The government itself launched a pilot preferential mortgage program for the construction of private residential buildings. Borrowers do not need to draw up a contract with professional developers. Related Decree signed Prime Minister Mikhail Mishustin.
The maximum preferential rate on such loans will be 9% per annum and Moscow, St. Their maximum amount in the St. Petersburg, Moscow and Leningrad regions will be 12 million rubles, in other regions – 6 million rubles.
“In 2022, approximately 8 thousand loans are planned to be given for private housing construction on our own within the scope of the pilot program. The launch of a new preferential mortgage program will allow more Russians to improve their living conditions,” he said.
Who can get a new mortgage?
GV Plekhanova Yulia Finogenova, Professor of the Department of State and Municipal Finances of PRUE, stated that about 50,000 families could potentially participate in the new program – such a large number of applications for building a mortgaged house have already been submitted. She added that last year, more than half of all residences built were built by citizens.
“The cost of building one square meter of private housing, depending on the material used (foam blocks, wood, brick, etc.), is 11-20 thousand rubles, excluding finishing. Two-storey house of 150 m2. It will cost about 6 million rubles.
Thus, the money under the new program for the construction of their own economy class housing is quite enough. “The houses built can be used both as a country house in the summer and for permanent residence, taking into account insulation,” Finogenova said.
Dmitry Veselkov, director of the Mortgage Programs and Bank Loans Department at Metrium, disagreed with him. He said lines of credit for borrowers under the new program are quite difficult – especially for regions.
“With the current building materials and equipment prices, it is not possible to meet such a small budget. Most likely, a house with a construction cost of 6-8 million rubles will be a one-story cottage (or a two-story cottage with an attic) with a total area of \u200b\u200bnot more than 100 square meters. 120 square meters. m.
And this is without taking into account the cost of interior decoration, which will be 1 million rubles or more.
In his opinion, the new program may affect Russians who already have unfinished houses (foundation, “box”, etc.) and do not have enough funds to complete the construction.
The program also assumes a short construction period – 12 months. Veselkov stated that this will force borrowers to use the fastest housing construction technologies.
“Special projects are not stamped. There may be many nuances that will take time. In addition, at the moment there are some problems with the rental of special equipment for digging pits, septic tanks, leveling areas. That is, the borrower may not meet the annual limit. It is not yet entirely clear what sanctions await him if this happens, ”added Yaroslav Ostrovsky, a specialist in the Strategic Research Department at Total Research.
8 thousand mortgages – not enough nationwide
Ksenia Yakushkina, banking rating director of the Expert RA agency, noted that 8,000 mortgage loans are a small number, but enough to test the product and correct the difficulties and typical risks that arise.
According to Veselkov, before expanding the program, you need to create an industry for fast and affordable private housing construction.
“So, it will be necessary first to support companies that build inexpensive turnkey houses, and then start lending to potential customers,” the expert is confident.
“We really need to look at the cost of building a full-fledged house, which is now much higher than 6 million rubles,” he continued. “There is a need for regional differentiation for the border, taking into account the construction cost and materials that vary significantly depending on geography in Russia. They build somewhere from natural stone, somewhere from wood, ”says Veselkov.
What are the risks for banks?
According to him, within the framework of the new program, the authorities de facto transfer their management to the banks. Veselkov believes that in general, the potential for lending with such parameters is small, so banks will cope with it.
The bank’s main risk under the program is that it provides loans with low collateral: the cost of land (at least outside of major cities) is often low compared to the price of whole home ownership.
“So such a pledge does not cover the mass of the loan. Also, there is no legally binding agreement with the building contractor that can assess the costs and risks of bank involvement.”
Yakushkina also noted that the true value and liquidity of collateral could become a problem for banks. The quality of independent development is not subject to any regulation or control, he explained. The ability to complete construction for subsequent sale is questionable if the house has not yet been put into operation – development was not typical and a qualified contractor was not involved, the expert added.
Ostrovsky explained that an important question for the bank is to correctly assess the cost of the site and the hypothetical cost of the house.
“There are practically no land valuation institutes in Russia. Evaluation of the future home is also a rather dubious story: competent employees, or at least outsourced organizations, are also needed here. In addition, there are risks that secret sales of illiquid lands, for which the highest possible credit will be given for its construction, will be carried out in this way. Theoretically, this lawsuit could result in multiple collusion between banks’ “customers” and managers to simply “cut” the loan and give bank ownership of the mortgaged land to be valued at the highest possible price. ”, the expert believes.