Analysis of the state of housing mortgage lending. Analysis of mortgage lending in Russia Analysis of the state of the market for mortgage lending

In every economically developed country, mortgage lending occupies a significant part of the banking services market. Whatever the salaries of the population - often citizens have to collect more than one year to buy housing. In order not to postpone the acquisition of such a desired living space, there is a mortgage.

Below IQReview will review the current state of the Russian mortgage market.

Basic concepts about the mortgage market

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

1. Mortgage market (primary). This includes the sphere 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-backed 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 scheme of interaction between the three components looks like this:

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

In this case, the bank (lender) creates a primary mortgage market. At his discretion, he can either keep the issued mortgages in his portfolio, or give them to investors. Investors in this case create a secondary securities market 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 countries with a developed and stable economy, the population takes mortgage loans for more than 90% of real estate transactions. Usually, home loans are cheaper than consumer loans - the annual interest on average is 5-7% (the more stable and better economic situation, the lower the percentage, and vice versa).

History of the Russian mortgage market

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

However, such services from Russian banks were still relevant and continued to develop until the 1917 revolution. After the coup, for many years, mortgage lending was forgotten: under the USSR, such a concept simply did not exist.

But in its modern form, the mortgage market in Russia really emerged only at the end of the last century, after the collapse of the Soviet Union. Russian banks made 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 terms of issue have partially changed, becoming softer and more loyal to the borrower. For example, in the "nineties" mortgages were issued only to those who have official income, and now other sources of income are also taken into account. On the other hand, in the past much less certificates and documents were required from the borrower. There was one more important nuance: before, 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.

In 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. For several years, the development of this direction stopped: banks did not have funds for loans, the population had the ability to consistently repay them.

Primary and secondary mortgage market

Recovery after the default began only by the beginning of the 2000s, starting in 2002. Interest in mortgages reappeared in 2005-2007, when 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 proposals. Along with this, it began to develop: demand went up, and with it - and real estate prices.

Briefly in numbers:

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

The significant leap was halted in the next crisis that erupted in 2008. Economic problems led to a drop in property prices by 20-40%. In addition to this, some of the smaller banks left the market (or curtailed their mortgage programs), since they did not have the funds to issue loans. During the crisis period, such services remained only with large banks, however, the number of issued loans for those also decreased significantly. As a result of the deterioration in the solvency of clients, the conditions for issuing mortgages began to be tightened.

The recovery of the situation began in 2009. This was facilitated by the Russian government, which has developed a program to support borrowers. For this, 250 billion rubles were spent 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 the level of 11.5-12% per annum.

Comparison of mortgages and rental housing (video)

Current state of the mortgage market in the Russian Federation

In 2014, along with the next crisis, problems began again in the mortgage market. Interest on loans jumped to 20%. In addition, serious problems arose for those who took out loans in foreign currency - because of the approximately doubled dollar and euro exchange rates, these borrowers ceased to cope with payments. To stabilize the market, the Russian government again allocated budgetary funds and created the possibility of preferential terms with a rate of 13%.

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

The analysis of the mortgage market will not be complete without specific companies that are working on it at the moment.

The largest companies issuing loans for real estate in the Russian Federation are now ("places" in the rating are distributed as of January 1, 2017):

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

The conditions for most organizations are approximately the same:

1. Loan term - from 1 (more often from 5) to 25-30 years.
2. Loan amount - usually limited to a minimum limit (on average from 300-400 thousand). Maximum size the loan is calculated individually for each applicant. Sometimes it can be the full cost of buying 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 take out a mortgage only on the primary market. Others have loans for both primary and secondary housing.
5. Interest rate: on average - 12-13% per annum. It can differ both in a large and in a smaller (rarely) direction, depending on many factors (amount, loan term, city, "characteristics" of the borrower, and so on). Interesting fact: Banks often indicate a lower rate in their advertisements. Moreover, the numbers can be absolutely 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 and 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 have different ways. Some have none at all. For others, it may average at least 10-20%.

Separately, it should be said about the various options for mortgage registration. She may be:

1. Standard. The usual option, suitable for those who are not eligible for benefits provided by the state or the bank. Differs in the highest (in comparison with preferential categories) rates.
2. ... Option for military personnel. It differs primarily in rates that are slightly lower than those of standard mortgage programs. In 2015 average rate on military mortgages was 8%, in 2016 - about 12%.
3. Mortgage with state support... Loans of such a plan can be issued only for housing that is being built, and is being built with the participation of the money of the same bank. The terms of such programs may differ in part from the standard loan. Average annual rate — 12%.
4. "Russian family" (or "Provision of housing for young families"). At the moment, the validity period is until 2020. Suitable for young families (if at least one of its members is under 35) who live in unsuitable conditions (communal apartments, insufficient area according to regional standards).

Mortgage Bank is a credit organization specializing in the issuance of long-term mortgage loans secured by real estate (land, various buildings and other real estate). Resources mortgage bank consist of their own savings and funds received from the sale of mortgage bonds - long-term securities issued against security real estate and yielding a fixed percentage.

A commercial bank determines the technology of mortgage lending depending on the object of lending, credit policy and organizational structure... With multivariance various elements the organization of the lending process can be stated in all banks the presence of the following five main stages in the technology of issuing and repaying a mortgage loan:

• - preliminary consideration of an application for a loan and an interview with the prospective borrower;
• - underwriting;
• - making a decision on the issuance of a mortgage loan;
• - registration loan agreement and pledge agreements;
• - loan support and control over the execution of the loan agreement.

At the first stage, the bank explains to the borrower the conditions for issuing a mortgage loan and invites him to fill out an application, which in essence can be considered as a questionnaire containing information of interest to the bank in terms of minimizing the risks associated with lending. Already at the first stage of the lending process, it is important to assess the risks as fully as possible. If, during the interview, the loan officer does not receive satisfactory answers to key questions related to the issuance of a loan, then the request for its issuance is rejected, and it is necessary to explain reasonably the reasons why the loan cannot be provided. If the loan officer made a positive decision, he informs the potential borrower about what documents and information the bank needs for further consideration of the loan application.

The second stage is to assess the borrower's potential to repay the loan and assess the degree of its collateral. At this stage, the specialists of the bank or the firm on the assessment of the collateral, the legal service and the bank's security service participate. If the existing apartment of the borrower is offered as collateral, then the following are studied: the composition of the premises, layout, general and living space; duration of operation; condition of structures, walls, floors and ceilings; condition engineering communications- heating, water supply, electricity, sewerage, etc .; the need for repair or modernization at the moment or in the future. As a result of examining these factors, the value of the alleged collateral is determined. If an apartment under construction is offered as collateral, then the design and estimate documentation, construction timeframes, the reputation of the company - the developer and the contractor organization are studied. The results of the analysis are used in order to determine in the future the amount of the loan, the possible down payment of own funds and the provisional maturity of the loan. For this purpose, the following incomes are considered: wage, bonuses, income in the form of commissions, income in the form of dividends and interest, pension payments, income in the form rent and others, as well as financial liabilities: housing payments, utility bills, taxes, insurance payments, previously accepted promissory notes, health insurance and etc.

The results of underwriting (checking the borrower's solvency) are drawn up in the form of a certificate or opinion and are submitted to the credit committee for consideration.

At the third stage, the credit committee reviews the materials received in the underwriting process and examines the relevant documents, after which it decides whether to issue a loan or refuse to submit it. In case of a positive decision of the credit committee, the relevant employee prepares for the client an approximate estimate of the costs associated with obtaining a mortgage loan. The estimate may include the following items: commission to realtors; collateral assessment costs; payment for obtaining documents on pledge from real estate registration authorities; notary fee for registering a purchase and sale agreement; notary fee for registering a pledge agreement; insurance of the pledged item.

At the fourth stage, the bank enters into a loan agreement with the borrower. When concluding an agreement, the parties are guided by the main provisions provided for The Civil Code Russian Federation, taking into account the peculiarities of the bank's credit policy.

Under the loan agreement, the lender's bank undertakes to provide cash, i.e. the loan, in the amount and on the terms stipulated in the contract, the borrower undertakes to return the received sum of money and pay interest on it. In each loan agreement, in addition to such sections as data on the parties who entered into the agreement, there are sections that regulate the rights and obligations of the parties:

• - the amount of the loan and the amount of the bank interest;
• - the procedure and terms for issuing a loan;
• - procedure and terms of interest repayment;
• - description and price of collateral provided for in a separate pledge (mortgage) agreement;
• - the amount of sanctions paid by the party who violated the terms of the contract.

Simultaneously with the conclusion of the loan agreement, a pledge (mortgage) agreement is concluded and a mortgage is drawn up, and an insurance agreement is concluded in favor of the bank. Without these documents, the issuance of a mortgage loan cannot be started.

At the fifth stage, the loan is supported, which includes:

• - issuance of a loan in the manner prescribed in the loan agreement.
• - control over the targeted use of the loan during the construction or reconstruction of loan facilities;
• - monitoring the safety and condition of the collateral accepted to secure the loan;
• - control over the regular, in accordance with previously agreed upon at the conclusion of the contract, the terms of repayment of the loan and accrued interest.

In case of violation of the terms of loan repayment and interest payment, banks in some cases provide deferrals for the borrower to fulfill his obligations with accrual for the period of use of a deferred loan more than high percentage... If repeated loan repayment terms are violated, the loan is transferred to the account of overdue loans, and operations to sell the collateral begin.

In the period 2006 - 2008. residential mortgage lending in Russia developed at a rapid pace. The number of banks operating in the mortgage lending system grew rapidly. Over the past few years, mortgages in Russia have become relatively affordable for the middle class of the population: interest rates have decreased, requirements for the provision of a package of documents have been reduced (including it was allowed not to submit a 2-NDFL certificate), a loan could be taken for any amount and without an initial payment and etc. If we take into account the volume of mortgage loans for 2006-2008, then this period can be called a stage of rapid growth, according to the final indicators: 2006 - 233 897 million rubles, 2007 - 611 212 million rubles, 2008 - 1,070,329 million rubles. In 2009, due to the crisis, the total volume of mortgage loans issued decreased by 5.6%, and amounted to 1,010,889 million rubles. Since 2010, the economic situation has stabilized and the volume of issued mortgage loans has exceeded the pre-crisis indicators: 2010. - 1,129,373 million rubles., 2011. - 1,474,839 million rubles. (according to the Central Bank of the Russian Federation).

Many Russian banks in the first half of 2007 showed particular loyalty to those who wanted to buy an apartment on credit. If 3-4 years ago, as realtors and mortgage brokers sadly joked, in order to get a mortgage loan, the borrower had to prove to the bank that he did not need money, then in 2007 some banks were ready to lend to literally almost everyone ...

The rapid growth in mortgage lending was associated with the revaluation of assets, and the currency risks of clients at the end of 2008 were transformed into credit risks banks.

The financial crisis negatively affected the choice of the bank and mortgage program. Before the crisis, about 120 banks were engaged in the provision of mortgage loans in Russia. During the crisis, the number of banks engaged in issuing mortgage loans significantly decreased: the most stable large banks, as a rule, state-owned ones, could afford mortgages.

Some banks have officially suspended lending programs for the purchase of housing. Some banks only lent nominally mortgages. The banks' mortgage lending programs had high, in fact, protective interest rates. Thus, rates on mortgage loans in rubles in Alfa Bank reached 24% per annum, KMB Bank - 21.00%, in Raiffeisenbank - 20%.

The reason for the curtailment of mortgage programs by banks is not only a lack of funds, but to a much greater extent their decision to leave the market was influenced by the increased risks of mortgage lending. Property prices have risen rapidly over the years, but could have declined just as quickly.

In a situation of economic instability, banks did not seek to increase their loan portfolio, but to improve its quality and reduce risks. This desire was expressed in an increase in the initial payment, tightening requirements for borrowers, and an increase in loan rates for all banks that have not left the mortgage market.

The mortgage lending market began its recovery in 2010. As the specialists of the AHML Analytical Center noted: “Mortgage lending in 2010 was steadily recovering: at the end of the year, 301,035 mortgage loans were issued for total amount in 378.9 billion rubles. The volume of loans issued in 2010 is almost 2.5 times higher than in 2009, the number of loans issued increased by more than 2.3 times. "

The construction of new buildings and the sale of apartments in new buildings also resumed in 2011. Banks began to actively interact with developers, concluding partnership agreements with them. For a developer, accreditation of a new building by a bank almost always means an increase in sales: only reliable companies are accredited, which means that buyers' confidence in an accredited new building increases significantly. In addition, today the rates on loans for apartments in a new building and for housing in the secondary market have changed, so it has become much more profitable to buy a new building on a mortgage, especially if we take into account the fact that the cost of the apartment itself at the construction stage is lower.

Today (early 2012), the mortgage market continues to gain momentum. At the end of 2011, the total volume of mortgage loans issued by the largest market participants amounted to almost 624 billion rubles, while at the end of 2010, the same banks issued loans in the amount of slightly more than 353 billion rubles. At the same time, an increase in the volume of mortgage lending is observed in the overwhelming majority of participants. So, out of 91 banks, whose questionnaires were taken into account in the preparation of the rating, the issuance of loans in 2011 was higher for 70 than in 2010, RBC experts say.

Table 4.

The volume of issued mortgage loans from the largest Russian bank in 2011 increased by 56.64% and amounted to almost 346 billion rubles, which, as before, corresponds to the first place in the rating. On the second, no less stable, is VTB 24, which last year showed a more significant growth in issued "housing" loans than "Sberbank" - 153.79%. In total, according to the questionnaire received by RBC. Rating from VTB 24, the bank in 2011 issued mortgage loans totaling 80.4 billion rubles. Deltacredit closes the top three, with a similar figure of RUB 21 billion. and an increase over the past year of about 97%.

In the table by the size of the mortgage portfolio, the leading position, which is not surprising, is taken by Sberbank. Its portfolio as of January 1, 2012 amounted to almost 770 billion rubles, which is 28% more than in 2010. The second line belongs to VTB 24, whose portfolio for the same period grew by 39% and amounted to 246 billion rubles. Deltacredit closes the top3 with an indicator of RUB 62.4 billion (see Table 5).

Purchase of finished housing (Sberbank)

Lending terms

Apartment in a new building (VTB 24)

Lending terms

Finished housing in an apartment building (Deltacredit)

Lending terms

Standard "Economical 5" (Rosbank )

Lending terms

"Turnkey!" (Uralsib)

Lending terms

Despite the revision of mortgage programs and interest rates by many banks, the minimum interest rate is still at a very high level (10-12%). average cost square meter in the capital as of 05/14/2012, according to a study conducted by specialists of the site http://realty.dmir.ru (in cooperation with the magazine "Real Estate and Prices") is 188,502 rubles. Average cost is small studio apartment is 6 531 985 rubles. average salary in Moscow this year has grown by 7% and rose from 48.5 thousand rubles. up to 51.1 thousand rubles. This is stated in a press release from the research service of the recruiting company HeadHunter.

Considering the above facts, and especially the average price per sq. meter in the capital, we can say that very few can afford a mortgage in our country.

Vladimir Putin at a government meeting on May 11, 2012 instructed the government to take measures to improve housing conditions Russians and lower mortgage rates. The President signed a decree "On measures to provide citizens of the Russian Federation with affordable and comfortable housing and improve the quality of housing and communal services," the Finmarket news agency reported. "The government of the Russian Federation shall ensure by 2018 a decrease in the indicator of the excess of the average interest rate on a mortgage loan (in rubles) in relation to the consumer price index to a level of no more than 2.2 percentage points," the decree says. It should be noted that both Vladimir Putin and Dmitry Medvedev have repeatedly expressed their wishes regarding the level of mortgage rates. At the same time, specific figures were named, as well as possible solutions were indicated.

According to the instructions of the President, the situation in the mortgage lending market should change for the better. More families will be able to afford their own housing, which, in my opinion, will have a favorable effect on the demographic situation in Russia.

UDC 339.13.017

THE MARKET OF HOUSING MORTGAGES IN RUSSIA: STATE AND PROSPECTS OF DEVELOPMENT

Tolstykh Irina Aleksandrovna, Candidate of Economic Sciences, Associate Professor of the Department " Economic theory and economic policy "

(e-mail: [email protected]) Voronezh State Technical University,

Voronezh, Russia

This article reveals the main macroeconomic indicators of the Russian Federation, indicators of the housing market and mortgage lending, analyzes them, and characterizes development trends.

Key words: housing market, housing mortgage lending market.

Over the past five years, the housing construction industry has been one of the most successful in Russia, especially amid a slowdown economic growth in 2014. This industry has brought a stimulating effect for the development of the national economy and had a significant contribution to the dynamics of GDP. However, the main macroeconomic indicators and relative indicators of mortgage have multidirectional dynamics (Table 1).

Table 1 - The main macroeconomic indicators of Russia and the relative

mortgage indicators at 20)