Credit from scratch

During the construction phase is much cheaper to buy an apartment and the apartment itself is legally clear. Moreover, after putting the house in the borrower will be an asset, sometimes even exceeding the value at the price of apartments in the secondary market. Here there is only one "but" - all this is true, if the apartment will be built. Because of this condition to get a loan to buy an apartment under construction more complicated than buying a ready home. One meter on program lending housing under construction appeared in the banks a few years ago. However, then they offered a unit of credit institutions and highly reinsured - usually as security for the loan has already performed an existing property. Due to this range of potential buyers significantly narrowed, "the homeless" customers such an option is not strictly fit. Now actively lending buildings is gaining momentum. And it's not even the courage to banks. Prices for finished apartments are growing rapidly, in fact, good deals on the market are rapidly disappearing. And even having the decent amount, find the appropriate option is difficult. A loan to buy an apartment in even more difficult: while there will be held mortgages, the price of an apartment can inflate or real estate can intercept customers with cash. As a result, according to the deputy head of retail credit products PSB Dennis Zeeman, "the rapid deterioration of the secondary housing sooner or later the Russian mortgage market will have to actively take on the primary housing market, which, in turn, will only be possible when strong government support." Now on loans, "a primary" the portfolios of most Russian banks are an insignificant part. For example, a bank, "Home Credit" is only 6%, a National Mortgage Company (Nick) - At least 10%. But now the emphasis shifts, some banks, this service becomes dominant: the MDM-Bank, and "Zhilfinansa 'share of such loans is about 80% (but at MDM Bank, this applies only to Moscow). "The percentage of people who buy housing in new buildings at full price without the involvement of the loan, while still high. Today, the development of mortgage lending is just beginning to impact on the sector of real estate. The sales share of the mortgage real estate companies an average of 15% to 30% "- explains the deputy head of sales bank" Zhilfinans "Sergey Ovcharenko. The main reason for the purchase of housing under construction - low cost per square meter during the construction phase as compared with the finished housing. If you invest in an apartment at the initial stage, after completion of the borrower on the hands will be much more expensive item. According to various estimates, after putting the house of the State Commission the cost of housing may increase by 20-50% and even exceed the prices in the secondary market. According to the company "BEST Real Estate", the average cost per square meter, "the primary organization" after delivery - 130-140 thousand rubles., Whereas "secondary housing" is estimated below - in the 120-130 thousand rubles. per square meter. "From an economic point of view, these investments are more relevant: the price of new apartments built by sharp increases, the difference in price - investment premium to the borrower. Living in a new building with modern planning more comfortable than the old houses," - says Vice-President, Head of the Department of Regional Development and affiliate of the National Mortgage Company Nahum Libkind. Especially when buying an apartment in the building, you can not expect surprises from the former owners. "Serves as a lack of history of the apartment, and, consequently, no legal charges related to possible unscrupulous previous landlord, which may result in loss of title", - the deputy president of the bank's "Home Credit" Vladimir Gasyak. It is obvious that the very best deal - buy a future square footage, rather than when the house is only a pit. But not every bank is ready to receive a loan at this stage - these loans offer "Home Credit". Moscow Credit Bank (ICB) will start to lend only after the start of construction of the first floor, and Nick gives credit after built at least 20% of the home. Two percent of housing under construction lending has traditionally been considered a risky program. At the stage of investment such loans the banks can not securitize, in fact, before the construction of the bank as collateral only claim the apartment. The apartment is registered as a property only after completion of construction and state registration. To compensate for the risk to the registration of ownership during this period, banks raise interest rates a few points. As soon as the borrower prepares an apartment in the property tax rate is reduced and equal to the credit conditions of purchase ready-made housing. "If a house is not built, and the borrower has ceased for any reason, return or credit the developer went bankrupt, the bank will not be able to quickly and without loss of rights to implement the requirements for the developer. In connection with this lending rate during the construction phase of 1.5 2% greater than rates on mortgage loans for the purchase of finished housing - the excess to compensate the lender's risk, "- said General Director of a non-bank refinancing" ATTA Mortgage "Alexander Chernyak. As a rule, within 3-6 months after acceptance by the State Commission home development company collects a set of documents and submit it to the territorial office of the Federal Registration Service for registration of property rights to shareholders apartment. Many borrowers are putting off the moment of purchase until the completion of construction. Making the right property is not far off, which means that less time will have to pay a higher interest rate. But in this case the borrower does not risk to get what he wants: the best apartments are bought just at the stage of excavation. It's worth noting that the speed of construction depends on the type of home. Panel home builders are usually built in a year, while the construction of monolithic houses takes several years. For example, buy an apartment under construction in the panel house can be $ 4500 per 1 sq. km. m. A small apartment (60 square meters. m) will cost the borrower $ 270 thousand in general, borrowers need to be at least 15% of the price. Then, by taking out a mortgage for 25 years, during construction the borrower will pay 13.5%, and after the registration of ownership - 11.5%. If we assume that the house will be built per year, during the first half the monthly payment the borrower is $ 2600, then decline to $ 350. If the borrower purchased the apartment in the secondary market, the price per square meter would be not less than $ 5400. Under the same conditions, but under a constant rate 11.5% borrower paid monthly would be $ 2,700. Even during the construction of the borrower will pay a lesser amount than the loan with the regular purchase rate "of the secondary." Credit for the unmet needs of the main risk for the borrower is that the developer may suspend construction or does it stop. Therefore, in some cases to buy an apartment on credit can only be the affiliate of the bank and the developer. Now banks make on housing being built very high standards, so that credit is subject to no more than 15% of all new buildings. "Banks want to work with specific proven developers, to be sure that the house will be completed within a reasonable time and the bank receives liquid collateral. So often a client can not choose an apartment in a particular house, then choose a credit program in any bank, and selects the combination of factors: a suitable home, plus an appropriate credit program ", - says head of retail lending Unicredit Bank Andrey Knyazev. Some banks, such as the IBC and the PSB are willing to consider options provided by the borrower. But push a prerequisite: the bank should first check the developer, to accredit it, and after that deal with credit. "For the buyer one of the biggest advantages of buying an apartment in a newly built house in a mortgage - that the bank is building audit facility, which will arrange the loan. The risk that the construction will be frozen, while minimizing" - sure Deputy Mortgage Center Absolut Bank, Elena Voronina. Choosing a builder is not accredited by the bank, the borrower should pay attention to its status and reputation, legal forms of work contracts, implemented projects. "It is desirable that the object was completed not less than 50%, the developer experience should be at least three years, the number of successfully implemented projects of the developer must have at least five, at the same time, you must have a complete package of permits and transparent scheme of sales" - recommends that the head of mortgage lending "MIAN - Real Estate Agency" Vladimir Mildzihov. "Banks are very rarely consider the possibility of a loan under the facility not accredited builder, because it is associated with time consuming bank employees to understand the situation in a particular subject and explore the possibility of a loan. However, the individual facts exist," - says the director of "Mortgage Center" companies "BEST Real Estate," Andrey Kuznetsov. The accreditation process will take less than a month, and for this the borrower should ask the builder permits for land to build their own facility and documentation of the developer. If accreditation initiative will come from the mediators, success is more likely. "As a rule, the initiators of the accreditation are the developers themselves, or real estate companies that sell their items. In theory, the borrower itself can lead to the bank builder, but in practice, a positive result is unlikely," - says Vladimir Mildzihov. If the construction stops, in most cases the risks will be the borrower. He will have to continue to repay the loan, and at a higher interest rate. If it is clear that the construction will not resume, the bank will repay the loan. However, there may be other options. So, Nick will make the risks of default in the developer's cost of insurance. Then, if the construction ceases, the insurance company to repay the loan ahead of schedule. IBC may require the replacement collateral for freezing construction. Binbank if the borrower stops paying on the loan, can translate into a right to demand an apartment in the developer by making an offer, which prepares the borrower at the time of the loan. "Borrower upon signing the loan agreement signed by both the paper on which it renounces the right to receive apartments in favor of the bank under the assumption of delinquency on the loan, the refusal of insurance and in other cases stipulated by the loan agreement" - explains the deputy director of department of mortgage lending Binbanka Vyacheslav Panteleyev. Now the main obstacle to the development of housing under construction lending schemes are the sales that use real estate developers. Banks prefer to apartments sold for contracts on share participation in construction (contracts of investment). Some banks and does not work on other schemes. "The main requirement for the bank's property - a form of agreement concluded with the developer. This should be a treaty or agreement of investing equity in construction", - said Head of Retail Lending ICD Herman Belous. But now, many developers use other methods that banks consider too risky. "These patterns are heightened risks to banks that can not affect the credit conditions," - explains Vyacheslav Panteleyev. Although loans for housing under construction - a risky product, bankers are predicting a great future. And do not even quite a stable state of the banking sector that does not interfere. "Instability in the financial and stock markets led investors to withdraw assets from the financial sector and to invest in real estate investing free funds is carried out mainly in the primary market" - said the Head of Marketing Retail at MDM Bank, Anatoly Krainik.