The relevant State Duma Committee did not support the bill on the payment of interest to equity holders on escrow accounts

The State Duma Committee on the Financial Market recommended that the lower house of the parliament reject the bill in the first reading a bill that allows citizens to receive income in the form of interest on the escrow accounts, RIA Novosti reports.

We are talking about the bill submitted by senators and deputies from the LDPR, the adoption of which, according to the authors, "will allow citizens concluding shared participation agreements, to receive additional income in the form of interest on the accounts of the escrow." The document provides that after the completion of the construction of housing and the transfer of apartments to equity holders, the accrued funds can be spent on any purpose, including the repair of a new apartment and the purchase of furniture.

The conclusion of the relevant committee states that the assignment to banks on the monthly payment of income for the use of cash in the escrow accounts will “entail the growth of credit rates, which will increase the cost of shared construction objects for citizens”. In addition, if the law is adopted, it will be more difficult for citizens to buy a rise in a mortgage in a mortgage, and the percentage of escrow accounts will not cover this difference.

The idea of ​​accruing interest on escrow accounts was not supported in the Central Bank. This was stated by the deputy chairman of the Central Bank Olga Polyakova, speaking at an expanded meeting of the Presidium of the Council of the Association of Banks of Russia, which discussed issues of project financing in the field of housing construction and mortgages.

Recall that from July 1, 2019, the shared construction scheme provides that when buying an apartment in a new building and concluding a shared participation agreement, the shareholder transfers money not to the developer, but to the bank, and the financial organization blocks these funds on the expansion estimate of the developer until the completion of construction. The developer can get this money only after the delivery of the house, and the funds for the construction of housing should receive under the framework of project financing in the form of bank loans. The criteria approved earlier by the government allow the completion of many objects according to the old rules. Developers should have reached compliance with the criteria until October 1.