The record holder for the number of preferential mortgages in one hand turned out to be a citizen who has 26 of them. During the preferential mortgage boom, enterprising borrowers were able to take out several mortgages from different preferential programs. Moreover, many of them had incomes that allowed them not to use them
Twenty-six preferential mortgages with one hand. According to the Accounts Chamber, an unnamed Russian took on so many loans. The auditors found out that in total there are almost 115 thousand borrowers in Russia who have two or more preferential mortgages for the period from 2021 to 2023. We are talking about four programs: general preferential mortgages, family, Far Eastern and IT mortgages, writes RBC. Why did this happen and how did the uncontrolled distribution of mortgages affect the market?
Fifteen hundred customers took out five or more preferential mortgages each. And the maximum debt of one person exceeded 196 million rubles. All together, borrowers with two or more preferential housing loans owe banks over a trillion rubles. The thing is that until 2023, no one limited the number of such loans in one hand. Investors took full advantage of this. Therefore, 26 mortgages per person — it even sounds logical, who wanted to earn, he managed, says the founder of the Association of Mortgage Brokers, real estate expert Dmitry Rakuta:
Dmitry Rakuta, founder of the Mortgage Brokers Association, real estate expert, “There were no additional restrictions, especially on the state program. There was no condition at all for having children, for example. It was just important to have a good credit history and proof of income. The number of such preferential programs is unlimited. That is, it was possible to apply to the same bank, even within the same bank it was possible to take out three or four mortgages. Then, for example, go to another bank, apply in the same way and get two or three mortgages. But for a family mortgage, of course, there were some kind of restrictions — the presence of children. But let me remind you that the family mortgage two years ago had completely different conditions, they were more loyal than they are now. And, accordingly, someone, for example, took advantage of state programs during the period when they ended, but the family mortgage was still in effect and there were no restrictions on “one mortgage in one hand.” And they used a family mortgage. And the family mortgage was also taken out an unlimited number of times.”
After the program was extended for the first time, its terms were expanded — the loan amount increased, and the initial payment was reduced. This spurred demand, followed by prices. Developers issued mortgages for new buildings at 1% or less. But after a while, the program became more targeted. However, this still has not affected the cost per square meter. How profitable was the investment with a preferential mortgage, says Victoria Grigorieva, CEO and partner of BEST-Novostroy:
Victoria Grigorieva, CEO and partner of the BEST-Novostroy company, “We also have enough such examples in our company, when 18 mortgages and 12 mortgages were taken into one hand, this is really true. After all, this hype and access to, let’s say, cheap money, I’m not afraid of this combination, certainly increased demand. When demand grows, in fact, you don’t have to be a great economist to understand that prices are also rising. And this mortgage in a serious part has become, in fact, a driver for the growth of prices for Moscow real estate. And, of course, by investing with cheap money, people received excellent returns from us. Speaking in numbers, for example, a person who took out four mortgages invested in a project where the cost was 285 thousand per square meter. Literally in a year and a half, the cost in this complex has already amounted to 600 thousand per meter. Well, actually, how much you earned, you can immediately calculate. It was enough to actually make a concession, sell the apartment on the concession, close the mortgage and at the same time still earn money.”
The Accounting Chamber did not inform about where and for what amount the Russians took out preferential mortgages, who have 26 of them. Therefore, it is also difficult to guess how much he earned. But it is worth considering that over the past three years, housing prices have increased by tens of percent, as well as the cost of rent, because such apartments were often rented.
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Since December 2023, it will no longer be possible to earn in this way — now the rule “one preferential mortgage in one hand” has been established. And, as the media wrote earlier, banks began to monitor this and increase the percentage for those who took more than their due.
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