Aggressive deposit policy has led to oversupply of liquidity in the banking system, and now lenders are trying to attach accumulated funds, including in the framework of long mortgage programs, writes Kommersant.
In this case, large amounts of defaults on previously issued loans forced banks to adhere to prudent tactics, resorting to a rather tight credit conditions. However, in the near future, despite the low demand, the cost of such loans will not be affected.
The banking market surplus liquidity - in October, total deposits exceeded 400 billion USD. Gradually it begins to affect the willingness of credit institutions to issue large long-term loans.
According to the company Prostobank Consulting, loans to buy real estate in the primary market can be obtained already at 13 banks, whereas six months ago these institutions were only five. Get a loan for the purchase of "secondary housing" can be in 18 institutions. The average rate on loans for five years now reaches 21% per annum. In this case, loans are not secured by real estate or secondary without being tied to a particular construction site offer only Kredobank and Erste Bank. Universal Bank, BTA Bank and Marfin Bank lending to new facilities only on the security of existing resale properties.
Bankers admit that the main constraint for the resumption of mass credit home purchase is the high interest rate. "At the rate of 17-21% pa in UAH for a period of 15-20 years, which is the average condition of the market for home purchase loans, it is difficult to mass-lending and servicing debt, because not everyone can handle a large amount of repayment of the loan at a high rate, - the director of Retail Development Department INDEXBANK Tatiana Shapoval .- Thus, the resumption of mass demand for mortgage loans is possible when the rate on them will reach the level of 11-12% annually in local currency. Such conditions are possible only if banks have long-term resource national currency by 8.6% per annum. "
Yet now, interest rates on loans remain high. Get a loan for a period of 20 years can be in the banks 'Kievan Rus', Oshchadbank, VTB Bank. 15 years of bank loans "Forum", Kyiv, Index-Bank, and up to 10 years - Erste Bank, BM Bank, "Finance and Credit" and UkrGasBank.
The initial payment is usually about 30-50%. In the VTB Bank with an initial payment of 30% of the cost of purchased housing loan term is 10 years, the rate - 19% per annum, with a one-time introduction of 40% - 15 years and 18,5% per annum, with 50% - 20 years and 18% annum respectively. Bank Khreschatyk only provides loans of up to 3 years at 25% per annum.
In recent years banks have been actively offer floating rate on mortgage loans. So, in Erste Bank, you can choose a loan with a fixed or floating interest rate. A loan with a fixed rate for the purchase of real estate in the secondary market for a period of 5 years, offering a 19.99% APR for loans for a term of 5 to 10 years interest rate will be 20.49% per annum.
Floating interest rate is reviewed once a year and depends on the size of the base interest rate at the date of revision. Now this rate is 16,3%. Floating rate is based on macroeconomic indicators - the NBU discount rate, to which is added to the margin of the bank.
"Floating rate may be revised in two ways for the customer's choice: either annually or once every five years. For example, a recently revised rate for loans to buy housing on the primary and secondary market is 16,5% per annum in UAH for clients receiving a salary or income account in the Index-Bank, and 19% in UAH for other clients "- says Tatiana Shapoval.
Banks start fund and additional housing programs. VTB Bank has recently resumed its program dofinansirovaniya home purchase, when their own savings to improve housing conditions not involving the exchange for a fee. In addition, the lending institution began to offer loans for consumer loans secured by residential real estate. According to head of mortgage VTB Bank Alexander Borsevici, the demand for this product is now growing and the number of applications for the mortgage every month is doubled.
Oschadbank implementing a program to provide housing for citizens, who under the law are entitled to receive it, in particular by providing state support for construction and purchase of affordable housing. Interest rate - from 19% in national currency at standard conditions and 16% of the program lending for affordable housing.
Demand overtakes supply
Bankers say that mortgage loans are not yet in high demand. "The main factor limiting the demand for loans is to reduce the solvency of the population against the backdrop of the crisis. In addition, after the credit boom that lasted for the past few years, most of the solvent population of Ukraine was saddled with credit obligations, and accordingly, by such clients demand for loans also declined, "- says the head of the methodology, design and implementation of products retail banking business" Kievan Rus "Victoria Popovich.
According to the director of retail business BM Bank Ella Dembowski, demand for mortgage loans are lower than for consumer and auto loans, but still compared to earlier periods, it increases. "Growth in mortgage lending constrains the fact that the average size of an application for a mortgage loan exceeds 100 thousand UAH, but not all potential borrowers of their incomes make it possible to get the required amount," - she said.
However, the current demand differs significantly from the pre-crisis mortgage boom. The bulk of the borrowers trying to take advantage of the fallen real estate prices and improve their living conditions. "Credit taken on the missing part of the sum of money after selling the old home. The main category of borrowers - 'middle class plus'.
Proposal banks on mortgage loans today looks much more conservative than the summer of 2008, and while we use the limited demand. It differs significantly according to the requirements of the client's income, the contributions its own facilities and to set interest rates on credit "- said Tatiana Shapoval.
Most of the demand for mortgages continues to be felt in regional centers. "Since the beginning of the resumption of lending to the number of applications every month is doubled. The most significant increase we recorded in October. Getting to do a lot of requests from the regions. The most active, in addition to Kiev, credited Donetsk, Kharkiv, Zaporizhzhya, Chernigov and Kiev", - said Alexander Borsevici.
Loans with disabilities
In contrast to the pre-crisis times to get a loan for housing is now much more difficult. "When considering a loan takes into account not only the income of the potential borrower, but also all members of his family.
If we talk about specific amounts per person, and then to Kiev income must be not less than 9,1 thousand UAH with the amount of the loan of 250 thousand UAH, other cities - from 4.5 thousand UAH for a loan of 120 thousand UAH " - says a board member of the retail banking business of the bank "Forum" Krzysztof Kuzhbik. In addition, revenues must be coordinated with the sum of the monthly loan payment.
"In our scoring programs, we are not repelled from the minimum income of the borrower, and the ratio of payments on a loan with that income. We also analyze the fixed costs http: / service vehicles, food, utilities - after payment of the loan a potential borrower must have a means to life "- said the head of the retail customers of the Department's active operations of the bank of Kyiv Taras Bloschanevych.
According to the director of retail bank lending, "Finance and Credit" Sergei Shevchenko, it is desirable that after the implementation of all these costs have the potential borrower had margin of funds, at least 10% of his monthly income. Other banks' demand for such stock is much higher. "The borrower must have a sufficient ratio of revenues and expenses, which will be required to make payments on the loan and interest. The amount of obligatory payments should not exceed 45% of official income," - says the Deputy Chairman of Oschadbanka Anton Tyutyunov.
Further cost of credit for mortgages depends on the price of local banks to attract funds. "If you continue to reduce interest rates on deposits rates on loans will also fall. But a significant decrease in rates on loans are no plans for a maximum of 1-2 percentage points," - says Victoria Popovich. According Prostobank Consulting, most of the proposed long-term deposits now - 3 years at a rate of 11.14% per annum in local currency.
Given the market trend to lower deposit rates, bankers expect a similar reduction in mortgage rates in the future. "In October last year we started to lend to the purchase of housing under the 24,2-26% per annum will now be to act bets 16.5% and 19% - said Tatiana Shapoval.
- If interest rates on deposits in national currency will continue to trend lower, it will behave similarly, and rates on loans - will be gradually reduced, I think, by 2-3 percentage points. This will allow us to substantially expand the demand for mortgage loans. "
However, because of the serious consequences of financial crisis in the next year revive mortgage lending should be expected. "The domestic mortgage market is currently worth, and if we talk about predictions, I do not think the recovery will occur before 2012, - said chairman of the bank 'Unex' Andrew Yatsura.
- The first reason - the low wages. Today, the borrower can not show the normal income, many even left without salaries, and part of the revenue went into the shadows. Naturally, the banks can not be considered a client with features such as the potential borrower. "
In addition, a serious fall in property prices makes it difficult for banks make loans because of difficulties in assessing collateral. "The mortgage rates do not, before the crisis was 'overheated', and today fell down. And if there is no price pledge, it is difficult to give credit" - says Mr. Yatsura.