The share of mortgage transactions in the real estate market of Moscow in the first half of 2016 amounted to 29.7 percent, remaining at the same level as last year. The lack of growth is due to the fact that the banks are severely cut off unwanted candidates: welcome level of submissions is only nine percent, according to the materials published by the company “Metrium Groups”.
As analysts of the company, the banks in 2016 softened credit conditions, but did not reduce tape requirements for borrowers raised at the beginning of the crisis. Bankers try to minimize the volume of overdue payments, carrying out a rigorous selection of new candidates. Priority is given to those who already have a positive credit history confirming the ability to plan and allocate their income and expenses.
According to “Metrium Groups” in the first half thanks to the program of subsidizing interest rates number of loans increased by 39.2 percent compared with the same period last year. The weighted average rate decreased by 1.55 percentage point, to 12.68 percent, the average loan amount increased by 4.78 percent, to 1,697 million rubles. Increased the average term of crediting — from 14.3 to 15.14 years.
In the first half of the year, banks reduced the rates on their own programs of crediting of new buildings, and now the gap with the rate for the state (11,5-12%) is one to two percentage points instead of two or three earlier, said in the published materials. Rates in the secondary market also dropped: a minimum of 11 percent, while the upper limit is in the region of 15-16 percent and the real interest rate on loans for the purchase of “secondary housing” — between 13-14 percent.
Previously, experts of the National Agency for financial studies (NAFI) have predicted the imminent reduction in the cost of mortgage: according to them, by the end of 2016, the average rate on ruble mortgage housing loans approaching 12 percent. The reduction will occur by reducing dependence of banks from the expensive CBR funding that would allow them to adjust rates on their own mortgage programs.
