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The consequences of the Central Bank’s decision on a mortgage with a small down payment were assessed: House: Habitat: Lenta.ru


RIA Novosti: New buildings could lose up to 15% buyers due to Central Bank mortgage decision

The main housing market could lose 5-15% of buyers due to the decision of the Central Bank (CB) to limit mortgage loans in Russia with a low down payment on apartments in new buildings. The developers have assessed the consequences of the measures of the financial regulator, writes RIA News.

MIC Commercial Director Gennady Dikalov noted that around 15% of customers are now considering proposals with an upfront payment of 0-10% of the item’s value. “As a result, the decline will be in this percentage, which is critical for the market, which has just started to recover from the decline of the first two quarters,” explained the expert.

The Level Group also believes the initiative won’t benefit the primary market, and Kirill Kholopik, head of the Unified Resource of Developers Portal, believes the solution may cut off a smaller proportion of homebuyers in new builds – about 5 %.

At the same time, realtors predict that in the new situation nothing will change for the majority of potential customers. Nadezhda Korkka, Metrium’s managing partner, is confident that developers and banks will be able to offer alternative options to homebuyers without big savings. Tatyana Reshetnikova, deputy head of the mortgage department of the federal company Etazhi, pointed out that more and more various special offers appear on the market for new buildings – the decision of the Central Bank may push the market to their development even more big.

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Cyan.Analytics expert Victoria Kiryukhina added that most prospective owners are looking to collect at least a standard 15% down payment in order to take advantage of state support. “And for programs with a rate of less than 1%, a number of banks even increase the deposit to 30%, which limits customers with a minimum collected budget,” Kiryukhina concluded.

Earlier, the Central Bank announced that from December 1, mortgages with a small down payment for the purchase of a primary dwelling will be limited in Russia. In this way, the country wants to limit the granting of such loans and contribute to the growth of mortgage loans without the accumulation of excessive risks in the banking sector.

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