Mortgage market hard hit by the crisis and reduced the number of banks, working with a mortgage, and the number of borrowers who are ready to take advantage of long-term loans for their housing situation. But now feels a stir. Of course, to "precrisis" performance is still far, however, they are better than at the beginning of the year. This trend, we decided to discuss with the experts. To start Metrinfo magazine will introduce you to the official statistics, which are known to be impartial. And the numbers show us that the decline of mortgage rates is terminated. And planned to increase modestly. In the II-quarter 2009 mortgage on the balance sheet had 564 bank - is 36 fewer than at the beginning of the year. Of the 50 largest banks in mortgage loans issued to borrowers the new 40. This is the data of the Agency for Housing Mortgage Lending (AHML). And according to the Central Bank of Russia, in the I quarter of 2009, mortgages have been issued less than six times (total - 24.4 billion rubles) compared to the same period, 2008. In II quarter there has been a positive trend, more loans were issued - by 30.8 billion rubles. But compared to last year is also less than about six times. Results for the I half of 2009, banks issued 44 thousand mortgage loans, while during the same period last year - 213 thousand, which is almost five times smaller. Most of all loans issued Moscow, Tyumen Oblast, St. Petersburg, Moscow and Perm region. In the Moscow region in July 2009 amount of mortgage home loans sostavilo1384 credit. It is twice more than in June, but still a factor of 2 below the monthly average in 2008. According to the forecast AHML for the entire 2009 will be issued mortgage loans worth 100-120 billion rubles., Which is six times less than in 2008, and in quantitative terms, 117 thousand pieces - a 4-fold lower than the previous year. Looked like an "average" mortgage loan in the last months of 2009? We again use the data AHML and CBR. The overwhelming majority of mortgages issued in rubles. The share of foreign currency loans - only 7%. And the stakes have reached a level of 2005-2006, the average ruble loans they make up 14% and in dollars - 13.4% per annum. Period to which the mortgage loans, in I quarter credits in rubles was 16.9 years, in the II-m - 16.5 years. On foreign currency mortgage loans - 10.6 and 11.9 years respectively. And the trend of recent months - notably decreased growth rate of arrears on the mortgage. In HMLA estimated that in the II quarter of 2009 compared with the I quarter it fell from 19.3% to 7.8%. In particular the ruble mortgage loans - from 15.2 to 8.4%, and the currency - from 23.2% to 7.1%. Positive changes were noted and the players themselves the real estate market. For example, Ina Ignatkina, Deputy Director General of Steklov Mathematical Institute, acknowledged that the banks have reduced lending system, and consumers are more active than at the beginning, the use of a mortgage. These findings expert did, including the results and launched in July, a joint program of Steklov Institute and the Savings Bank. Only last month the number of loans increased almost two times relative to the beginning of the year. While this is primarily a loan shortfall of 1 to 3 million rubles. for the acquisition of secondary residences. According to Ina Ignatkina, the consumer comes to understand that to buy an apartment today, when the price of a quarter lower than last year, more profitable even with a loan at higher interest rates. Especially when it comes to loan shortfall. Angela Dubrovskaya, head of mortgage investment and development company «City-XXI century", also confirmed that the figures for mortgage lending in recent months, almost twice the performance YTD. This is facilitated by the fact that the "City-XXI Century" jointly with Gazprombank has developed a special mortgage program for purchase of apartments in new company: LCD "Amber City" and "Azure Blues" in Strogino residential complex "Rainbow" (5 th md. Vidnoe Moscow region). Gazprombank Mortgage Program provides for the granting of credit for up to 25 years. The interest rate ranges from 16.5% in rubles. The initial payment at their own expense - at least 30% of the purchase price. Mortgage is gradually returning to the market, but elimination of the "failure" will take years. In our view, recovery times pre-crisis level of the mortgage market in Russia are interlinked with the terms of the economic recovery of the country as a whole - 2-3 years - says Vladislav Lutskov, General Director of "Analytical Consulting Center Miel." About the changes in the mortgage market in 2009, new programs and conditions of mortgage loans, as well as what measures should be taken to state that the mortgage has been made available to consumers, telling the magazine Metrinfo major players - bankers and realtors . "LOAN MAX" Souren Hayrapetyan, Director of Business Development: It may be noted a certain revival of the market. There are new programs, lower interest rates on existing products. Banks have become more loyal when considering the documents. Most interesting, in terms of interest rates, loan products are Sberbank, VTB 24 bank and DeltaCredit. Now on ruble loans to a potential borrower can count on a fixed interest rate ranging from 14% in rubles and from 12% in foreign currency. You can get a loan with lower interest, but provided that the rate will be floating. The risk of loan defaults forced banks to tighten requirements for borrowers, resulting in an increasing number of failures. In my opinion, part of the failures could be avoided, provided that at the legislative level would be a simplified procedure for the realization of collateral. She now is durable, and banks do not want to risk it. In general, the number of loans could be increased, if Russia was finally introduced extrajudicial procedure of selling real estate - by bail. Lowering the refinancing may also enable loans on more favorable conditions: the lower the refinancing rate, the lower rate loans. A further rate cuts will be determined by inflationary trends, as well as the credit activity of the banking sector. Alexander Smolensky Bank Pyatkin, Deputy Director of Business Development: In the first half of 2009, the bank has seven mortgages. Indeed, we fix a decrease in the number of applications for mortgages that are directly related to the stagnation of the real estate market. But to say that the mortgage market is dead, - wrong. Banks are still interested in this kind of business. Our bank has recently introduced its line of new mortgage product - "owner", which was created in the economic environment. Credit is given for up to 30 years at an interest rate of 11% up to $ 4 million rubles. Provides for early repayment after 6 months from the date of the loan. We do not charge a fee for account maintenance. Currently the bank operates two mortgage programs: "Superdoverie" and "owner", providing for loans in rubles. Program "Superdoverie" borrower can count on loan from 300 thousand to 3 million rubles in the original are made on 50% of the cost of housing. The annual rate of 11% per annum, while not required sureties, property valuation, property insurance, life and health of the borrower. Recovery in the mortgage market will depend primarily on the restoration of effective demand and prices of resources for banks. At present the state for credit institutions - almost the only source of resources, but short and expensive. And the price of the resources involved are directly dependent rates at which banks lend to people will be. Moscow Bank for Reconstruction and Development, Andrew Silk, Senior Vice-President: The first thing that draws attention to the bank when considering an application for a mortgage in today's conditions - activities of the company, which employs a potential customer, the period of existence of the company and enjoys the company- employer support of the state. A positive factor - the confirmation by the client revenue official documents, the experience of last year and a half and work activities within their specialty. One of the primary points for the development of mortgage lending in Russia - the stabilization of economic situation in the country and, consequently, the provision of the state to its citizens opportunities for stable income. Also, the state should promote the development of market mortgage refinancing to banks could increase lending, not increasing significantly with the mortgage portfolio, and having the opportunity to release financial resources due to the refinancing of mortgage loans, including HMLA. City Mortgage Bank (Group Morgan Stanley) Victoria Bakayev, deputy chief of sales department: In the early summer of City Mortgage Bank held a pilot program to deal HMLA in the Northwest region, and in the near future we are considering the possibility of further work on the program in several regions. Terms and conditions are in line with the program AHML. It will be denominated loans. At present a portrait of a potential borrower is that it's employee who has worked at least one or two years, stable employment (often undesirable interruption in employment) in a position other assets in the property. It may be, for example, apartment, cottage, garage. It is also very important positive credit history. ITB BANK (JSC) Egorov, Irina, Head of Sales Business Development Department: Dynamics of the number of mortgage loans declined in July 2009. This period is due to the change of HMLA Standards Program "Mortgage-housewarming." Statistics from the beginning of 2009 speaks of a constant monthly growth, both on the received applications, and on loans. For example, for the period 2008 was carried out 366 transactions, and on August 31, 2009 is 489. In March 2009, our bank has launched a program developed in conjunction with AHML, for families eligible for maternity capital. The amount of maternity capital increases the size of mortgage loans, respectively, of a young family an opportunity to buy a more spacious accommodation. In the second half of September 2009 start mortgage lending program for military personnel, members of the accumulative - the mortgage of the housing for military personnel (NIS). They will be able to purchase a house in the special conditions under which repayment of the loan and initial fee is paid from public funds. Due to the fact that the Bank ITB (JSC) is working with the "HMLA" Bank interest rates on mortgage lending are directly dependent on the CBR refinancing rate. For example, the loan product "Mortgage - Housewarming 'rates are as follows: from 10.55% to 12.51% (for a loan from entering into a contract of personal insurance), from 11.25% to 13.21% (without a contract of personal insurance) . In an average month in our bank receives about 200 applications for mortgage loans, of which 16-17 failures. The main reason for failure - it's the debt current, or previously granted loans. Independent Mortgage Bureau Taubkin Eugene, CEO of the "Independent Mortgage Bureau" (NBIK): The last few months, banks are launching new loan products or suspended. For example, in August, VTB-24 resumed its lending program for housing under construction. One of the oldest specialized mortgage bank DeltaCredit in September reduced the rate of the dollar to 7.75%, a record low rate for the ten-year history of the bank. Mortgage - a driver not only the real estate market, but also the economy as a whole. Without access to credit customer demand for real estate is falling, developers are experiencing a shortage of liquidity, stop buying concrete, windows, doors, etc. Accordingly, sales in other industries are significantly reduced. Moscommertsbank Dmitry Orlov, director of marketing and product planning Moskommertsbanka: objective reasons for the revival of the mortgage market there. The demand for mortgages declined from customers, not the most attractive conditions and criteria for evaluating potential borrowers pretty hard. The most active players now - state-owned banks and several foreign subsidiaries, the rest do not consider a mortgage as a locomotive of the product. Our Bank in the current focus on cash loans and auto loans. Mortgage programs, which under the terms were as attractive as in 2006-2007, in the near future is expected. The problem of the mortgage market - the lack of adequate banking on cost and duration of funding. In this regard, state aid could be very useful. Also, the state must ensure the stability of the economy, which is critical for potential borrowers. But one of stability is not enough, is also important and the availability of mortgages. Subsidizing the cost of mortgages for certain groups of customers to be safe refinancing of loans and guarantees for individual loans by the state on the other hand can help the active development of the mortgage market. AN "Rielkom" Tatiana Kulabukhova, CEO: At the moment we do not have a new credit line, but I hope that soon there will be new products. According to preliminary calculations, the new products will increase the credit period to 30 years, and the rates will be lowered by 0.5-1%. Currently, mortgage loans issued in foreign currency at a rate of 11, 5%, and in rubles - 15% per annum. The number of refusals to grant mortgage loans we have is comparable to last year. The most common failure is associated with the fact that the client gives false information about the work. The state should provide funds to banks at such rates, so that citizens have a real opportunity to take advantage of offers. The best solution in this case, the refinancing of banks through AHML. If the state will help the banks, they will have to lower the interest rate on mortgage loans and, possibly, lower initial fee of up to 10-15% EA "Kutuzovsky" Michael Mac, head of the secondary housing the Academy "Kutuzovsky": The decline of activity in the market mortgage lending continues to revitalize and trends are observed. New and attractive almost none. There are only a few attempts to interest customers, such as the provision of mortgage credit for the purchase of an apartment is not to stay, and for rent. Credit is given for 7 years at 16-18% per annum in rubles and 12-14% in dollars for the initial installment of 50% of the cost of housing. Practically ceased to issue mortgage loans to purchase rooms - some banks lend to them only when redeemed last room and the borrower, thus becoming the owner of the entire apartment. Today may refuse to grant a loan even with a small (1 - 2 months) delay payments on previous loans, and revenue is seen as a rule, only "white", that is confirmed by the Certificate 2 PIT. As regards the role of the state, its task - not only to maintain effective demand in the housing market, but also to create the legal framework, making the system effective for the mortgage lending bank and accessible to citizens. For example, could be expanded tax breaks for buying a home for citizens and improve the system of targeted subsidies for certain targeted groups. Summary As you can see, not all experts share our optimism. A revival of the virtually all, but with the availability of credit - until hard. And this despite the fact that property prices have fallen. But before the crisis, there were other problems - the credit could be obtained relatively easily, but housing prices is clearly not happy. When it comes harmony? Only one thing - to strive for it. This bank would help the state - as noted by our experts, they expect a decrease in the rate of the Central Bank and the expansion of opportunities to refinance mortgages. From the state as well expect that it will help borrowers - for example, will develop a system of subsidies for specific groups of customers.
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