What happens to mortgages? Present and future mortgages in Russia

16.09.2010 20:04
U.S. housing crisis gradually and got to Russia, delivering a lot of trouble to entrepreneurs and ordinary employees. Established for the last time the situation in the mortgage market has been turned "upside down": if one and a half years ago, bankers were wondering about lowering interest rates, now the opposite trend - rising interest rates. Now, get a loan for an apartment is also difficult, as in the same period in 2002. But talk about the impossibility of mortgage lending is still too early.<br /><br />At the moment the problem is that most potential clients will issue the loan is not at all desire - interest rates rise, housing prices, too, banks have tightened conditions. If the earlier decision "housing problem" for many mortgage was not affordable now afford to buy an apartment can be one.<br /><br /><strong>Crisis trouble</strong><br />Market for housing loans is very dependent on all sorts of rough and tumble of the financial systems of Russia and the world. The problems began a year before the current situation, and even earlier, when the crisis in the U.S. and liquidity crisis "cut their" domestic banks, the main source of financing - loans for European markets. But other sources were not found. Rates began to rise with the fall of 2007, raised several times in the winter-autumn period of 2008, as well as in late spring. By the summer of Sberbank, until recently, did not raise interest rates, also had to raise rates. Then there was a jump in the autumn period August-September 2008, reflected in the rates of such banks as the "Absolut Bank, Alfa-Bank, VTB-24, etc.<br /><br /><strong>Picture of the day</strong><br />Most of the banks closed mortgage, continue to engage in lending of about 10 banks. Rates increased to 17 - 18% in rubles and 14 - 15% in foreign currency, and continues to grow.<br />The loan terms were reduced to 10 years, compared to the spring of this year. Tougher conditions for the issuance of mortgage - an initial payment of 20%, monthly payments of up to 45% of income customer. 85% of approved loans remained only 40%. Alfa-Bank recognizes that the demand for housing loans fell at times, "the Moscow Bank for Reconstruction and Development" as the reduction in lending. Potential buyers are waiting for this moment, when prices begin to decline. Revival of the market forecast for December, but the stringent conditions for borrowers remain. According to Vladimir Ponomarev, vice president of the National Association of Builders, for the September 2008 sale of apartments in the capital has decreased by 2 times.<br />In addition, banks have begun to revise the% rate on loans. If an item on the review of the rates included in the contract, the bank has the right to modify%. Only when applying to the court the bank must provide evidence that the situation has changed and hanging% inevitable. And also explain why the research department is not counted these options. There is still a law on consumer protection. And the advantage in this situation will be on the side of the borrower, since it was initially less competent than the bank. In short, the borrower has all the chances that the crisis and other problems of the bank's court does not recognize the essential fact.<br />Who else gets into the danger zone? Young borrowers with unsettled life, overestimated their strength. Of about 10%. The most difficult to have people get credit for new buildings. After all, they pay and for rental housing, and for the mortgage, and in the future will have to pay for the repair of a new apartment.<br />But still, until the mortgage market, there is no down payment, and without providing information about income. Somewhere stopped granting loans in foreign currency, but somewhere the emphasis is on foreign currency loans. Reduced unless the interest is for prime borrowers, but only on unfavorable for them.<br />Ongoing reconfiguration of the mortgage market. Perhaps the stakes are even increase, and the amount of funds for mortgages will decline. But to bury the mortgages are not worth it. The situation eventually stabilized and back to normal, the only question is how to deal with and deadlines. Mortgage in Russia will not close completely, as an important factor for socio-economic development.<br /><strong><br />"Cornerstone" of the mortgage</strong><br />1. Interest on housing loans are growing, and profitable sources of financing from banks do not. European markets are almost closed, and the Russian market is not short of resources. Rising interest payments as a result asked the customer will be able to get credit for a smaller amount than before, or will pay much more money for the mortgage. However, not a hindrance.<br />2. Requirements for borrowers have become much tougher. Any reason in the form of small experience, the presence of dependents, etc. increases the price of credit and the risk of failure. Banks prefer to err on the mass is not repayment.<br />3. Grew up price down payment. Minimize the program to 100% of the cost of housing. Banks reduce risks to a minimum, the risk of reducing the price of collateral as well. Because there is no guarantee that against the deteriorating economic situation, real estate has dropped in price.<br />4. Banks closed mortgages have remained a few who still works in this direction. The amount of funds provided by customers, declined. And because a loan denied not only because of the unreliability customer, the banks simply have no money. Therefore, people often have to look for other lenders.<br /><a href="https://www.zagorodna.com">www.zagorodna.com</a><br />
Content tags: Mortgages
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