The Ministry of Construction of Russia has developed a project according to which borrowers will be able to include furniture in the amount of a mortgage loan. It looks tempting, but there is always a but.
If the project is approved, borrowers will have the opportunity to include structural elements and furniture, finishing elements, engineering and technical support systems in the mortgage agreement. The definition of built-in furniture is given: these are pieces of furniture installed in residential premises and not subject to movement.
Important conditions: the new rules apply only to furniture manufactured in Russia or the countries of the Eurasian Economic Union. At the same time, the condition on the inclusion of furniture in the mortgage is valid only for contracts using escrow accounts. The document also contains requirements for the warranty period for furniture – 5 years.
To date, few banks are ready to lend an amount in excess of the estimated cost of housing, which is the object of collateral for mortgage lending, said the head of the expert analytics department “Banks.
In addition, the innovation will equalize the chances of primary and secondary housing at the stage of choosing a future place of residence, because for many buyers the opportunity to move into an apartment without additional expenses for the arrangement is the determining criterion. “But in my opinion, in order for the initiative to really work in practice, it is important to extend it not only to market mortgages, but also to preferential programs,” the expert believes.
Furniture makers are rubbing their hands with satisfaction: due to the high cost of the final product, the sales level has fallen, but now it will be possible to directly drive the goods directly to developers. The inclusion of furniture in the mortgage is beneficial to both manufacturers, builders, and the public, noted last summer in the Association of Furniture and Woodworking Industry Enterprises of Russia. Manufacturers give furniture to developers at a discount of 30-40%, since there is no need to maintain shops. And new settlers will be able to borrow it at a mortgage rate, and not on a consumer loan, which is much more expensive. Due to the launch of a furniture mortgage, shareholders will be able to settle in faster and reduce expenses, developers will receive a new business line, and furniture manufacturers will receive a projected demand for products, says Nikita Stasishin, Deputy Minister of Construction and Housing and Communal Services of the Russian Federation.
However, experts disagree. There is another way to support a domestic manufacturer, but it is quite difficult to get involved with mass mebelization: there is still no high-quality analogue of imported furniture fittings – it is not clear how the place of production will be determined when using foreign components, according to Ilya Ponomarev, an expert of the Public Council under the Ministry of Construction of Russia. And in general, the purpose of these proposals is vague, since developers had the right to sell apartments with furniture for a mortgage before. “99 percent of the shared-equity construction is not subject to verification of the reliability of the estimated cost, since budget funds are not used in it. That is, you can include furniture in the estimate and assign the cost of the apartment with its consideration,” Ilya Ponomarev explained.
It is still unclear how the assignment of mortgage rights will take place with furniture secured. It is also unclear whether the homeowner will have the opportunity to make repairs and change the situation if she is on a mortgage. And when the amortization period ends in 5 years, how will the bank deal with this collateral? “If the value of the collateral has decreased, the bank may require additional collateral or increase the rate,” the expert added. And it’s hard to disagree with him.
By the way, apartments with furniture in the “Airplane” are already being issued as part of a mortgage loan, and not a separate consumer loan. After receiving the keys, the furniture becomes the property of the shareholder, he can move it at his discretion. Defects in the furnishings identified during the delivery of the apartment are eliminated by the contractor within the warranty period.
At the same time, in the same “Airplane”, not all of the apartments offered for mortgage are equipped with furniture and appliances. And this is logical. After all, there is a demand for both furnished and empty apartments. People should have a choice.
In general, the truth, as always, is hidden in darkness…
Victor Ostanin
Photo: LEGION-MEDIA
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