Conditions and scope of the program of the State Mortgage Institution will not be able to revive the mortgage market - experts say. Only after the increase and reduce the cost of funds allocated by the government and stabilize the property market growth is possible mortgage market.
Experts believe that the current program SMI will not be able to increase mortgage lending because of their small volumes. "Even if you remember a time when the SMI actively finance, and even then the volume of lending by state institutions is inferior to the volume, which gave the market" - says Anton Shaperenkov, Director of Marketing Retail VAB Bank. "The maximum amount of soft loans from the SMI is 4% of the total mortgage portfolio of commercial banks", - says Olga Onufriichuk, CEO Prostobank Consulting.
Experts also point to relatively high rates on the program, which is only slightly below average. According to preliminary estimates of experts, the cost of concessional loans, taking into account the margin of the bank will be at 17-19% per annum. Whereas, according to Prostobank Consulting, the average real rate on mortgage loans on the secondary market at the beginning of October is 21.3% per annum.
Among the reasons for the SMI program is not able to revive the mortgage market, the experts also highlight the uncertainty in the real estate market and the establishment of too stringent for the borrowers. "The requirements of the SMI to the borrowers so hard that even with current tightened requirements of the banks themselves, not all potential borrowers, finsostoyanie which meets the requirements of the bank shall comply with SMI", - complains Olga Onufriichuk.
Nevertheless, the SMI program has good potential. "In the future, with constant public funding, this program can help start the mortgage market, as planned not only to funding developers and loans to individuals for purchase of apartments in unfinished buildings, but also giving credit for the purchase of finished housing standards SMI" - predicts Andrew Osipov, head of development and support of retail credit programs of Bank Khreschatyk.
The prospects for the SMI program and indicates the interest of the banks themselves. "If you work with the SMI, the bank receives a refinancing at a lower price than he can draw on the deposit market. The offer of credit products at a lower rate allows the bank to attract attention and increase the chances that customers are attracted to credit programs with BIE will be able to use other bank products or services, "- explains Anton Shaperenkov.
Cooperation with the BIE will allow banks to use their own funds for the development of other loan programs. "Banks do not have to divert their resources for such a mortgage, and they can be directed to other purposes," - says Olga Onufriichuk. / / Ivan Nikitchenko