The family mortgage is gaining momentum, and there are suggestions on how to “wind up” this program to the level of “almost perfect”. At the same time, the Central Bank declared a real war on inappropriate schemes that developers and banks began to use in the context of ending preferential mortgages on new buildings
Although official documents have not yet been signed, the preferential mortgage arrangement, which will be in effect after July 1, 2024, is already clear to everyone: the mortgage on new buildings will end in its previous form, but targeted state support programs, primarily family mortgages, will continue to gain strength. The participants of the recent XXII All-Russian conference “Mortgage Lending in Russia” made a number of suggestions on how to deepen and expand this program.
In particular, Rustam Azizov, Director of mortgage sales and implementation of financial instruments at A101 Group, once again stated the need to issue a youth mortgage aimed primarily at spouses under 30 years of age who married after January 1, 2020. “According to our calculations, the initial payment on such a mortgage should be 15%, and part of the contribution can be repaid by the so-called certificate of the newlyweds (in the amount of 500 thousand rubles). The maximum loan term is 50 years, the maximum amount is 15 million rubles in Moscow and St. Petersburg and 12 million rubles in other regions of the country. Finally, the most important thing is that the youth mortgage rate should not exceed 3%,” the expert shared the details.
According to the calculations of the A101 Group of Companies, in this situation in Moscow, for example, having bought an apartment for 12 million rubles, holders of a youth mortgage will pay a little less than 33 thousand rubles a month on a loan, while they would have to pay a little less than 62 thousand rubles on a standard mortgage with state support. Similar calculations for an apartment with a price of 7 million rubles in St. Petersburg or the Leningrad region turn the monthly almost 36 thousand rubles into a much more attractive 19 thousand for young people.
In parallel, the head of the analytical center “Real estate market Indicators IRN.RU ” Oleg Repchenko proposed to introduce an “area qualification” into the family mortgage and in the future to issue preferential loans only for housing with an area of, say, at least 50 square meters. In his opinion, this will remove speculative investors from the program, for whom it is not designed, and at the same time focus the attention of developers and buyers on family-style apartments, and not on studios and one-bedroom apartments, in which, as everyone understands, it is not easy for even the smallest family to accommodate. The question of where families can get money to pay off 50-meter loans was left out of the brackets.
But, by the way, according to the results of a recent study presented at the conference by VTSIOM CEO Valery Fedorov, 83% of respondents believe that the ideal apartment for a young family is a two— or three-room apartment with an area of 55-80 square meters. Although if we are talking about our own house, the parameters change noticeably: here the ideal is a two—storey cottage with four or more rooms and an area of 110-125 squares.
And yet, since we are talking about young families: in early April, the first deputy chairman of the State Duma Committee on Education, Yana Lantratova, made a proposal to give young families an interest-free loan with a maturity of up to 25 years for the purchase or construction of housing.
According to the expert cited by Izvestia, a young family is understood to mean a family with one or more children under the age of 18, in which the age of each of the spouses, citizens of the Russian Federation or one parent in a single—parent family does not exceed 35 years. According to Yana Lantratova, such a measure will contribute to improving the demographic situation in the country, stimulate the birth of a second child in the family and further increase the number of large families.
If a family mortgage has many looming prospects, then a preferential mortgage for new buildings, again, has no prospects. Therefore, developers, together with banks, began to come up with workarounds in advance, which are very worrying for the Central Bank. In his speech, Alexander Kopylov, Head of the Real Estate Market Analysis Center of the Banking Regulation and Analytics Department of the Bank of Russia, drew attention to three inappropriate schemes that have recently become the most widespread.
The first is the placement of part of the buyer’s funds on the letter of credit before the house is put into operation. Out of, say, 10 million rubles, only 2 million are initially deposited into the escrow account, the remaining 8 million are sent to the letter of credit and appear on the escrow only at the very end. According to the Central Bank’s estimates, in this case, the buyer at least risks losing 8 million in the event of a bank default, since, unlike escrow accounts, the funds on the letter of credit are not insured. Well, less money in the escrow account is equal to a more expensive project loan and can potentially set the developer up to increase sales prices in the project.
Scheme No. 2 is the sale of an apartment at a reduced price to a person associated with the developer and the subsequent assignment of the property to the buyer at the market price. Everything is clear here: The 10-millionth apartment is sold for, say, a million, which is honestly sent to the escrow account, and then resold to the final buyer for the full value minus this very million. Thus, as emphasized in the Central Bank, the developer bypasses the main principle of 214-FZ and immediately gets virtually all the money at his disposal, and the buyer in case of bankruptcy of the developer will not receive an apartment — he will receive only a million from the escrow account, and he will simply lose 9 million.
Finally, the third scheme is the issuance of a mortgage in installments when paying the price of the DDU “in installments”. Here, the main risks arise for the lender bank: until the moment the entire amount of the DDA is credited to the escrow account, the loan is not fully secured, besides, the loan amount increases with each tranche, but the borrower may be unable to service it after the growth of payments.
According to Alexander Kopylov, the Central Bank has retaliatory measures for each of the schemes that are already being applied or will be taken in the near future, and sending information letters to banks is the most innocent of them. Soon the banks will receive (or maybe they have already received) another information letter, which will say: the loan for the acquisition of rights under the DDA is reserved as unsecured (with all the consequences) if the funds have not been credited to the escrow account. Also, during 2024-2025, a norm should be adopted according to which, when calculating LTV (loan/collateral ratio — the ratio of the amount of the requested loan to the value of the property provided by the borrower as collateral; used by banks when calculating the amount of a possible loan) and capital adequacy standards, not the contract price, but the market value of the object should be used.
In 2024, an important event is due to take place — the adoption of mortgage lending standards, which will limit the period for placing funds on a letter of credit. And already in April, a proposal will be sent to the government on amendments to 102-FZ and 214-FZ on mandatory crediting of a mortgage loan to an escrow account plus on the possibility of placing funds on escrow before registering a DDU.
Finally, the Government of the Russian Federation and the Ministry of Construction have already sent a proposal to amend the rules for subsidizing mortgage loans. These proposals require the purchase of a subsidized apartment only from the developer, as well as the requirement to fully pay the price of the DDU and transfer funds to the escrow account.
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The Central Bank is well aware that the three schemes described above are far from a complete list of options invented by the market and that when old workarounds are blocked, new ones will certainly appear. But the Central Bank is determined to fight them, too, said Alexander Kopylov.
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