Experts note that this decision was predictable. Should we expect housing prices to fall? And will panic begin to prevail in the market in connection with the statements of banks about the reduction of programs?
Since June 21, Sberbank has stopped issuing mortgages under the mass preferential program and the program for IT specialists. The country’s largest bank explained this by exhausting the limit.
“Due to abnormally high demand, the allocated limit will be exhausted ahead of schedule before the official closure of the program on July 1. For this reason, the acceptance of applications and registration for the transaction will be closed from June 21,” the Sbera message says.
Earlier this week, it became known that a number of other large banks also stopped accepting applications for preferential mortgages with state support — the one at 8%.
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Pavel Samiev, CEO of the analytical agency “Businessdrom”, comments:
Pavel Samiev, CEO of the analytical agency Businessdrom, “It was expected that the limits would be exhausted in advance. BEAC announced that the limit has already been reached, it is impossible to continue approving new applications. I think that now most banks that operate under these programs will have their limits completed within the next week, even before July 1, the vast majority of participating banks will not be able to give this preferential mortgage with state support. The mortgage situation is similar for IT specialists: the limits will be exhausted in the very near future, and this was also predictable. Further, most likely, there will be point programs that will be clarified, maybe new ones will appear, but it will not have such a massive character as a preferential mortgage with state support. The share of mortgage preferential programs in the housing market and the share of preferential mortgages in terms of sales in the total volume of mortgages will decrease.”
Valeria Mozganova, the presenter of the Real Estate program on Business FM, discusses how the closure of the preferential mortgage program will affect the market:
Valeria Mozganova, Business FM columnist, “To say that someone is panicking about this is absolutely not. The most important thing is that banks, on which the development market mainly depends today, do not panic about this. Stress models that are drawn at the moment when project financing is approved, and, as we all know, almost all new buildings in the country are currently being built on project financing using escrow accounts, these stress models withstand about a six-month sales drawdown quite calmly. Therefore, those who believe that sales will slow down, mortgage issuance will slow down and therefore banks, together with developers, will sharply begin to reduce prices for new buildings, are mistaken, nothing like this will happen. Now about what the abolition of preferential mortgages means for people. It is clear that a very large part of the population used it, both those who bought housing for themselves and investors who, thanks to this preferential program, purchased housing at quite reasonable prices, which they then either speculatively sold or used for rent. Actually, the fact that everyone uses a preferential mortgage has become one of the main points why it is being canceled. Firstly, there are a number of other preferential programs that no one cancels, moreover, they even try to build up their muscles, first of all, we are talking about a family mortgage. Secondly, there remains a mortgage on housing and communal services. A special rate is placed on mortgages, as well as on the entire segment of residential housing in general. At the moment, there is practically no standard bank mortgage, maybe some single loans are issued in some banks. But if sooner or later the key goes down, and therefore the interest rate itself goes down, the bank mortgage will probably revive on its own.”
On a preferential mortgage for IT specialists, Beber continues to accept applications, but temporarily suspends the issuance of loans due to the exhaustion of the limit. The Bank will resume disbursements when a new limit is allocated.
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