Translated material
In Russia, mortgage rates were found at 100%
Some Russian banks began to inflate mortgage rates by 100%. Credit institutions offer such conditions to those borrowers who take out a combined mortgage, where one part of the loan is issued at a preferential rate and the other at a market rate. Deputy Minister of Finance Ivan Chebeskov told the Izvestia newspaper about this.
As economist Olga Gogaladze explains, borrowers take out a combined mortgage in cases where the cost of housing exceeds the maximum amount for which the bank can issue a mortgage at a preferential rate. For example, the maximum loan amount for a family mortgage is now 12 million rubles for Moscow and six million for the regions. At the same time, the average cost of housing in the Russian capital reaches 20.3 million rubles, and in the regions - 6.2 million. Thus, Russians are forced to resort to a combined mortgage, since the preferential rate does not apply to the entire cost of housing.
Chebeskov admitted that banks are resorting to different methods of raising funds due to the Central Bank raising the key rate. For example, banks are now adding additional fees or increasing the down payment, even if this is not provided for by the terms of the program. Among other things, credit institutions greatly inflate rates based on market conditions in combined mortgages. The Deputy Minister of Finance noted that there are cases when the preferential part of the mortgage is issued at 6% per annum, and the market part at 100%.
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“We understand the current situation - banks currently do not have enough of the spread (the difference between the best prices of the seller and the buyer - note by Kholod ) that the state provides in order to make a profit under preferential programs,” Chebeskov explained.
Some banks do not allow borrowers to choose which part of the combined mortgage they need to repay first, noted Maxim Kolyadov, head of work with individuals at Insurance Broker AMsec24. If at the beginning you have to pay part of the loan at an inflated rate, then it is unlikely that clients will be able to quickly find that much money, the expert notes.
The press service of the Central Bank commented on the situation in an interview with Izvestia. The regulator promised to limit the use of hidden and unreasonable commissions by banks. They admitted that borrowers' costs are rising due to similar practices of unscrupulous credit institutions.
In November, Sber raised mortgage rates to a record since the beginning of the century. The minimum mortgage rates in the largest bank in Russia exceeded 28% per annum. Without discounts, home loan rates start at 30%. Another Russian bank, VTB, offers a preferential mortgage at 2% for the purchase of housing in the “Northeast Military District” zone - in the Lugansk and Donetsk people's republics.
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