- The program of preferential mortgages at 6.5% was launched in the spring and will be available until November 1, 2020. Are the authorities planning to extend the terms of its validity?

- The program has proven itself well. It helped stimulate consumer demand, which sagged during the self-isolation regime, and also helped many Russian families to more quickly resolve the housing issue. 

Moreover, preferential mortgages have become one of the drivers for the rapid recovery of the construction sector. In view of the growing demand, developers received funds for the construction of new facilities, which had a positive effect both on the industry itself and on the economy as a whole.

For these reasons, I do not rule out that the preferential mortgage program may be extended for another year. We have already had one program to subsidize mortgage rates using funds allocated by the state in 2015. It was also decided to extend it for 2016, since thanks to this initiative, Russians were able to obtain housing loans for more than 1 trillion rubles.

- The launch of the preferential mortgage program provoked a record reduction in the average rate on housing loans in Russia. According to the Central Bank, in May the value for the first time in history dropped to 7.4%. Should we expect a further decline in the indicator?

- Further dynamics of the rate will depend on the actions of the Central Bank and the situation around the COVID-19 pandemic. But it is already clear that we will not return to mortgage rates above 10%, which have been observed in recent years. Until the end of 2020, the indicator is likely to remain within the 7-7.5% range, and as the economy recovers, the indicator will continue to decline.

- In early August, the government reduced the down payment on preferential mortgages to 15%. Are the authorities considering a scenario for a further decrease in the indicator?

- The 15% level is the most balanced option in the current economic situation. This state of affairs allows stimulating the demand for mortgages and does not create additional risks for the banking sector. A dramatic decrease in the indicator may lead to a bubble in the mortgage market, which will negatively affect key areas of the economy, including the construction industry.

At the same time, the process of capital accumulation disciplines the borrower. He understands that in case of refusal to pay the loan, he may already lose his money. Therefore, the start-up capital is a kind of indicator of the borrower's solvency and responsibility.

- Does the state plan to provide support to Russians in the accumulation of the first payment for housing?

- Yes, we have thought out a mechanism to help Russians who have difficulties in raising funds for an initial contribution. In 2021, in most regions of the country, special housing savings deposits may appear, which will allow citizens to collect the necessary amount faster to buy an apartment. 

It is planned that clients will open special accounts, where they will save money, and on which the bank will charge interest. With the accumulation of the required amount in the same bank, customers will be able to obtain a mortgage on preferential terms.

Moreover, the contribution implies support from the state. So, the client will be able to receive a social payment in the amount of up to 30% of the funds deposited into his mortgage account. For example, in the Republic of Bashkortostan and Krasnodar Territory, this practice is already being used, and money is allocated from the regional budget. We expect other regions to join the project next year.

  • RIA News
  • © Maxim Blinov

- After the abolition of the self-isolation regime, Russian banks recorded an outflow of funds from depositors' accounts. At the same time, according to experts, banks have accumulated about 300 billion rubles of forgotten or "dead" deposits, with the owners of which financial institutions cannot contact. Are the authorities developing mechanisms to regulate this issue?

- We believe that deposits should be an inviolable asset - this is the sacred right of Russians. Of course, banks incur costs in servicing such accounts, and recently they have offered the Central Bank to write off commissions and loan payments from clients with whom it cannot be contacted. 

In our opinion, these initiatives contradict the rights of citizens. Deposits and deposits are the property of customers, and banks cannot claim them without their consent. Their owner or heirs can claim their rights even after 30 years and must receive their funds in full.

- From 2021, the law on bank deposits will come into force. According to the document, a tax on personal income of 13% will be levied on interest on bank deposits and investments in debt securities over 1 million rubles. Who will the law affect, and will the tax limit be increased?

- According to general estimates, the initiative will affect no more than 10% of depositors. At the same time, our committee does not support this law, since it negatively affects the development of the investment climate and promotes the outflow of funds from bank accounts, but at the same time does not bring significant funds to the budget. At the same time, we do not consider an increase in the tax limit, since its increase will not fundamentally change the situation in the deposit market, which is now in the red zone due to a decrease in deposit rates.

- In August, Vladimir Putin signed the law regulating digital financial assets. How can the new document affect the Russian cryptocurrency market?

- The law has established clear rules of the game in this area of ​​the economy. It allows players to work more actively with the new tool and expands their opportunities to advance to international markets. Thanks to him, a business can now attract investments from foreign partners, and can also sell its goods on the blockchain. At the same time, blockchain technology, in view of its technical features, makes it possible to bypass sanctions restrictions, which contributes to the development of trade relations.

- Will cryptocurrencies be recognized as a means of payment in Russia in the near future?

- Cryptocurrency is a digital code that can be used as a method of payment for goods in world practice, but not in Russia. The recognition of digital coins as an official means of payment on a par with the ruble means the destruction of the financial system, which ensures the stable functioning of the entire economy. Therefore, our plans do not yet include the legalization of cryptocurrencies as a payment alternative to the ruble.

- Ahead is the autumn session of the State Duma. What legislative initiatives does your committee plan to present?

- We are working in three directions. First, there is a law on the use of biometric data for remote access of citizens to financial services. It involves the creation of a unified biometric database, with the help of which Russians will be able to obtain insurance, credit and other products without leaving their homes.

In addition, we are working on the digitalization of paper workflows. Now the content of archives, documents, work books and other papers takes up a lot of space and requires significant costs. The same banks will be able to destroy tons of documents that occupy hundreds of square meters and thereby reduce the cost of renting premises.

We also plan to approve the legal framework for the digital profile bill. It involves the creation of a special questionnaire for the borrower, based on data on his credit history and the financial products he has already received. The goal of the project is to improve the quality of information exchange between banks, government agencies and individuals. In general, during the autumn session, we will deal with issues related to the digital transformation of the Russian economy.