Housing Mortgage Lending

According to the accounts of numerous customers of banks, the crisis in the Russian mortgage put into raising rates by banks in the 1.5 – 2 times and requirements for early repayment of its obligations. In February 2010, the Law of 15.02.2010 11-FZ “On Introduction changes in the art. 29 of the Federal Law “On Banks and Banking Activity” was amended to radically change things in the mortgage. Now the bank during the term of the contract can not be increased amount of interest and commission, at its discretion, to change the order of payment. The law seeks to protect the borrower from disqualification, to make it more secure socially and financially. A number of financial experts believe that this measure is contrary to the universal practice, and can freeze the growth of bank mortgage lending in Russia, or even collapse the market. It is assumed that this measure is temporary and will be adjusted after the stabilization of the financial situation in the country. February’s legislation provides for other measures to support the housing legislation: in accordance with the Law 12-FZ of 16 February 2010 will be extended term use of the National Welfare Fund for Vnesheconombank on the period from 2015 to 2020.

Cash in the amount of 40 billion rubles, placed in deposit accounts Vnesheconombank 2015, will be transferred to credit quality of the Agency for Housing Mortgage Lending. ” Extension of the use of funds through 2020 will provide additional opportunities to support mortgage lending in Russia. Law 22-FZ of 09.03.2010 “On Amending Art. 3 of the Federal Law “On Mortgage Securities Act allows banks to issue bonds for loans up to 80% of the cost of housing (previously authorized bonds for loans with an initial contribution of at least 30% the cost of housing). Issuance of mortgage loans is even more simplified.

Statistics of the Agency for Housing Mortgage Lending “, unfortunately, indicates that the risk of insolvency of customers with an initial contribution to 20% in 2 times higher than customers with 30% down payment. Enacted law, as we see, with all the positive customer component, carries considerable financial risk. Act of 09.03.2010, 25-FZ “On Amending the Federal Law “About Fund of assistance to reforming housing and communal services” creates the conditions for the resettlement of residents from dilapidated housing, not only in high-rise apartment buildings, but also in low-rise. Are given guidelines for the Fund Reforming public utilities, are formed in the regions targeted programs, establishes requirements for applications to the Fund, the expenditure of federal funds. Houses on the fz provides no more than 3 storeys and not more than 4 sections (According to several apartments in the section). Prices per square meter recorded Ministry of Regional Development for each federal entity. Excess prices paid by regional funds.