Mortgages are still available

The insufficiency of the measures taken by the government of the Russian Federation for the development of the market of mortgage lending is one of the reasons that have already more than 10 years of a mortgage does not become more accessible for the vast majority of the population.

Russia took the 47th place out of 60 in the rating of the value of the mortgage loan in 60 countries, compiled by the campaign of Penny Lane Realty. When making the rating, experts of the Agency took into account the average interest rate, payments for opening and maintaining the loan account, the cost of housing. A basis for the calculations was taken as the standard for the citizens of the Russian loan in the amount of 122 Euro 250 (5 million rubles) for 20 years with an initial contribution from 30 to 40% of the total cost of the apartment.

From the rating can be seen, for example, that a Russian citizen for 20 years shall pay an amount in 2,5 times more, than the sum of the loan received. For comparison: the Danish loan will cost only 1.11 times more expensive. Moreover, if we take into account that the average monthly income per capita in Russia in 2010 was 464,2 Euro (18 552,6 RUB.), and in Denmark - 4334,9 Euro, it turns out that the average citizen of Denmark spends on mortgage only 13% of the monthly income, while an average Russian on the monthly payment on the mortgage would barely three salaries.

It turns out, that inhabitants of our country is unprofitable to buy property in mortgage both for its own needs and for investment purposes. That is, for subsequent leasing. Meanwhile, in the countries with cheap mortgage this is a fairly common business.

The Russian authorities actively promote such a tool for solution of the housing question and excretion of the construction industry from the crisis, as a mortgage. However, the research of independent experts demonstrate: an instrument of mortgage lending in Russia actually does not work. In a country of only 4 million citizens can afford buying on credit apartments on the secondary market and 9 million. - in the primary. If this really for the last five years of the mortgage taken advantage of only 1.3 million citizens. In the conditions of low income and high mortgage payments alternative tool for solving the housing problem could become a social housing. But that officials prefer not to remember, because it is too costly for the budget.

The main reason of low popularity of mortgages lies in its inaccessibility. At current interest rates and the value of real estate long-term mortgage is not economically feasible. Citizens are willing to overpay not more than 20-40% of the value taken on credit property, but in practice this overpayment is 150%. Therefore, the mortgage issue in the main only those Russians who want to throw themselves the burden of debt ahead of schedule - within 5-7 years.

As the research has shown, in order to pay off the 20-year mortgage with a rate on the loan of 12.4% per annum and an initial contribution of 20%, the average of the Russians must have a monthly income at a level of not less than 30 thousand roubles a month. Of course, in the country there are workers who, for example, in the gray scheme receive a salary much more than this amount, and hence, theoretically they, too, could afford a mortgage. However, the study authors, banks in 99% of cases, despite the advertising statements, align themselves with the white of income levels.

Depending on the region the availability of mortgage varies greatly. A resident of Moscow, to pull a mortgage, must have a monthly income at the level of 70 thousand rubles., a resident of St. Petersburg - 42 thousand rubles., and, for example, the Murmansk oblast - 11.7 thousand rubles. In the end, the mortgage is the most accessible in remote corners of the country, where it technically can afford almost 50-60% of the working population, and in the large and Central regions it becomes a real luxury. So, mortgages affordable for only 7% of Muscovites.

Prime Minister Vladimir Putin, for example, not so long ago, promised that in the nearest future the mortgage loan will cost citizens in 5-6% per annum. Not less than one-third «of Russian families (now about 12%) should have the opportunity to buy a home with the help of own or borrowed funds already to 2015», - he said in April. This, according to him, will be achieved, including, «at the expense of housing loans, of social subsidies, the parent capital».

However, this is not the first of its kind promise of a Prime Minister. It might do it? As announced recently the head of the Agency for housing mortgage lending (AHML) Alexander Semenyaka, to lower interest rates on mortgage, it is necessary to reduce inflation, reduce the margin and maintain competition in the market. In 2011, in his opinion, the rates can be decreased by 1%.
However, the Director of the center for economic research muif Sergey Moiseev much in doubt. In his opinion, the interest rate on mortgages is likely to only grow. Banks will now take on such a risk is high, the expert is sure. By the end of the year mortgage rates may rise by 0.5%.

A similar opinion is shared by other experts. According to them, take a mortgage now is also because of the constantly rising prices of the real estate. Reduction of volumes of construction and is already a shortage of proposals to predict the growth of prices. In conditions of stabilization of the economic situation, taking into account factors such as exchange rate fluctuations, reducing the volume of supply of new buildings, the activation of the mortgage in the market of new buildings, a gradual reduction of interest rates on credits, increase of the cost price of construction and General inflation, future prices will gradually rise. On results of year growth of prices on the market of new buildings can be up to 8-10%.

As evidenced by the report of the Agency for housing mortgage lending (AHML), the share of mortgage loans in the portfolio of the Agency, the payments on which are overdue for a period exceeding 180 days, according to the results of the first quarter was 7.17 per cent of the portfolio.

The state could buy from the banks of the apartments of the citizens, who took mortgage and find themselves in a difficult life situation. And then this housing would be provided to unfortunate mortgage borrowers in the form of social hiring. Such proposals are contained in a bill submitted to the state Duma.

As stated in the explanatory note, the bill sets a legal basis restructuring of the debts of citizens - borrowers who are in difficult life situation and have lost the ability to timely repayment of the loans received under pledge (mortgage) of premises, "in order to improve the financial status of such citizens, as well as - in order to stimulate the mortgage market in the Russian Federation and purification of the credit sphere of the loans, bad to maturity".

Under the "difficult life situation" deputies understand the situation objectively violates the vital activity of the citizen (disability, incapable of self-care due to old age, illness, orphans, homelessness, poverty, unemployment, lack of a place of residence, conflicts and cruel treatment in the family, the loneliness, and the like), which it cannot overcome on their own.

The draft law proposes to grant the state and municipal Executive bodies the right to buy back for state and municipal needs accommodations that are the subject of mortgage loans. Repurchases may be made from the owners who are in difficult life situation and asked for help with the application. The citizen shall have the right to use their right to redemption for the state and municipal needs of residential premises, which is the subject of a pledge on the mortgage loans only once. That is, if a person managed to take a few of mortgage loans and are unable to pay him, the state of him for several apartments is going to help us.

The area of the residential premises, which is paid upon redemption, shall not exceed the equivalent of each resident redeemable  the premises of a family member of the citizen of the mortgagor rate of the provision of premises, established in the corresponding subject of the Russian Federation. The living room redeemed at the market price. To determine the market price of the Executive bodies of the book estimate of the value of repurchased housing. The owner of the pledgor of the residential premises is a contract of purchase and sale at the price determined by an authorized appraiser.

The purchase of residential premises shall be taken on the balance sheet and accounted for as state (municipal) ownership. From the moment of registration of property rights, relations with the former owners are regulated by the Housing code as social renting.

The former owner of the object of pledge, according to the draft law, has the right of repurchase of the housing at a price, which is equal to the amount transferred to the creditor plus the amount of interest calculated at the rate of refinancing of the Central Bank on the day of submission of the application for repurchase.