Housing is expensive in debt

The global crisis has not bypassed the Russian mortgage market - it went with many banks. The remaining reviewing mortgage programs, increase the rate and tightening requirements for borrowers. Still, mortgage demand in Russia. According to market players, their contribution to alleviating the burden of a mortgage may make the government, lowering taxes for the borrowers and issuing dated loans. Due to the lack of cheap "long money" many domestic banks have begun to review mortgage programs and interest rates change. "Today the average interest rates on mortgage loans is 12.5% ​​pa in rubles and about 11.3% - in dollars," Gradually, they refuse to provide mortgage loans. It is no wonder that the global crisis forces to leave the market of small players. Compete with the leaders of them becomes more difficult. "In terms of mortgage lending in general decline there, but the" strength "is in favor of big players who win at the expense of buying credits weaker" - explained the newspaper LOOK Bank of Moscow analyst Olga Veselov. In 2008, the market share of large commercial and state banks are likely to grow at the expense of large and medium-sized regional players affected by the liquidity crisis caused by the subprime crisis in the U.S.. At the same time, most of the leading banks in the mortgage market this year have raised interest rates on mortgage loans by 1-1.5 percentage points. Among them appear on VTB 24, City Mortgage Bank, World Bank, "Uralsib" and RosEvroBank. Today, the average rate on mortgage loans is 12.5% ​​pa in rubles and about 11.3% - in dollars. A notable trend was also a tightening of banks' claims on borrowers. Credit institutions preferred customers with "white" income. According to the vice-president of real estate of Michael Best-Gorokhovsky, that layer of borrowers who meet the requirements of the bank issuing such a loan was "fine" and has exhausted itself. "Resources for credit institutions are expensive, significantly accelerated the rate of inflation - are objective reasons that banks have gone the way of increasing the requirements for potential customers. They began to get round people with "gray" wages ", - said the expert. At the same time, adds Olga Veselov, banks' reserves the right without giving any reason refuse to issue a mortgage. " Another obstacle to Russian mortgage was tightening the Agency for Housing Mortgage Lending (AHML) requirements for refinanced loans. In addition, HMLA sets quarterly redemption limits the pool of loans granted by banks. However, despite all this, the major players feel confident and consistent demand for mortgages. "Clearly, the rates go up, but this is what we see on the surface. Behind this is the trend in increasing the volume of mortgage "- says Olga Veselov. According to research analyst at Alfa Bank in 2007, the mortgage market has grown by 140% (or 17.6 billion), reaching $ 30 billion. According to Olga Veselova, further decreasing the volume of mortgage loans will not, as well as interest rates, at least in the short term. In this situation, the government can not remain aloof. One way to solve the problem - the provision of subsidies on mortgage rates. In addition, the government can provide significant tax benefits for those who purchase a single housing with a mortgage, says Michael Gorokhovskiy. By the way, the possible tax benefits and said Prime Minister Vladimir Putin, speaking to the deputies on May 8. "We should go for the maximum exemption from the tax burden of citizens and organizations spending on education, health, pensions, interest payments on mortgage loans," - he said in the Duma, which considers the question of its approval for the post of prime minister. At the same time Putin urged to continue working "to improve credit conditions in the housing market and housing finance." "Of course, the government can offer any guarantees, subsidies, but it all goes on the market mechanism. If we want to develop a market environment in the mortgage, then get involved in this process is not worth it "- says Olga Veselov. However, most experts believe that at the present time many Russians can only rely on government assistance in solving the housing problem. In this case, the emergence of mortgage programs that are supported by the Russian authorities, may provide an additional boost to the mortgage market. In the meantime, borrowers still rely on the loyalty of domestic banks. "Foreign banks in this plan is carried out much more strict policy. For example, they make loans that you have no right to repay early. We have to immediately pay the interest that the borrower would have paid 10 or 20 years "- concludes Michael Gorokhovskiy.