New plans have emerged for the purchase of houses under construction in Russia, which pose risks for buyers. pay attention to this returned At the Central Bank of the Russian Federation.
Some banks, together with developers, began to offer Russians to apply for mortgage contracts for participation in joint construction (DDU). In this case, part of the funds belonging to the flat will be deposited in the letter of credit, not in the escrow account.
Such a plan can attract the borrower because the bank can give part of the additional income from the deposited funds in the form of a discount on the mortgage rate at the construction stage.
The danger is that, unlike escrow accounts, the funds in this type of letter of credit are not insured in any way. So, if the bank’s license is revoked, the person may lose his money and apartment and also remain in loan debt because the DDU has not been paid in full.
In some cases, developers may sell real estate to affiliated parties during the construction phase and enter into a partnership agreement with them at a price several times lower than the market price. In this case, the funds are deposited into an escrow account.
At the time of transfer, the buyer already pays the real market price, but receives an escrow account containing only the original (discounted) price of the apartment, along with claim rights under the DDU. As a result, the difference immediately goes to the vendor affiliated with the developer and is never transferred to the escrow account.
On March 1, the Central Bank tightened the conditions for mortgage loans to Russians. Who will this affect? In the material “socialbites.ca”.
Previously in Russia made Portrait of a mortgage debtor.