) of affordable housing in the draft 2010-2017 main estimates for the country is allocated a total of 200 million USD. That will finance the construction of power ... five hundred-thousand apartments. A program on "The provision of preferential long-term state loans to young families and single young citizens for construction (reconstruction) and housing," the state budget provided a total of 120 million USD. That would, if judged by the explanatory note to the document, the issue of all ... 196 credits. The partial compensation of interest rates on loans to those same young families and stands completely ridiculous sum - 110 thousand UAH.

Apparently, little offensively. Of course, the mortgage of use of NBU in any case will not go into oblivion. Any crisis ends, and have a roof over your head every person always want to. That's just a shame that there is a real government support for this process could start much faster and more intense.

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Content tags: Mortgages
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