Russian Banks are Not Ready to Accept Cars and Jewelry as First Installments on Mortgages
Unusual contributions banks call cars, jewelry and antiques, which Russian citizens intend to regard as a down payment on a mortgage. The journalists of Rossiyskaya Gazeta found out that most of the credit institutions were not ready for such contributions. Banks such as VTB, Gazprombank and Promsvyaz Bank noted that they do not intend to accept such things as contributions. Often, people who want to buy a home on credit either save money in advance or sell their existing property.
Analysts of the Central Bank of Russia say that Russians mainly use their own savings when they are planning to buy real estate. Citizens focus on bank deposits (6%), and the number of investors investing in securities has increased to 18%.
Earlier it became known about the launch of tarde-in by one of the largest developers in Russia. Under this program, cars can be used as a down payment for a mortgage on an apartment. The first such transaction has already taken place in the Moscow region. The borrower sold his car through a car dealer in a matter of hours and used the funds as a 20 percent mortgage down payment.