This year, several banks offered mortgages with no down payment. Potential borrowers, most of which lack of own funds is a major obstacle to the improvement of living conditions, the proposal enjoyed it. However, the hope for a massive failure of the first payment of creditors should not be too high risks of banks who dared such a move. The first mortgage with no down payment offered to the Bank of Moscow, abolishing the initial contribution for the summer - from June 1 to August 31. Behind him, too, as an experiment, from July 1 to September 1, stopped to take a down payment borrowers National Reserve Bank, which together with a subsidiary of the National Mortgage Company has developed several programs. A "Vneshtorgbank - retail services" overturned the initial payment for purchase of apartments in the secondary market, where borrowers are not limited to timing. The program operates in Moscow, Yekaterinburg, Krasnoyarsk, Novosibirsk, Kazan, Nizhny Novgorod, St. Petersburg and Leningrad region. Of course, programs for zero down payment, will find their customers, primarily due to greater accessibility to the population of this type of loan. These programs will be in high demand - says Laura Faynzilberg, deputy chairman of the mortgage bank DeltaCredit. - But now in the market few of them - out of 400 mortgage programs operating in Moscow, only about 10 are based precisely on a loan with no down payment. According to the forecast Leonid Amnuel, Department analyst mortgage Uniastrum Bank, in the future more and more banks will offer loans with no down payment. However, the vast majority of surveyed banks these embodiments are considered too risky. "While we have no plans to market a similar product, - says head of retail products and services of International Moscow Bank Alexey Aksenov. - The fact that the initial fee" insures "the bank from losses in the event of a sharp fall in property prices. Mortgage loan without initial payment is linked to a bank with too high risk. In addition, we are not prepared to lend to those borrowers for whom buying an apartment is a kind of spontaneous decision, since it can also be quite risky. " The worst nightmare of bankers who refused to down payment - a simultaneous default of the borrower and the fall in property prices. "In the case of lower prices for real estate and non-return customer loan bank in the recovery and sale of mortgage may incur a loss, - says Dmitry Yaremenko, head of retail lending client of the City Bank. - The amount of the proceeds on the sale of real estate will not cover the remaining debt on the loan and interest accrued for the credit. " The more loans with no down payment the bank will issue, the more likely a failure. Even worse, if the face of declining home prices borrowers who bought the apartment with the investment objectives (and their number with a sharp rise in property prices also increased sharply), in unison will get rid of them. Then there is a danger that even a slight decrease in housing prices investors, throwing himself to realize their revenue flat to provoke a fall in the market - a chain reaction occurs, resulting in banks suffer serious losses. And although it is now real estate is expensive, though not as fast as in the first half, what will happen in 5, 10, 20 years, no one predicted not taken. There are other risks associated with mortgages with no down payment or with a significant reduction of its size. "This reduction may lead to the bank's problem with attracting capital investment to provide more loans. This applies to those banks that do not have internal cash resources and where it is important to position itself in the banking market as a reliable partner for a serious of successful interaction with investors - explains Laura Faynzilberg. - When you start from scratch and you have a portfolio is $ 10-20 million, the business is completely different than on the stage where you have to give $ 10-20 million per month. In this issue of the amount needed to attract the scaled sources of money, more often all foreign. And no Western investor would not take the credit portfolio, where the ratio of loan / mortgage will be greater than 80/20. especially when it comes to developing countries. Therefore, the banks that now make a down payment is less than 20%, or give out loans to borrowers with unconfirmed income will be very much disappointed then - when the time comes to raise large sums of money. " Another serious risk - the possible non-payment of loans obtained without making its own funds. According to Deputy Head of Retail Bank "Revival" Marina Malaychik, making an initial contribution from own funds, the borrower feels a great responsibility to the lender because they do not want to lose the amount he had invested their own. "Without making an initial payment, the borrower is in some way reduces the share of responsibility and a few" discouraging, "- she said. Her view is shared by other bankers. And Laura Faynzilberg and does believe that the size of the down payment should be no less than 20%." International experience shows that a further decrease in the initial contribution a person "becomes" the owner of the property in a tenant. And when it's a stress scenario, it does not try to defend their homes, and thinks that we should move out to cheaper apartment. "Most bankers are inclined to believe that mortgage with no down payment is not viable - at least for now. According to the deputy chairman of Absolut Bank Oleg Skvortsov, at present such a proposal can not be considered a serious competitive advantage, but rather a marketing ploy, a way to draw attention to the bank. agrees with him and department head of retail business Sobinbank Anna Kaminska. "Today is the market supply in the first place can be seen as an attractive packaging form. But for the effective implementation of the product requires objective reasons, chief among which is a long-term stability on the housing market, "- she said. And according to Head of Mortgage Lending" RosEvroBank "Sergei Gordeyko, the provision of such loans will be possible in the case further rapid growth in property prices and falling consumer demand for mortgages because of the lack of sufficient funds to secure a down payment. The apartment instead of the first installment loans with no down payment and offer other banks, but under certain conditions. Binbank, for example, issues such loans, if borrower provide additional collateral in the form of additional apartments. As explains Dmitry Galkin, director of mortgage lending Binbanka, "any increase in rates or fees does not exist, in fact just the client receives two mortgage loan." The Bank "Revival" such loans are made under the program " Loans secured by existing housing. "According to the deputy head of retail banking operations Malaychik Marina, credits are given for 100% of the cost of purchased housing, but not more than 90% of the value of existing housing. Absolut Bank provides the client with two loans: one standard of up to 90% of the purchase price and the second - for an initial fee of up to 3 years under an existing mortgage borrower's home. Thus, customers can pay only interest initially on the second loan, and the duty to close at the end of the period of loan or do so after the sale of the apartment, so as to avoid the alternative transactions. "City client" bank gives loans without a down payment on the security of existing properties, which may, in particular, to be owned not only the borrower, but also third parties - for example, parents, who thus help to adult children to solve housing problems. explains the head of retail lending bank Dmitry Yaremenko, these loans are very popular clients who earn enough to get a mortgage, but were unable to save enough money for an initial fee. This year's loan program without a down payment on the security of existing housing and proposed bank for housing finance. Podgornov says Sergei, head of retail lending bank, a program designed for those clients who owns already in housing, which he offers as an initial fee. The Bank does not require the simultaneous implementation of housing pledged at the time of purchasing new. During the year, the client can make repairs in the new apartment, not in a hurry to move. Thus, on the one hand the client is released from a headache to find or accumulate a down payment, and the other side - the real estate market going through the roof with the demand for apartments receive some kind of "compensation" for the entry of new buyers - due to the fact that he goes out and as a seller.
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