Third of the Mortgage is Paid Ahead of Schedule in Russia
OREANDA-NEWS First Deputy Chairman of the Central Bank of Russia Sergey Shvetsov told about how Russians pay the mortgage. As he explained, about a third of the loans are paid ahead of schedule.
"We have a fairly large number of citizens prefer to pay faster than the schedule. This is a phenomenon that is statistically confirmed, " Shvetsov said.
At the moment, the bill is being discussed, according to which mortgage borrowers can take a vacation, that is, to postpone payment in case of a difficult situation.
The adoption of the law on mortgage holidays can lead to some reduction in mortgage rates in Russia, as well as this type of lending in General will become more accessible to Russians, said in an interview with first Deputy Chairman of the Bank of Russia Sergey Shvetsov.
"I think that the mortgage will become more stable and it is likely even some reduction in rates, because the mortgage will come the most cautious, and therefore reliable citizens," - said Shvetsov, answering the question of how this initiative will affect the average mortgage rates.
"The delay will be less, the full cost of the loan does not change - the mortgage will become more accessible to the person, which will lead to the expansion of the market, and less burdensome for banks, which will reduce the risk premium on it," he concluded.
According to the bill discussed with market participants, mortgage borrowers in Russia will be able to take a vacation in the form of deferred payments in case of a difficult situation - for example, if the borrower has lost his job, and his payments exceed 50% of current income. As reported in December 2018, the Head of the state Duma Committee on financial markets Anatoly Aksakov, the bill can be adopted in the first quarter of 2019.
Earlier was reported that the avarage size of the mortgage loan in the fourth quarter of 2018 increased by 17.5% compared to the same period last year, to 2.34 million rubles, according to the National Bureau of Credit Histories.