17.01.2024, 20:17
Russian banks support the creation of a single preferential mortgage program
Source: OREANDA-NEWS
OREANDA-NEWS Russian banks support the launch of a single long-term preferential mortgage program, while paying attention to its individual desired parameters, credit institutions told RIA Novosti.
Earlier, the Vedomosti newspaper reported that the state corporation "Dom.The Russian Federation" proposes to launch a long–term program of a single preferential mortgage from the middle of the year, for certain categories - for example, families with two children, disabled people, young families under 36 in the Far East and the Arctic, residents of settlements with a shortage of supply and demand. But if the Central Bank's key rate exceeds 10% (this corresponds to mortgage rates of about 12%), the benefits should work for all citizens – as now on preferential mortgages for new buildings at 8%.
"We support the proposal, as it takes into account the needs of the market as much as possible and includes conditions to avoid overheating of the market," said Anton Pavlov, Deputy Chairman of the Board of Absolut Bank.
According to Anna Zemlyanova, chief analyst at Sovcombank, it is important that the unified preferential program will operate in two modes: at low rates, mortgage benefits will be point-based for certain categories, and with an increase in the key rate above 10% per annum, preferential mortgages will apply to all citizens (with income restrictions).
"The formation of a long-term unified subsidized mortgage program is positive for the stable development of the construction industry, because a significant share of mortgage loans in the primary market are issued on preferential terms," she added.
Differentiation of preferential mortgage products from the level of market rates, and not only from the category of the applicant, will have a positive impact on the market, says Alexander Shornikov, director of the Retail Risks Department at Zenit Bank. However, stimulating individual subjects of the Russian Federation will lead to the creation of new restrictions, which will reduce the availability of preferential mortgages, he added.
Earlier, the Vedomosti newspaper reported that the state corporation "Dom.The Russian Federation" proposes to launch a long–term program of a single preferential mortgage from the middle of the year, for certain categories - for example, families with two children, disabled people, young families under 36 in the Far East and the Arctic, residents of settlements with a shortage of supply and demand. But if the Central Bank's key rate exceeds 10% (this corresponds to mortgage rates of about 12%), the benefits should work for all citizens – as now on preferential mortgages for new buildings at 8%.
"We support the proposal, as it takes into account the needs of the market as much as possible and includes conditions to avoid overheating of the market," said Anton Pavlov, Deputy Chairman of the Board of Absolut Bank.
According to Anna Zemlyanova, chief analyst at Sovcombank, it is important that the unified preferential program will operate in two modes: at low rates, mortgage benefits will be point-based for certain categories, and with an increase in the key rate above 10% per annum, preferential mortgages will apply to all citizens (with income restrictions).
"The formation of a long-term unified subsidized mortgage program is positive for the stable development of the construction industry, because a significant share of mortgage loans in the primary market are issued on preferential terms," she added.
Differentiation of preferential mortgage products from the level of market rates, and not only from the category of the applicant, will have a positive impact on the market, says Alexander Shornikov, director of the Retail Risks Department at Zenit Bank. However, stimulating individual subjects of the Russian Federation will lead to the creation of new restrictions, which will reduce the availability of preferential mortgages, he added.
Комментарии