Mortgage lending market in the Russian Federation. Analysis of the mortgage lending market in the Russian Federation

Sklyarova E.V. 1, Liman I.A. 2

CURRENT STATE OF THE HOUSING MORTGAGE LENDING MARKET IN RUSSIA

annotation

The article discusses – current state residential mortgage lending in the current socio-economic conditions, the impact of mortgage lending on the development of the housing construction sector and the Russian economy as a whole.

Keywords: mortgage, lending, real estate

Sklyarova E.V. 1, Liman I.A. 2

1 Undergraduate, 2 PhD in Economics, Professor, Tyumen State University

CURRENT STATE OF THE MARKET OF MORTGAGEHOUSING CREDIT IN RUSSIA

Abstract

The following questions are considered in the article – a current state of housing mortgage housing credit in the prevailing socioeconomic conditions, influence of mortgage credit on developing of home construction activity and the economy of Russia in general.

Keywords: mortgage, crediting, real estate

One of the most pressing problems of modern Russian society has been and remains the housing problem. The housing shortage affects all spheres of citizens’ lives – social, professional, personal, family life. The most effective solution to the problem today is to take out a mortgage. This lending method has become a real salvation for the majority of low-income and young families who are unable to afford the full cost of an apartment or room. In addition, housing prices in the country are not very democratic, and constant financial and economic crises do not allow the population to accumulate a certain amount of capital to purchase such necessary housing. Therefore, it is doubly important to improve and develop the mortgage lending system, which can give everyone a chance to acquire the necessary square meters for accommodation.

Investment volumes in the housing sector

Real estate is one of the most effective forms of investment. In conditions of economic uncertainty, various political factors or the problem of stabilizing the economic rate, investing in housing or commercial real estate has become a real panacea for capital loss. An apartment or house has become a more reliable financial and investment instrument than the stock exchange, bonds and securities. This explains the stable growth of the Russian mortgage market and the number of mortgage loans issued.

However, judging by the results of statistics, against the background of the total number of loans in Russia, the share of mortgages is only 3% of the country’s total GDP. For comparison: in the structure of GDP of other countries, this share is approximately 32-82% in developed and economically stable countries and 2-36% in developing countries. The dynamics of growth in the number of mortgage loans is shown in Figure 1.

Rice. 1. Dynamics of mortgage loans in the GDP of countries around the world

This trend is evidence of the fact that the Russian mortgage industry is still at one of the initial stages of development. We can say that the potential of such lending is quite large, since the volumes of mortgage investment and lending are growing steadily and dynamically every year (see data in Table 1).

Table 1 – Dynamics of the Russian Federation’s GDP and the volume of issued mortgage loans for 2005-2014.

In Fig. Figure 2 shows the dynamics of provided mortgage housing loans in Russia.

Rice. 2. Volumes of the residential mortgage lending market in Russian Federation in 2008 – 2014

Analysis of the above indicators suggests that there is a steady growth rate in this sector of the market, which gradually restored its potential after the financial crisis of 2008. The housing and mortgage market returned to its previous level in 3 years, by 2011.

According to data for 2014, mortgage loans were issued in Russia for a total amount of almost 1,800 billion rubles in an amount of just over 1 million units. These data exceed 2013 by 1.2 times in quantitative terms and 1.3 times in monetary terms.

The steady growth in the number of loans provided is logically followed by an increase in the volume of housing offered and under construction. By 2014, the volume of residential space put on the market exceeded 83.6 million sq.m. To date, this is the maximum figure for the entire period of existence of the Russian Federation. For comparison, you can refer to data reflecting the dynamics of housing growth for 2005-2014. (Fig. 3).

Rice. 3. Dynamics of the volume of new housing commissioned in the Russian Federation for 2005-2014.

The simultaneous, one might say, synchronous increase in the volume of mortgage loans and the construction of new housing projects allows us to create a kind of balance in the housing market. The development of construction and housing on credit mutually support each other, which is also stimulated by the solvency of the population. Providing a mortgage is a chance for the development of the primary construction housing market (see data in Table 2, reflecting the structure of modern housing loans).

Table 2 – Structure of mortgage housing loans

Based on these data, the main conclusion is the following. The maximum share in the structure of mortgage lending relates to the purchase of housing on the secondary market; the primary market does not have time to provide the required positions for buyers or does not satisfy demand with an appropriate supply.

It is necessary to take into account the fact that at least 40% of all housing transactions in the primary real estate market are carried out through a mortgage. It is the development of mortgage lending that today has become a determining factor in the development of the construction sector, which allows it to acquire increasing weight in Russia’s GDP.

It is important to note the fact that in the current socio-economic circumstances there has been a sharp reduction in the number of capable and legitimate mortgage lenders. The number of mortgage organizations and credit institutions is reflected in the dynamics of infrastructure in Table 3 (according to the Bank of the Russian Federation).

Table 3 – Infrastructure of the Russian banking sector

Based on these data, we can conclude that in 2014 a significant number of credit and mortgage organizations were reduced, and the level of existing lenders decreased significantly.

Data as of January 1, 2015 indicate that lending in the primary market has decreased significantly compared to the same date in 2014. The decrease amounted to a decrease of 29 credit institutions, and today their number remains at 629 institutions. Of this number, only 534 lenders issued mortgage loans to the population in 2014. The remaining participants in the mortgage market only served existing clients with loans.

The still growing number of mortgage loans is cause for concern, especially in the case of mortgages delinquent up to 90 days or more (category 90+). For example, as of July 1, 2015, the volume of mortgage loan debt reached its maximum since January 1, 2009 and amounted to more than 98 billion rubles. This negative shift is explained by the fact that the Russian economy experienced a “shock” impact as a result of a jump in exchange rates. Among the debtors of mortgage loans are mainly payers of foreign currency mortgage loans. Debt structure for 2010-2015 is shown in Figure 4.

Fig.4. Structure of overdue debt by terms of delayed payments in 2010 – 2015

However, mortgages still remain the highest quality asset compared to other forms of lending, especially consumer loans. Based on data from the Bank of the Russian Federation as of July 1, 2015, arrears on mortgage payments remain at a fairly high level - 94%, mortgage loans with overdue debt over 90 days (90+) are in the cluster of 2.7% of all debts of the population against the background of other types of debts – 13.9%.

The growth of debts is explained by instability in the financial and foreign exchange markets, and the introduction of economic sanctions against the Russian Federation by other countries. This has led to difficulties in the field of foreign investment and external lending. The mortgage loan market is growing in the context of rising mortgage rates (see Fig. 5, which presents data for 2010-2015).

Rice. 5. Mortgage loan rates in rubles (2011 – 2014)

According to the data provided, the weighted average rate on ruble mortgages for 2014 was 12.45%. This is a lower level compared to the rates of the 2000s. – at that time mortgage rates were 15-18%. However, despite this decline, mortgages still remain unaffordable for the majority of the country's population.

conclusions

The result of the analysis of the above statistics suggests that in tense financial and economic conditions and currency fluctuations, real estate was and remains the only reliable investment object. One of the most accessible and acceptable forms of purchasing housing in Russia remains a mortgage.

Trends in the residential mortgage lending market directly evidence this:

– the volume of mortgage loans is growing;

– the number of credit institutions issuing mortgage loans is decreasing;

– mortgage interest rates increase;

– the share of overdue mortgage debts is decreasing.

Weak economic growth and high risk in the financial environment this moment does not allow for a leap in the level of income of the population. The employment sector also does not allow increasing income levels. Also, sharp negative changes in the foreign exchange sector led to a general decrease in the level of income of the population. Many holders of foreign currency loans are unable to repay the existing loan. IN in this case Debt refinancing and restructuring will help. Instability in foreign policy and on the domestic market has a negative impact in the construction sector - all trends are most clearly manifested here due to the long-term nature of construction projects.

The dynamic and stable development of the construction and housing lending market over the past decades is currently moving into the status of waiting for changes more positive character. A way out of this situation could be large-scale government support for the mortgage sector, as well as banking organizations. These measures can serve as a driver of development for banks and the economic state of the country.

Literature

1. Annual report of the Agency for Housing Mortgage Lending for 2014 // Official website of OJSC "Agency for Housing Mortgage Lending". Access mode: .
2. Number of credit institutions - participants in the housing (mortgage) lending market // Official website of the Central Bank of the Russian Federation. Access mode: .
3. Kulikov A.G., Yanin V.S. Development of mortgage housing lending in Russia: issues of radical updating of the methodological base //Money and Credit. 2014. No. 2. pp. 38 – 46.
4. Housing and mortgage market. II quarter 2015 Analytical center AHML // Official website of OJSC “Agency for Housing Mortgage Lending”. Access mode: .
5. Sarkisyants A. Mortgage lending crisis: foreign countries and Russia // Accounting and banks. 2014. No. 9. pp. 54 – 61.
6. Information about the housing (mortgage) lending market in Russia. Statistical collection. No. 2 (2010-2014) // Official website of the Central Bank of the Russian Federation. Access mode: .
7. Information on debt on loans provided by credit institutions individuals// Official website of the Central Bank of the Russian Federation. Access mode: .
8. Information on mortgage housing loans provided by credit organizations to resident individuals and acquired rights of claim on mortgage housing loans in rubles // Official website of the Central Bank of the Russian Federation. Access mode: .

References

1. The annual report of Agency for housing mortgage lending for 2014 // the Official site of JSC Agency for housing mortgage lending. Access mode: .
2. Number of the credit organizations – participants of the market housing (mortgage housing) lending // the Official site of the Central Bank of the Russian Federation. Access mode: .
3. Sandpipers A.G., Yanin V.S. Development of mortgage housing lending in Russia: questions of radical updating of methodological base // Money and credit. 2014. No. 2. Page 38 – 46.
4. Housing market and mortgage lending. The II quarter 2015. Agency for Housing Mortgage Lending analytical center // Official site of JSC Agency for housing mortgage lending. Access mode: .
5. Sarkisyants A. Crisis of mortgage lending: foreign countries and Russia // Accounts department and banks. 2014. No. 9. Page 54 – 61.
6. Data on the market housing (mortgage housing) lending in Russia. Statistical collection. No. 2 (2010-2014) // Official site of the Central Bank of the Russian Federation. Access mode: .
7. Data on debt on the loans granted by the credit organizations to natural persons // the Official site of the Central Bank of the Russian Federation. Access mode: .
8. Data on the mortgage housing loans granted by the credit organizations to physical resident persons, and the acquired rights of the requirement for the mortgage housing loans in rubles//the Official site of the Central Bank of the Russian Federation. Access mode: .

Important feature In 2013, the increased influence of residential mortgage lending on the housing market in the country became noticeable. This is evidenced by the growth in the share of mortgage transactions against the backdrop of stable dynamics of housing transactions. According to Rosreestr, every fourth title (24.6%) registered in housing transactions in 2013 was acquired using a mortgage loan.

This figure is a record for the entire observation period (since 2005). According to AHML estimates, in general, the share of mortgages in the sale of new housing is up to 40%, and for some properties, transactions with mortgages amount to more than 50% and reach 70–80% of sales volume.

In 2013, according to the Central Bank of the Russian Federation, the volume of issued mortgage loans continued to increase: 657 credit institutions provided 824,792 loans worth 1.354 trillion. rub., which is 19.24% more in terms of the number of loans and 31.17% more in monetary terms than in 2012.

Figure 2. Dynamics of the provision of mortgage housing loans as a cumulative total since the beginning of the year

Debt on mortgage loans as of January 1, 2014 Amounted to 2.648 trillion. rub. Volume of housing loans issued in 2013 Reached 1.404 trillion. rub., or 880,485 loans with a debt of 2.765 trillion. rub.

Overdue debt on mortgage loans as of January 1, 2014. was at the level of 39.50 billion rubles, or 1.49% of the remaining debt, which is 0.59 percentage points. less than as of January 1, 2013 Share of overdue debt from the remaining debt on MHL in rubles as of January 1, 2014. decreased by 0.47 p.p. to 1.0% compared to January 1, 2013, and for loans in foreign currency compared to January 1, 2013, on the contrary, increased by 1.15 percentage points. up to 12.57%.

Figure 3. Dynamics of the average MHL value for 6 groups of credit institutions, ranked by asset size (descending)

In 2013, the share of MHL in foreign currency in the volume of loans issued continued to decline: in monetary terms - by 0.3 percentage points. to 1.12%, and in quantitative terms - by 0.02 percentage points. up to 0.23% compared to 2012. As of January 1, 2014 the share of such loans in the remaining debt decreased by 1.93 percentage points. to 4.22%, and the share of overdue debt on MHL in foreign currency in total overdue debt increased by 1.84 percentage points. and amounted to 35.59%.

According to the Central Bank of the Russian Federation, the share of MHL debt without overdue payments in the total amount of MHL debt as of January 1, 2014 increased by 0.12 percentage points. compared to January 1, 2013 and reached 96.05%. The share of debt on default loans (with overdue payments of more than 180 days) in the total amount of debt on MHL decreased during the same period by 0.48 percentage points. and amounted to 1.78%.

According to the Central Bank of the Russian Federation, of the 6 groups of credit institutions ranked by asset size (descending), the share of group I of the five credit institutions with the largest assets in the total volume provided in 2013 was MHL was at the level of 72.22% in monetary terms and 76.93% in quantitative terms, adding 6.23 percentage points respectively. and 4.62 p.p. compared to 2012 Compared to 2011, the share of group I in the volume of issued mortgage loans increased by 18.46 percentage points. and in quantity - by 14.63 percentage points, which indicates the continuing monopolization of the mortgage market. As of January 1, 2014 the first two groups (19 credit institutions) cover 80.13% of the MHL market. Accordingly, the shares of other groups of credit institutions decreased.

With a decrease to 1.49% in 2013. the share of overdue debt in the total debt in the Russian Federation (RUB 39.50 billion) versus 2.08% in 2012. Group II of credit institutions “leads”, maintaining the largest share of overdue debt in 2013 (3.04%), thereby having the most risky portfolio of mortgage loans. The quality of the groups' loan portfolios, expressed as a percentage of the group's overdue debt from the group's remaining debt, worsened in 2013 for groups III and V and improved for the rest.

The lowest value of the average monthly mortgage loan in rubles for 2013. (1.31 million rubles) in group V, and the highest value of the average value of mortgage lending in foreign currency (20.5 million rubles) is in group VI.

Compared to 2012 The average HMI values ​​in rubles for all groups increased. The largest increase in the average value of HML in foreign currency was observed in groups II and VI, and the largest decrease was noted in group IV (Fig. 3).

Data from the Bank of Russia as of January 1, 2014 indicate that the level of issuance rates on ruble mortgage loans provided during December amounted to 12.1%, which is by 0.6 percentage points. below the level of December 2012.

The dynamics of rates in 2013 was uneven - at the beginning of the year they grew dynamically, reaching a maximum value of 12.9% at the end of March, but subsequently there was a downward trend in rates, the peak of which occurred in November–December 2013.

The reduction in rates at the end of the year is explained by seasonal promotions by banks - in the third quarter of 2013, almost all mortgage market leaders launched special offers that allowed a fairly wide range of borrowers to count on lower mortgage interest rates.

The weighted average rate for issuing mortgage loans in 2013 was 12.4% (cumulative total), which is explained by the high level of rates in the first quarter of 2013.

Figure 4. Dynamics of the weighted average MHL rate for 6 groups of credit institutions, ranked by asset size (descending)

An additional factor motivating large banks to intensify efforts to increase mortgage portfolios was the policy of the Bank of Russia aimed at limiting the growth rate of unsecured lending, including an increase in the size of the minimum reserves for losses on unsecured consumer loans. In this regard, credit institutions that have the appropriate capabilities (primarily access to funding), depending on internal priorities, could focus on more active development of mortgage lending. Thus, starting from the second quarter of 2013, the AHML Analytical Center recorded about 30 cases of interest rate reductions on a permanent or temporary basis among active market participants.

For 2013, the weighted average term of MHL lending across all groups of credit institutions for MHL in rubles was 14.7 years, and for loans in foreign currency 12.7 years. The longest weighted average lending period for loans in rubles in group III is 15.6 years, and for loans in foreign currency in group I is 21.2 years. Group VI has the shortest weighted average lending terms: 10.3 years for loans in rubles and 2.1 years for loans in foreign currency.

According to the Central Bank of the Russian Federation, in 2013. The acquisition by credit institutions of rights of claim under mortgage lending increased by 5.17% compared to 2012 and amounted to RUB 85.98 billion. The acquisition of claims on loans in rubles decreased by 2.47% and reached 61.71 billion rubles, and on loans in foreign currency increased by 31.3% and amounted to 24.274 billion rubles. The largest volume of acquired rights of claim under MHL in 2013 both in rubles and in foreign currency, as in 2012, was recorded for credit institutions of group IV.

According to OJSC AHML, in 2013, the volume of transactions in the primary housing market using mortgage lending increased by 10 percentage points. compared to 2012 and amounted to 30%.

Table 3

Structure of mortgage housing loans

In 2013, the share of AHML OJSC in the mortgage market amounted to 8.2% (RUB 111.3 billion) in ruble terms, or about 10% of the total number of loans issued, including through work in the primary market (refinancing ) - 3.5% (48.0 billion rubles), in the secondary - 4.7% (63.3 billion rubles). According to OJSC AHML, the final volume of mortgage mortgage issue valuable papers in 2013 Amounted to 140.625 billion rubles, of which 55.5% (78.1 billion rubles) of securities were issued with the participation of the Agency itself.

In 2014 size maternity capital OJSC "AHML" increased and amounted to 429.4 thousand rubles. Indexed annual payments to military personnel - participants in the savings mortgage system in 2014 reached 233 thousand rubles. The agency under the Military Mortgage program increased the maximum amount of a mortgage loan when purchasing an apartment on the primary market from 2 million to 2.2 million rubles. and reduced minimum size down payment from 30% to 20%.

In the last six months, many mortgage banks have relaxed their requirements for borrowers: they have reduced the minimum down payment (including to zero), increased the maximum loan amount and expanded the list of lendable objects.

Despite some weakening of requirements for borrowers, the quality of the mortgage portfolio accumulated on banks’ balance sheets is at high level. The share of overdue payments in the total volume of accumulated mortgage debt as of January 1, 2014 was 1.49%, and the total volume of mortgage loans without a single late payment is more than 96%. However, it should be noted that in the event of a sharp deterioration in the economic situation and rising unemployment, the share of overdue payments may increase, and the quality of the mortgage portfolio may quickly deteriorate.

The growth of the mortgage market has become one of the main drivers of housing construction. Feeling that banks have resumed lending to the construction industry and homebuyers, developers have stepped up their activities. Thus, in 2013, 912.1 thousand apartments were built with a total area of ​​69.4 million square meters. meters (+5.6% compared to the corresponding period of the previous year). This figure is a record in the entire history of the Russian Federation since 1990.

It is important to note that the simultaneous increase in the volume of mortgage lending and housing construction keeps the housing market on a balanced development trajectory - additional effective demand of the population, supported by mortgages, is absorbed by the primary housing market.

The increase in housing prices, according to Rosstat, in 2013 compared to 2012 averaged 7.2%, which in the context of recorded annual inflation (6.8%) suggests that the real increase in housing prices, on average in Russia, did not exceed 0.5 percentage points.

Taking into account the fact that real disposable income of the population increased by 3.3 percentage points, and mortgage loan rates decreased, we can say that at the end of 2013 there was an increase in the availability of housing for the population, both at the expense of their own and and through borrowed funds.

The most “popular” way of buying real estate in the Russian Federation over the past 5-7 years remains a mortgage. Therefore, the country's authorities in their economic policy contribute in every possible way to banking programs aimed at reducing interest rates this species loan. This pressing topic was raised in his speech on January 30, 2014 by Alexey Ulyukaev, who holds the position of Minister of the Ministry of Economic Development. President Vladimir Putin also supports this statement and believes that it is necessary to establish a “firm” interest rate on mortgages, which would be close to the refinancing rate of the Bank of Russia. In turn, Igor Shuvalov, First Deputy Prime Minister of the Russian Federation, points to a stable increase in the number of loans issued in 2013 and January 2014, and believes that it is necessary to adhere to the direction chosen by the country’s government and banking organizations in this segment.

The Ministry of Finance of the Russian Federation predicts a decrease in the inflation rate in 2014 to 5%-6%. As a result, mortgage prices may fall by up to 8% per annum.

At the same time, it is worth noting that the number of Russians who plan to improve their living conditions continues to grow. According to forecasts, mortgage growth in 2014 will be 20%-25%. Already, every fourth real estate purchase is made on credit, because this is the most affordable way to solve housing problems. We are also pleased with the high quality of borrowers. The share of mortgage loans without debt for six months of 2013 was 96%.

State-owned banks are most active in the mortgage market. Despite the active pace of issuing loans by private banks, Sberbank, VTB 24 and Gazprombank continue to remain leaders. Their share in the total mortgage volume is 68%. In the second half of the year, the Bank of Moscow began to actively increase its volumes.

Place in the ranking as of 07/01/2014	Place in the ranking as of 07/01/2013	Name of the bank		Volume of mortgages issued. lived loans, million rubles	Growth rate (first half of 2014/first half of 2013), %
1 half. 2014	1 half. 2013
		OJSC "Sberbank of Russia"
		VTB 24 (CJSC)
		CJSC "CB Delta Credit"
		OJSC "Bank of Moscow"
		OJSC JSCB "ROSBANK"
		OJSC AKB "Svyaz-Bank"
		ZAO "Raiffeisenbank"
		OJSC "Bank "St. Petersburg"
		Otkritie Financial Group*

It is state banks that influence the dynamics of interest rates. Due to the fact that they lowered rates in the second half of 2013, other credit institutions also had to reconsider their lending terms.

Among the latest plans of the Government is the creation in the near future of a single center for issuing social mortgage loans, which will allow further development of existing mortgage programs for low-income and vulnerable segments of the population (teachers, doctors, scientists, military, young families, etc.).

Analysts' forecasts for the development of mortgage programs in the Russian Federation in the first half of 2014. Taking into account the results of the total mortgage portfolio of Russian banks for 2013 as a whole, analysts are making bold predictions about an increase in the volume of mortgage loans for the first half of 2014 by 16%. Moreover, overdue mortgage debt should decrease sharply, unless, of course, the economic situation in the country worsens even further. If we talk specifically about the results of January 2014, then so far there has been some growth in the average cost of loans, although many Russian banks offer their clients a wide selection of special mortgage programs with reduced rates. Apparently, the mortgage conditions under such programs do not suit clients in some way.

Experts tend to explain this paradox as follows. First of all, at the end of last year and at the beginning of this year, the influx of clients who are ready to take out a mortgage with a low down payment increased in banks. Secondly, most clients of mortgage banks deliberately choose programs with an increased average payment period. Naturally, the rates remain high, since they directly depend on the size of the borrower’s own funds and the loan term.

Analysts also noted that in January 2014, Russian banks began to prepare new “flexible” requirements for their clients. They are willing to take risks to attract borrowers, even if they do not meet their basic initial requirements. In this way, banks intend to make their mortgage borrowers the “main breadwinners” who will bring them economic success in the future. Representatives of Rosselkhozbank and Sberbank are talking about this openly today, arguing that they, in turn, are being pushed to take such a step by the Central Bank.

For example, just recently Sberbank officially announced a reduction in its basic mortgage rates by 0.5 percentage points. But some experts are alarmed by this trend, because with “inadequate” mortgage offers, real estate prices can rise sharply, especially in Moscow and other large cities of Russia.

Medium-term development forecast financial sector, mortgages and the Russian economy.

Experts from the Institute recently presented their forecast up to 2016 economic development them. Gaidar. The document added to the nervousness of many mortgage bank executives. Experts believe that the incomes of the country’s citizens in 2014 will grow quite a bit (by no more than 0.9%). For the future 2015-2016 - even less (0.4%). This can only mean that the growth rate of mortgage lending will gradually decline. The debt burden on the population will rapidly grow, although banks are offering favorable mortgage loans with a slowdown in the volume of their payments.

At the same time, the costs of servicing mortgage loans will begin to increase, which cannot but affect the financial development of many Russian banks, primarily small ones. According to experts, you need to look at the downward trend in the growth of consumer loans in 2013 and then it will not be difficult to compare the facts and draw conclusions by analogy regarding the development or “non-development” of mortgage programs.

Banks are betting on ruble mortgages.

Foreign currency mortgage offers are not in great demand in our country. Their volume is no more than 1% of all issued mortgage loans. Today, banks place their main bet on ruble mortgages. The situation for the first half of 2014 will not change significantly. But none of the owners of mortgage banks, experts or analysts wants to give forecasts before the end of the year. Everything will depend on the overall stability in the country.

Radical changes in mortgage rates are possible only if the economy is in a “desperate fever.” Otherwise, one can hope for a smooth (gradual) reduction in average annual rates. The heads of large mortgage banks in the Russian Federation are inclined to hope that in the spring of this year, rates on ruble mortgage loans will remain at the level of the end of 2013 (about 12.4% per annum).

mortgage housing sberbank russia

Table 4

Comparative characteristics of the main conditions of mortgage lending in various banks

Sberbank
Nordea Bank
Raiffeisenbank
UniCredit Bank
Absolut Bank
Credit Bank of Moscow
Sobinbank
Bank of Moscow
Gazprombank
Svyaz-Bank
Alfa Bank
Rosevrobank
Promsvyazbank
Transcapitalbank
Tatfondbank
Baltinvestbank
Globexbank
Credit Europe Bank
Khanty-Mansiysk Bank
Revival 2 3 1 2 1 9

Criteria for evaluation:

• 1. The amount of the minimum down payment: 1 point - from 25%, 2 points - from 20%, 3 points - up to 20%.
• 2. Maximum loan term: 1 point - up to 20 years, 2 points - up to 25 years, 3 points - over 25 years.
• 3. Maximum loan amount: 0.5 points - up to 5 million, 1 point - up to 10 million, 2 points - up to 20 million, 3 points - over 20
• 4. Interest rate: 1 point - above the average, 2 - 2.5 points - approximately equal to the average (depending on the upper limit of the rate), 3 points - below the average rate.
• 5. Forbes reliability rating: 1 point - 3 stars, 2 points - 4 stars, 3 points - 5 stars.

An analysis of the behavior of the main players in the mortgage market generally indicates a possible deterioration in the mortgage portfolio of banks in the medium term against the backdrop of weakening requirements for borrowers in previous periods. Also, according to monitoring data from the AHML Analytical Center, at the beginning of July 2013, Soyuz Bank reduced the minimum down payment to 15%, and Svyaz-Bank - to 0% in mid-August (upon providing a certificate in form 2-NDFL). In the event of a (significant) increase in overdue debt, an increase in interest rates. Thus, the market remains in a state of significant uncertainty.

For the majority of Russian citizens, a mortgage has become the most affordable tool for purchasing their own home. Lower mortgage rates amid stabilization of real estate prices attract everyone more people and ensures increased availability of this service for the population. Why is a mortgage becoming an increasingly popular method of improving housing conditions? What trends are typical for the mortgage housing market? What are the dynamics of the mortgage market development? We will try to answer these and other questions in detail in this article.

Key market indicators for 2014-2017

According to the Central Bank, on July 1, 2017, there were 589 credit institutions operating in the Russian Federation, 423 of which provided mortgage housing loans to citizens. For comparison, in 2014 there were 635 such organizations, in 2015 - 574, in 2016 - 499. Such a decrease in the number of organizations involved in the provision of mortgage mortgages is explained not so much by the economic situation in the country or a decrease in demand for such services, but by the cessation of activities credit institutions themselves as a result of bankruptcy or liquidation for another reason. A downward trend emerged precisely in 2014, since in previous periods the MHL market was characterized by an increase in the number of such organizations - in 2009 there were 571, and by 2013 this figure increased to 665. The table below reflects the main indicators characterizing the dynamics of the mortgage market in last years.

Table - Trends characteristic of the mortgage housing market in 2014-2017.

Characteristics	A period of time
	1.01.2014 - 31.12.2014	1.01.2015 - 31.12.2015	1.01.2016 - 31.12.2016	1.01.2017 - 30.06.2017
Number of mortgage loans, billion rubles.	1,012,800 pcs. in the amount of 1764.1	699 510 pcs. in the amount of 1161.7	856 461 pcs. in the amount of 1473.3	423 486 pcs. in the amount of 773.0
Share of MHL concluded in rubles	1 012 064	699 419	856 427	423 482
Debt, billion rubles	In rub. - 3391.9; in foreign currency - 136.5	In rub. - 3851.2; in foreign currency - 131.1	In rub. - 4421.9; in foreign currency - 71.2	In rub. - 4616.3; in foreign currency - 54.6
Amount of refinanced mortgage loans, billion rubles.	228,2	80,3	114,5	83,1
Volume of early repaid mortgages, billion rubles.	530,6	477,1	611,4	347,3

Source: Central Bank of the Russian Federation

Thus, in the absence of growth in citizens’ incomes and a reduction in investment demand, in 2015 there was a decline in the absolute indicators of MHL. But already in 2016, the situation began to change and this figure approached the level of 2014, despite the decrease in the number of banks. In the first 6 months of 2017, the figure increased by 16.3% compared to the same time period in 2016. In 2014, there was an increase in the number of mortgage loans issued in rubles, and MHL in foreign currency decreased by 2.5 times against the background of the weakening of the ruble. At the same time, in 2015 the number decreased by 1.4 times due to a reduction in lending volume by 34%. In 2016, there was an increase of 1.2 times against the backdrop of an increase in the volume of lending by 27.2%, while MHL in foreign currency again decreased by 2.7 times. In 2017, the trends of the previous year continued. During the period under review, the debt on mortgage loans in rubles increased significantly and decreased in foreign currency.

Dynamics of the weighted average rate in 2012-2017

The loan portfolio of any bank consists of several types of loans, which can be long-term, short-term, and others. The rates of such loans often differ from each other, and in order to know the total cost of all available loans, a special concept was developed - the weighted average interest rate (WAP). It is a reflection of the average interest rate on all loans issued by banking organizations. Figure 1 shows the dynamics of changes in the ATP from 2012 to 2017 and gives a forecast for 2018.

Figure 1 - Weighted average interest rate on issued mortgage loans in 2012-2017. in currency and rubles

Source: analytical materials of the Central Bank of the Russian Federation “On the state of the housing mortgage lending market” for 2014, 2015, 2016, the first half of 2017

As can be seen from the graph, in 2012 the PCA in rubles amounted to 12.3% (which is 0.4 points higher than the same figure in 2011), and in foreign currency - 9.8% (an increase of 0.1%). In 2013, the ATP did not change significantly and amounted to 12.4 and 9.6% in rubles and foreign currency, respectively. In 2014, the changes were very minor - 12.45 and 9.25%. In 2015, there was an increase in rates on provided mortgage loans - 13.35 and 9.82%. In 2016, there were downward trends, as the ATP in rubles decreased by 0.87 percentage points, and in foreign currency - by 1.17 and amounted to 12.48 and 8.65%, respectively. In the first half of 2017, there was a significant decrease in interest rates on mortgage loans provided in rubles and foreign currency with an increase in loan terms - 11.5 and 6.75% in rubles and foreign currency. At the same time, already in November the ruble indicator was 10.9%. According to the forecast of T. Vlasova, head of the mortgage department of Ingrad Group of Companies, in 2018 the ATP may drop to a record 8-8.5%.

How many mortgages were issued in the regions of the Russian Federation?

The leading position in the issuance of mortgage loans is occupied by the Volga Federal District, where 270,294 MHLs were concluded for 403,282,000 rubles. The Central Federal District is in second position among the districts; 254,969 loan agreements were concluded there out of 1,086,940 throughout the Russian Federation. At the same time, 62,505 MHLs are in Moscow, and 56,646 are in the Moscow region, which is a record among the constituent entities of the Russian Federation. The third place in the district is occupied by the Voronezh region, where 16,511 mortgage loans were issued. The fewest mortgage loans were issued in the North Caucasus Federal District - 24,281 units. Figure 2 shows the shares of issued mortgage loans on the primary market by federal districts of the Russian Federation in 2017.

Figure 2 - Share of issued mortgage loans in the Federal District in 2017

Calculation of the "Insurance Portal" according to statistical data of the Central Bank of the Russian Federation

The weighted average interest rate varies slightly across districts. Thus, in the Central Federal District it is 10.64%, in the Northwestern Federal District - 10.65%, in the Southern Federal District - 10.7%, in the North Caucasian Federal District - 10.72%, in the Volga Federal District - 10.6%, in the Ural Federal District - 10.65%, in Siberian - 10.66%, in Far Eastern - 10.57%. Among the constituent entities of the Russian Federation, two regions can be distinguished with the highest and lowest mortgage interest rates - the Republic of Crimea (11.24%) and Chuvashia (10.42%).

The cost of mortgages in new buildings and on the secondary market

According to data from the Housing Mortgage Lending Agency, in 2017 the share of the population with access to a mortgage increased by 6 percentage points and amounted to 43%. The main growth factors were the reduction in rates and real estate prices minus inflation. By comparison, back in 2012 this share of the population was only 29%. Reducing rates is attractive to citizens because the size of monthly payment on the loan, and savings over the entire term can reach 45%. In conditions of expensive housing (both in the primary and secondary markets), this fact is one of the decisive ones in choosing mortgage lending. Figure 3 shows average prices per 1 sq. m. on the secondary market and in new buildings.

Figure 3 - Price dynamics in the Russian real estate market in 2012-2017.

Banki.ru calculations based on data from the Bank of Russia and Rosstat

The increase in real estate prices is due to the fact that the construction market has still not recovered from the economic crisis. The dynamics of housing commissioning are already slowing down somewhat recent years, which can be explained both by a decline in sales in 2015 and a reduction in equity financing and lending to developers. The post-crisis period showed the worst indicators for investing in residential real estate. So, in the first half of 2016 this figure was equal to 239 billion rubles, and for the same period in 2017 - only 194 billion rubles.

Volume of loans issued by leading banks in 2017

The share of mortgage loans in the total portfolio of Russian banks exceeds 11%. At the end of 2017, this figure was 10.6%. About 90% of the total portfolio falls on loans (including retail) issued by the 30 largest banks in the Russian Federation. In mortgage lending, two banks traditionally lead - Sberbank and VTB. Moreover, the first in 2017 issued more than half of all mortgage loans totaling more than 1 trillion rubles. Sberbank's mortgage portfolio grew by 17%.

VTB is comparatively far behind its competitor - in 2017, mortgage loans were issued for more than 430 billion rubles, and the loan portfolio grew only by 11%. More than 70% of all mortgages come from these 2 banks, but there are other market players that are of no small importance for its development. The volumes of mortgage loans issued by them are presented in Figure 4.

Figure 4 - Volume of mortgage loans issued by leading banks of the Russian Federation in 2017

According to the AHML review “Results of the development of the mortgage and housing market in 2017”

As of January 1, 2018, the volume of banks’ mortgage portfolio reached 5.34 trillion rubles, of which 1.12 trillion were mortgage loans for the purchase of housing on the primary market (in new buildings). In 2017, citizens of the Russian Federation purchased 2.85 million apartments (or other residential premises), which corresponds to the demand for housing in 2016. The demand for new buildings also remained at the same level - 621 thousand contracts in 2017 versus 620 thousand in 2016. About 2.23 million transactions were made on the secondary market. The share of mortgage transactions in the secondary market was 31%, in the primary market - 50%, in the first case, the average size of a mortgage loan was 1.74 million rubles, in the second - 2.12 million.

Conclusion

At the end of 2017, a high concentration of supply and demand remains, this is especially noticeable in 10 regions of the Russian Federation: Moscow and the region, St. Petersburg, Tyumen region, Tatarstan, Sverdlovsk region, Bashkortostan, Krasnodar Territory and other regions. High volumes of housing construction in these regions are supported by higher wages and active development of mortgage lending. These regions account for 48% of all mortgages issued in 2017.

The mortgage and housing lending market plays an important role in the implementation of economic and social policy states. It is in constant development, and its dynamics depend on many factors (Figure 1). Worth highlighting:

• ? the period of formation of the housing mortgage market (until 2004);
• ? the period of rapid and dynamic development of mortgages (2006-2008);
• ? rapid market collapse due to the crisis in the primary and secondary real estate markets (2009),
• ? post-crisis market recovery in modern conditions(since 2010).

Figure 1 Volume of mortgage loans issued in Russia in 2006-2011, billion rubles.

Thus, at the end of 2011, the total loan portfolio of the largest 90 mortgage banks (the rating is presented in the Appendix) amounted to 624 billion rubles, while the increase compared to 2010 was almost 100%. For comparison, in 2010 the total portfolio of the same mortgage banks was only 353 billion rubles. At the same time, there have been no fundamental changes in the list of leaders in the mortgage market: as before, Sberbank is the undisputed leader, the volume of mortgage loans issued amounted to 345.7 billion rubles, and its share exceeded 55%.

The second place, with a significant lag behind the leader, is occupied by VTB-24 - the size of its mortgage portfolio amounted to 80.4 billion rubles, and its market share was 12.9%. The remaining banks lag significantly behind the leaders.

In 2012, the residential mortgage lending market was characterized by an increase in the number of credit institutions providing mortgage housing loans.

As of January 1, 2013, the number of participants in the primary housing mortgage lending market increased by 9 credit institutions compared to the beginning of 2012 and amounted to 667 participants, of which 580 credit institutions provided residential mortgage loans (hereinafter referred to as HML), while other credit institutions serviced previously issued loans. 189 credit institutions regularly provided MHL in rubles, and 9 in foreign currency. Largest quantity credit institutions providing mortgage loans are located on the territory of the Central federal district-- 363, of which in Moscow -- 310. In second place in the number of credit organizations is the Volga Federal District (95 participants), of which in the Republic of Tatarstan -- 20. The smallest number of credit organizations is in the North Caucasus Federal District - 3.

In 2012, credit institutions provided 691,724 MHL for a total amount of 1032.0 billion rubles, which is 14.3% of the total volume of consumer loans. The average size of loans granted increased to RUB 1.49 million. against 1.37 million rubles. in 2011. The number of mortgage loans provided during the period under review increased by 32.1% compared to the previous year. The volume of MHL provided increased by 43.9% (Figure 2).

Figure 2 Dynamics of volumes and growth rates of consumer loans and mortgage loans

In 2012, the largest share of issued mortgage loans fell on borrowers of the Central Federal District - 29.4% of the total volume of loans issued.

In 2012, 690,050 ruble loans were issued for a total amount of 1,017.3 billion rubles, compared to 1,674 loans provided in foreign currency, for a total amount of 14.7 billion in ruble equivalent. The share of ruble loans in the total volume of mortgage loans increased by 1.3 percentage points compared to the previous year and reached 98.6%. MHL in foreign currency were provided mainly to borrowers in Moscow and the Moscow region - 74.5% of the total volume of loans issued in foreign currency. mortgage loan market

The debt on MHL in rubles in the Russian Federation as a whole increased by 42.6% compared to 2011, in foreign currency decreased by 25.4% and as of January 1, 2013 amounted to 1874.3 and 122.9 billion rubles . respectively. At the same time, the debt of borrowers of the North Caucasus Federal District for mortgage lending in rubles increased over the year by 59.6%; a decrease in the share of overdue debt in the amount of debt on mortgage loans.

Mortgage lending is one of the most risky lending operations due to the long-term nature of mortgage programs, many loans become overdue. The dynamics of overdue debt on mortgage loans can be analyzed based on the diagram presented in Figure 3.

In 2012, the share of overdue debt in the amount of debt on MHL provided in rubles decreased by 0.5 percentage points - to 1.5%, and on MHL provided in foreign currency - by 0.4 percentage points , amounting to 11.4%. At the same time, in monetary terms, overdue debt on MHL in rubles increased by 6.1% compared to 2011, in foreign currency there was a decrease by 27.6% (mainly due to the conversion into rubles of MHL previously issued in foreign currency) and as of January 1, 2013 amounted to 27.5 and 14.0 billion rubles. respectively.

Figure 3 Dynamics of overdue debt on mortgage loans

In Russia, the amount of outstanding debt varies depending on the region. Information on the regional structure of debt on MHL in rubles and foreign currency, as well as the share of overdue debt is presented in Figure 4.

Figure 4 Regional structure of mortgage debt

In 2012, the weighted average interest rate on MHL provided in rubles increased by 0.4 percentage points, in foreign currency - by 0.1 percentage points and amounted to 12.3 and 9.8 as of January 1, 2013 % respectively (Figure 5). The weighted average period for provision of MHL by credit institutions in rubles did not change significantly and amounted to 180 months (15 years), and the term for MHL provided in foreign currency decreased compared to 2011 by 13 months - to 135 months (11.2 years ).

Figure 5 Dynamics of the weighted average interest rate (%)

In 2012, MHL (rights of claim under MHL) were repaid ahead of schedule in the amount of 252.4 billion rubles, or 24.5% of the total volume of MHL provided in 2012, of which 8 rubles provided (purchased) - in the amount of 240 .2 billion rub. (Figure 6).

Figure 6 Dynamics of volumes of issuance and early repayment of MHL (rights of claim under MHL)

The share of MHL (receivables under MHL) repaid ahead of schedule by borrowers' own funds amounted to 81.1%. The amount of early repayment of claims under MHL amounted to 15.3 billion rubles. In 2012, 177 credit institutions refinanced MHL (rights of claim under MHL) by selling them to other organizations in the amount of RUB 90.2 billion. (in 2011 - 168 credit institutions in the amount of 93.7 billion rubles). Moreover, if in 2011 the funds received by credit institutions through refinancing through the sale of a pool of mortgage mortgages amounted to 13.1% of the total volume of mortgage lending provided by credit institutions, then in 2012 - 8.7% (Figure 7).

Figure 7 Dynamics of the volume of issuance and refinancing of MHL (rights of claim under MHL) by selling them to other organizations

Among the main sources of refinancing MHL through their sale to other organizations, specialized organizations are residents: in 2012, they accounted for 76.9% of the total volume of refinanced MHL (claims under MHL). In 2012, compared to 2011, the share of transactions carried out by specialized resident organizations decreased by 6.8 percentage points, while the volume of MHL refinanced by them (receivables under MHL) decreased by 11.5% - to 69 .4 billion rub. The share of credit institutions in refinancing sources increased by 6.2 percentage points and amounted to 20.1%, the volume of mortgage loans refinanced by them increased by 39.0% - to 18.1 billion rubles. The share of specialized non-resident organizations was 0.1%, the share of other organizations was 2.9%. Management companies of mutual investment funds and general funds of bank management in 2012 refinanced individual housing mortgages in the amount of 9.2 million rubles. (Figure 8). The issue of mortgage-backed bonds with the asset retained on the balance sheet of the credit institution in 2012 amounted to 11 billion rubles.

Figure 8 Sources of financing (rights of claim for mortgage lending) (%)

Thus, in 2012, almost the entire volume of MHL (rights of claim under MHL) was refinanced on the domestic financial market. Currently, credit institutions are given the opportunity to use as collateral for refinancing operations of the Bank of Russia both bonds of the Agency for Housing Mortgage Lending (hereinafter referred to as AHML) and mortgage-backed bonds issued in accordance with the legislation of the Russian Federation, including bonds with mortgage coverage, secured by the joint guarantee of AHML.

According to our estimates, the construction sector is expected to grow in Russia in 2013. In general, the structure of residential real estate under construction shows that it is gradually shifting towards the construction of multi-apartment, high-rise buildings, which in the future may lead to increased competition in this market. With the observed growth in the volume of residential properties put into operation, the total volume of construction during 2009-2011. tends to decrease. This is due to the fact that houses under construction are sooner or later put into operation, and new projects have not appeared on the market due to problems with debt financing and general negative economic phenomena.

Table 4 - Dynamics and structure of housing commissioning in Russia

As for the regional housing construction market, as of January 1, 2011, there were 159 multi-storey housing construction projects (MHC) under construction in Krasnodar, with a total area of ​​2.8 million square meters. m, which is 5.5% less than at the beginning of 2010. At the same time, in the pre-crisis period, construction volumes increased annually: in 2006, 1.7 million square meters were recorded in construction. m, in 2007 - already 2.2 million sq. m. m (+128%), in 2008 - 2.9 million sq. m (+103%).

The minimum growth rate observed in the crisis year of 2009 was explained by the fact that the state began to play an active role in the market, initiating large-scale construction of social housing and housing for the needs of the Ministry of Defense of the Russian Federation. The trend towards a reduction in construction volumes during 2012. will be stopped, since in 2010-2011. There was a decrease in the number of “mothballed” construction sites.

In 2013, Russia is expected to see growth in the construction sector and an increase in the share of mortgage loans for the purchase of real estate on the primary market.

Thus, in 2013, the volume of mortgage lending is projected to grow by 20-25% and amount to 1.2-1.3 trillion rubles. The driver of growth will remain mortgage loans for the purchase of apartments on the primary market.

The basic prerequisites are the fulfillment of forecasts for the growth rate of the Russian economy of 3.6% of GDP, as well as the absence of shocks in the financial markets. Key value the dynamics of interest rates will have: if they remain at the current level, the market will add about 20%, and if they decrease, the growth rate may be 25%. Experts estimate the probability of the latter scenario as quite low - 20-30%. We estimate that the projected growth rate will be consistent with healthy growth in the mortgage market. The driver of growth will again be loans for the purchase of housing in new buildings: taking into account the current dynamics, the share of such loans by the end of 2013 may reach 35% of the issuance volume.

In every economically developed country, a significant part of the banking services market is occupied by mortgage lending. No matter what the population’s salaries are, citizens often have to spend more than one year saving money to buy housing. In order not to delay the acquisition of such desired living space, there is a mortgage.

Below IQReview will consider Current state Russian mortgage market.

Basic concepts about the mortgage market

The mortgage market is a system that consists of the following components:

1. Mortgage market (primary). This includes the scope of activity of the borrower and the lender, that is, the participants are citizens who take out mortgages and banks that issue loans for the purchase of housing.
2. Mortgage securities market (secondary). This is the sale of securities (mortgages) that are issued by banks and sold to investors.
3. Real estate market. Includes transactions with the real estate itself.

The interaction diagram between the three components looks like this:

1. A borrower (a citizen who wants to purchase a home with a mortgage) applies to a bank that provides housing loans.
2. The bank evaluates the financial condition of the borrower and determines (in case of a positive decision on the mortgage): the maximum possible loan size; duration of payments; monthly payment amount.
3. If the terms are approved and agreed upon between the parties to the transaction (the bank on one side and the borrower on the other), an agreement is concluded.
4. A purchase and sale agreement for the selected apartment is drawn up between the borrower and the real estate seller.
5. A loan agreement is drawn up between the bank and the borrower.
6. At the request of the bank, the borrower takes out insurance for life and for the housing purchased with a mortgage.

In this case, the bank (lender) creates the primary mortgage market. At his discretion, he can either keep the issued mortgages in his portfolio or give them to investors. In this case, investors create a secondary market for securities and provide the bank’s budget with funds. The bank can spend this money on issuing new loans, after which the cycle repeats.

According to statistics, in states with developed and stable economies, the population takes out mortgage loans for more than 90% of real estate transactions. Typically, housing loans are cheaper than consumer loans - the annual interest averages 5-7% (the more stable and better the economic situation, the lower the interest, and vice versa).

History of the Russian mortgage market

It is believed that mortgage lending appeared in Russia only in the “nineties” (and, as a more well-known and widespread phenomenon, even later – approximately closer to the middle of the “zero”). However, the first such services existed before: back in 1754, under Empress Elizabeth in Russian Empire banks issued mortgage loans. Naturally, the demand for them was not as massive as it is now, and they were not aimed at average citizens, but rather at the wealthy class.

However, such services from Russian banks were still relevant and continued to develop until the 1917 revolution. After the coup, they forgot about mortgage lending for many years: under the USSR there was simply no such concept.

But in its modern form, the Russian mortgage market really emerged only at the end of the last century, after the collapse of the Union. Russian banks took their first steps in the mortgage market in 1995. The pioneers were Sberbank and DeltaCredit, which began to issue loans to the population secured by existing real estate.

Since then, the conditions for issuing have partially changed, becoming softer and more loyal to the borrower. For example, in the “nineties” mortgages were issued only to those with official income, but now other sources of income are also taken into account. On the other hand, previously they required much fewer certificates and documents from the borrower. There was another one important nuance: Previously, mortgage loans were issued only for the purchase of secondary real estate. The development of the mortgage market in this direction did not stimulate the construction industry.

During the 1998 crisis Russian market mortgage lending, which had just begun to develop and gain momentum, was forgotten due to the default and the problems that followed it. For several years, the development of this area stopped: banks did not have the funds for loans, and the population did not have the ability to repay them stably.

Primary and secondary mortgage market

Recovery after the default began only at the beginning of the 2000s, starting in 2002. Interest in mortgages arose again in 2005-2007, when the real incomes of citizens began to gradually increase. At the same time, the active development of the market began: in order to attract customers, banks created various offers. At the same time, demand began to develop: demand went up, and with it, real estate prices.

Briefly in numbers:

• in 2005, the volume of mortgage loans in the Russian Federation amounted to just over 56 billion rubles;
• for 2006 - more than 263 billion rubles;
• for 2007 - more than 556 billion rubles.

The significant jump stopped during the next crisis that broke out in 2008. Economic problems led to a drop in real estate prices by 20-40%. In addition to this, some smaller banks left the market (or curtailed their mortgage programs) because they did not have the funds to issue loans. During the crisis period, such services were available only to large banks, however, even for them, the number of loans issued decreased significantly. As a result of the deterioration in the solvency of clients, the conditions for issuing mortgages began to become stricter.

The restoration of the situation began in 2009. This was facilitated by the Russian government, which developed a program to support borrowers. 250 billion rubles were spent on this from the budget. These funds were used to refinance loans, which accelerated the recovery process. Such actions led to the fact that in 2010 the demand for loans began to grow, and in 2011 rates dropped again to 11.5-12% per annum.

Comparison of mortgages and rental housing (video)

Current state of the Russian mortgage market

In 2014, problems began again in the mortgage lending market along with another crisis. Interest on loans jumped to 20%. In addition, there were serious problems those who took out loans in foreign currency - due to the approximately 2-fold increase in the exchange rate of the dollar and euro, these borrowers could no longer cope with payments. To stabilize the market, the Russian government again allocated budgetary funds and created the opportunity preferential terms with a rate of 13%.

The following plans are known for the near future: by 2018, the authorities promise to reduce the mortgage rate to 7% per annum.

Statistics of issued mortgage housing loans

An analysis of the mortgage market will not be complete without specific companies that are currently operating in it.

The most large companies currently issuing loans for real estate in the Russian Federation (places in the ranking are distributed as of January 1, 2017):

1. Sberbank.
2. VTB 24.
3. AHML.
4. Gazprombank.
5. Rosselkhozbank.
6. Deltacredit.
7. FC Otkritie.
8. Raiffeisenbank.
9. Svyaz-bank.

The conditions for most organizations are approximately the same:

1. The loan term is from 1 (usually 5) to 25-30 years.
2. The loan amount is usually limited to a minimum limit (on average from 300-400 thousand). The maximum loan amount is calculated individually for each applicant. Sometimes it can be the full cost of purchasing a home, sometimes it can cover only part of the requested funds.
3. Insurance: almost always required. Both the purchased object and the life of the borrower require insurance.
4. Housing market: some banks have restrictions - you can only take out a mortgage on the primary market. For others, loans are issued for both “primary” and “secondary” purposes.
5. Interest rate: on average - 12-13% per annum. It may differ both up and down (rarely), depending on many factors (amount, loan term, city, “characteristics” of the borrower, and so on). Interesting fact: banks often indicate a reduced rate in advertisements. Moreover, the figures can be completely fantastic (for the current situation on the mortgage market in the Russian Federation): 7-8% per annum. In fact, it turns out that such conditions may exist, but only for a narrow circle of clients, and only if a whole list of conditions is met.
6. The need for a down payment: all banks are different. Some don't have it at all. For others, it can average at least 10-20%.

Sequence of actions to obtain a mortgage loan

Separately, it is worth mentioning the various options for obtaining a mortgage. She may be:

1. Standard. The usual option, suitable for those who are not entitled to benefits provided by the state or bank. It has the highest (compared to preferential categories) rates.
2. . Option for military personnel. It differs primarily in rates, which are slightly lower than those of standard mortgage programs. In 2015, the average rate on military mortgages was 8%, in 2016 - about 12%.
3. Mortgage with state support. Loans of this type can only be issued for housing that is being built, and is being built with the participation of money from the same bank. The terms and conditions of such programs may differ in part from a standard loan. The average annual rate is 12%.
4. “Russian Family” (or “Providing Housing for Young Families”). Currently valid until 2020. Suitable for young families (if at least one of its members is under 35 years old) who live in unsuitable conditions (communal apartments, insufficient space according to regional standards).