Without a sense of meter: banks began to charge mortgage rates up to 100%
Banks have started to artificially inflate rates when issuing mortgages. There are cases when financial institutions issue an additional part of the loan to the preferential program at an extremely high interest rate, for example, at 100%. This "Izvestia" told the Deputy Minister of Finance Ivan Chebeskov. People take such combined loans, because the cost of housing exceeds the maximum allowable threshold for a preferential mortgage. Also, banks began to include additional commissions or increase the down payment. In this way they increase the margins of mortgages. The Central Bank confirmed that recently these practices have spread - the regulator is fighting them.
Why banks are slowing down the issuance of loans
In conditions of high key rate, the cost of raising funds for banks has increased significantly. Because of this, they began to artificially slow down the issuance of housing loans, said "Izvestia" Deputy Finance Minister Ivan Chebeskov. According to him, financial institutions began to add additional fees and increase the down payment, although it is not provided for by the terms of the program. And the most interesting - to issue an additional part of the loan to the preferential program on market conditions at extremely inflated rates. For example, at 100%, emphasized the deputy minister.
- We are fighting such cases with our colleagues from the Central Bank. We make sure that there are no unfair practices. We do not like extreme practices, when the market part of the mortgage is issued at 100%, and the preferential at 6%, - said Ivan Chebeskov.
Unfair practices have indeed spread recently, confirmed "Izvestia" in the press service of the Central Bank. They added: some banks offer a minimum down payment of 20.1%, as established by the terms of government programs, only if the apartment is purchased from an accredited developer. And this implies the presence of a commission. Also, some players apply a very high rate to the market part of the loan issued under combo programs with state support, the regulator said.
Combined mortgage assumes that part of the loan is issued at a preferential rate under the state program, and the remaining amount - at the market rate. Borrowers use such an instrument when the cost of purchased housing exceeds the maximum amount provided by the preferential program, explained economist and expert on financial markets Olga Gogaladze.
She added: as of December this year, the average cost of an apartment in Moscow is about 20.3 million rubles, and in Russia - about 6.2 million. At the same time, the maximum amount of credit, for example, the family mortgage - only 12 million rubles for Moscow and St. Petersburg, and for other regions - 6 million. Therefore, many borrowers are forced to take such a combined housing loan.
At the same time, in most cases, banks establish a repayment procedure that does not allow the client to choose which part of the loan to pay first, said Maxim Kolyadov, the head of work with individuals of the company "Insurance broker AMsec24". So, if a client takes out a housing loan, where part of the amount is issued at a highly inflated rate, it is very likely that he will not be able to repay it first - and will still lose on high interest rates.
What are the dangers of overvaluing your mortgage rate
Overstating the rate on the market part of the mortgage or using other negative practices, financial organizations seek to increase the margin of the product, explained in the press service of the Central Bank. That is why banks are quite actively offering borrowers housing loans with a commission from the developer with a simultaneous overestimation of the cost of real estate.
However, because of such practices are growing borrower's expenses on the mortgage, emphasized the regulator. Moreover, this may occur in an implicit form for the client, when he is not able to adequately assess the risks. The Central Bank is working to limit hidden and economically unjustified commissions, emphasized the Bank of Russia.
Artificially inflated mortgage rates, the introduction of additional commissions or an increase in the down payment may eventually make housing less affordable for borrowers, said Evgeny Shavnev, general director of the investment company in the real estate market LLC "Flip". In addition, an increase in the debt burden of customers can lead to an increase in delinquencies.
Artificial slowdown in mortgage issuance is also undesirable for developers, added economist Olga Gogaladze. As a result, the demand for housing may decrease, which will have a negative impact on the construction industry and related sectors of the economy.
"Izvestia" asked the largest banks whether they are aware of such practices in the market. Novikom reported that they offer a down payment on mortgages from 20.1%. The bank does not require customers to increase its size when approving a loan, said the press service.
Borrowers should remember that banks are obliged to comply with the terms of programs with state support, where all parameters, including the size of the down payment, clearly regulated, stressed economist Olga Gogaladze.
In general, the described undesirable practices are now more and more common due to the growing cost of raising funds for banks (due to the key above 20% rates on deposits and loans in the Central Bank are high). And also due to high volatility of financial markets, explained Evgeny Shavnev from Flip.
- We understand the current situation - banks lack the spread that the state provides in order to make a profit under preferential programs," said Deputy Finance Minister Ivan Chebeskov.
The authorities reimburse banks for the lost profit due to the low rate on state programs. However, the compensation is calculated according to the formula "key + 1.5 p.p." (at the key rate of 21% it is 22.5%). While the average full cost of mortgage has already exceeded 30%. Now the share of concessional programs in the issuance of mortgages exceeded 90%, wrote earlier "Izvestia".
According to Ivan Chebeskov, the difficulty with the described negative practices of banks is temporary, the problem will go away in a few months. The situation in the market will improve as the key rate is reduced, expects Olga Gogaladze.
However, VTB does not see any preconditions for reduction of the Central Bank rate. Its press service predicts that under the current circumstances, the issuance of housing loans in Russia by the end of 2024 will decline by 35%.
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