The Russian government has increased the maximum amount of housing loans, on which banks can provide mortgage borrowers with borrowers. The corresponding decree was signed by Prime Minister Mikhail Mishustin.
“The temporary difficulties (citizens. - RT ) that are associated with the spread of coronavirus should not interfere with their plans to acquire their own apartment or house. People put too much effort and labor into this purchase. To help them in the current situation, we are increasing the level of the loan, within which the borrower will be able to temporarily suspend the fulfillment of his obligations to the bank on a mortgage loan, ”Mishustin said at a meeting on economic issues.
According to him, the maximum size of a mortgage loan for arranging vacations will depend on the region. So, for the residents of Moscow, the corresponding amount will be 4.5 million rubles, for the Moscow region, St. Petersburg and the regions that are part of the Far Eastern Federal District - 3 million rubles, and for the rest of the Russian Federation - 2 million.
Recall, April 3, Vladimir Putin signed a law on the provision of credit holidays to citizens who find themselves in a difficult situation in connection with the spread of coronavirus. We are talking about both consumer and mortgage loans.
According to the law, borrowers will be able to apply to the bank for credit vacations for up to six months if their income for the previous month decreased compared to the average monthly income for the previous year by at least 30%. According to experts interviewed by RT, the measure introduced will reduce the impact of the coronavirus pandemic on the economy and maintain the quality of life of Russians at an acceptable level.
“Uncertainty in the employment market strengthens the need for savings and cutting costs, and mortgage payments can make up a significant part in their structure. All this increases the debt burden on citizens. At the same time, with the launch of the credit vacation program, Russians have the opportunity to balance the family budget and more smoothly survive the decline in real disposable income, ”said Alexander Bakhtin, investment strategist at BCS Prime, RT.
Meanwhile, initially the maximum amount of a mortgage loan for vacations was set at 1.5 million rubles. As explained to RT, First Vice President of the all-Russian public organization of small and medium-sized enterprises “Support of Russia” Pavel Sigal, the value was lower than the average amount of a mortgage loan in Russia.
“On average, a mortgage loan in the country is 2.6 million rubles, while for Moscow, the Moscow Region and St. Petersburg, the figure was at the level of 5 million rubles. Obviously, not all citizens who found themselves in an economically difficult situation due to the virus fell under the initial limit of 1.5 million rubles, ”Segal explained.
Now, about 73% of borrowers, who account for about 3.8 million housing loans, will be able to get a delay on their mortgage in Russia. Such calculations were presented by specialists of the Joint Credit Bureau (OKB). According to analysts, in Moscow, more than 67% of owners of mortgage housing will be able to arrange credit holidays. In the suburbs and St. Petersburg, the figure will be 64% and 70.2%, respectively.
Raising the limits on mortgage vacations will reduce costs for both the banking and construction sectors of the economy. This point of view in a conversation with RT was voiced by the creator of the ITLEADERS venture capital club, Yegor Klopenko.
“Banks are not interested in a sharp increase in delays in payments by debtors, which may arise due to the crisis in the economy. It is more profitable for them to postpone payments than to lose a client. For developers, this is an opportunity to continue to build housing and not worry about the losses associated with insufficient financing of projects, ”the expert said.
Note that the borrower will be able to apply for a credit vacation until September 30, 2020. At the same time, a financial organization has the right to demand from the client documents confirming the decline in its income. About this RT said the director of bank ratings of the agency "Expert RA" Vyacheslav Putilovsky.
“For the duration of the credit vacation, banks cannot charge interest and penalties to their customers who are in a difficult situation, and also must not demand early repayments. At the same time, the borrower still has the right to repay ahead of schedule both the entire loan and its part. In addition, the holidays can be interrupted at any time at the request of the borrower and the bank, ”added Putilovsky.