Banks are tightening conditions for mortgage borrowers 11:34

Russian banks began to more often reject applications for mortgage loans for the purchase of finished housing – almost half of such applications are rejected. The newspaper writes about this “News” With reference to data of Etazhi company

According to experts, the main reason for this is the high debt burden of debtors.

“Conditions for borrowers are becoming tighter and this reduces the availability of mortgages for all types of real estate purchases; we cannot expect any relief in the short term,” said Tatyana Reshetnikova, vice president of the company. mortgage department.

According to him, the approval rate of mortgage applications in the secondary market dropped from 60.4 percent in December 2023 to 52.8 percent in April 2024. The situation is similar in the primary market; During this period, the share of approved applications decreased from 65.7% to 61.9%.

“The risk of rejection is higher for credit card holders, even if the potential borrower has never used the credit card. Banks strictly take into account all potential costs for the future borrower – this also applies to installments, various types of compulsory payments and even loans that have been approved but not received,” he said. explained the expert.

Moreover, the loan may be rejected even if the borrower has received approval from more than one bank at the same time, and vice versa: a large number of rejections in a short period of time is also a reason for rejection.

“Russians need to get used to checking and periodically checking their credit history so that accurate information about closing previously issued loans is necessarily displayed,” Reshetnikova advises.

In addition, before applying for a mortgage, it recommends closing loans with late payments or restructuring, checking the existence of court debts and calculating the share of existing mandatory payments taking into account the issued mortgage.

“Some banks still allow the debt burden of potential borrowers to be at the level of 70-80% of their real income, but with such high indicators the risk of rejection increases significantly,” Reshetnikova summarized.

Before that Russians in the name Consider the quality of the property, not the terms of the mortgage.

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Source: Gazeta

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