The probability of a mortgage crisis similar to the one that occurred in America in 2008 in Russia is minimal. This was reported by “Russian newspaper” Citing the opinion of Alexander Danilov, director of the banking regulatory and analytical department of the Central Bank.
“A combination of factors led to the crisis in the United States. One of the most important of these was that most of the mortgage loans given at that time were variable interest loans. When interest rates rose, so did your monthly payment. Many debtors were unable to pay their debts, which triggered the collapse,” Danilov noted.
According to Danilov, in the Russian Federation mortgages are issued only at a fixed rate, which does not change for the entire loan period. Therefore, the scenario of the payment increasing one and a half times in a short time is not possible for us.
At the same time, a representative of the Central Bank warned that the Russian mortgage market is not immune from potential risks. For example, the borrower’s income may decrease due to an economic crisis. And if his financial situation does not improve after restructuring and mortgage holidays, the bank will sell the apartment. And if the property loses value, its value may not be enough to pay off the debt.
Another point is that mortgages are increasingly taken out by less wealthy people who do not have a “safety cushion”. According to Central Bank estimates, up to 6 percent of borrowers are forced to use consumer loans in return for down payment.
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Previously expert guess The transition of mortgages to individual rates.