Why are banks reluctant to loan to buy a suburban real estate?

The suburban real estate market recently seen an unprecedented boom. New objects appear larger, and prices are steadily rising. Already accustomed to the idea that housing can be purchased on credit, many buyers are suburban houses would be willing to take a mortgage. However, banks are not yet ready to offer our customers just as attractive credit terms, like buying apartments. Curiously, the interest in the mortgage when buying a suburban real estate in general is even higher than the purchase of urban housing. Thus, according to independent research organizations in early 2006 to take advantage of a bank loan to buy an apartment in Moscow, were ready to just 8% of those who planned to purchase a house within the next year. In this case, for example, according to Deputy Director of the suburban real estate company "Miel" Vladimir blue, and now the possibility of mortgage interest every other customer who buys a house near Moscow. And according to company estimates, "City-XXI century", now with mortgage arrangements are made about 5% of purchases in this market. "Basically, the mortgage interest customers who have their own savings of $ 500-600 thousand dollars. However, as the price of suburban real estate over the past year increased significantly, this category of customers can not find a good offer to that amount and have to use the credit, "- said the head of the Department of suburban real estate Blackwood Marie Litinetskaya. Also, she said, most mortgage borrowers are becoming buyers of houses in towns economy class and business class, while in the elite segment of customers prefer to buy homes on their own funds or borrow a friendly banks. Interviewed Guide to Property experts also note that interest in the countryside mortgages high on both the primary and the secondary market. "Of course, many of the suburban real estate buyers want to buy a new building. But existing credit programs do not leave the choice - and the buyer focused on the secondary market ", - says head of mortgage lending company" MIAN - real estate agency "Sergei Makhotkin. The experts of "Miel Real Estate", by contrast, note that the most common mortgage on the primary market, because the secondary market, because of difficulties with her assessment, bank loans are less likely. The sum of the loans are often limited by 300 thousand dollars. In general, banks prefer to initially cooperate with developers, developing a variety of loan programs for buyers of houses in a particular village. In such schemes, for example, work Gazprombank "Absolut Bank", Rosbank and several others. "Banks are placing severe demands on developers, each project should be as clear, moreover, requires permits, - said Vladimir Yakhontov. - Banks are wary of lending to country houses, because the product may be illiquid. " As the project manager, "Green Hill" Gregory Slepak, fundamental differences in financing the purchase of urban and suburban real estate lies in the fact that when buying a suburban housing are not only home but also land. And at the conclusion of the contract, land can not yet be divided into sections, so it can be pledged with the bank. In the absence of land owned by the developer's bank, usually on a mortgage transaction does not go. In the case of mortgage-town quite a lot of problems arises with the definition of market value of objects. No clear standards - every project is different, with, of course, take into account subjective factors such as taste and fashion clients in a particular style of architecture, banks do not seem possible. "The big difficulty with registration, there are cottages on the total cost. It is very difficult to find a seller who has agreed to specify in the contract of sale the full value of the house. In addition, much of the modern holiday homes are owned by less than three years, which is why there is a problem paying the income tax from the sellers, "- said G2P specialist mortgage lending corporation" Incom-Real Estate "Olga Ivanova. The reason for the failure to give the bank a mortgage, according to Director General of "Fosborn Home» Vasily Belov, in addition to registration of property rights to land, and is the status of the land. "If, for example, the land on which the cottage, was formerly an agricultural purpose. And it has been incorrectly translated into the other category of land, then it is likely to be grounds for denial "- explains Vasily Belov. In addition, as the spokesman of "City-XXI century" Sergei Liadov, "the bank has to be very careful about the issue of insurance and cottages, as well as evaluation and monitoring of expenditure." However, despite the abundance of issues that arise for borrowers, banks, real estate market believe that over time, suburban mortgage gets more developed. At a minimum, progress in this direction have already this year. "Programs that have worked six months ago, is strikingly different from the urban real estate lending programs. But now this gap has narrowed, it comes as a percent (0-1%) and the initial contributions (10-20%), "- says Sergey Makhotkin.