the Amount of arrears of Russians on mortgage loans increased more than 12% since the beginning of this year and exceeded 86 billion rubles, estimated by the National Association of professional collection agencies (NAPCA) and the Bureau of credit stories (BKI) “Equifax”.
according to experts, “the share of overdue debt in the segment of mortgage lending has not changed for several months by 2.2%”. However, “despite this, in absolute terms, arrears increased from the beginning of the year to more than 12% and exceeded 86 billion rubles.” “This is a record figure, at least for the last four years,” reads the study.
however, experts warn that “the crisis always affect the level of overdue debt more clearly after a few months, depending on the type of loan.” “Given the current measures to support consumers of financial services if the “restart” of the economy will require much more time, it is likely that growth might accelerate towards the end of the third quarter of 2020″, — it is not excluded in the review.
Recall that on 2 June, the National Bureau of credit histories (NBCH) announced that the average size of mortgage loans in Russia was in April of the current year 2.39 million rubles, which is 8% less in comparison with the previous month.
yoy decline in average purchase mortgage was less significant — 2.4% (in April 2019 2.45 million rubles).
Commenting on the findings, General Director nbki Alexander Vikulin noted that “in comparison with other segments of retail lending, in April 2020, the reduction of mortgage loans was not as radical.”
“the Decrease in the average check on the mortgage largely due to the fact that citizens are trying to reduce the debt burden in the face of economic uncertainty. Therefore, the choice of the parameters of a mortgage loan try to increase the size of the down payment, thereby minimizing future payments”, — the expert believes.
Earlier it was reported that Russian banks in April have reduced the issuance of mortgage loans by 1.5 times. As stated NBCH, in the last month were issued to 49.3% less mortgage loans compared to March 2020 and 35.3% less than in April 2019. Experts explained the decline of the mortgage loans in April, quarantine measures and economic situation in the country.
on 23 April the Chairman of the government of the Russian Federation Mikhail Mishustin approved the program of preferential mortgage at 6.5% per annum. “The rate is not above 6.5% is maintained for the entire term of the loan. The program is distributed on home loans to 8 million roubles in Moscow and St. Petersburg and up to 3 million rubles — in other regions of the country”, — noted in the explanatory Memorandum. In the document it was specified that the reduced mortgage will be valid until November 1, 2020.
let’s Add that the Russian economy in February—March 2020 was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy and collapse in oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Reacting to the situation, the government and the Bank of Russia adopted several packages of measures to support the economy and citizens.
may 11, Russian President Vladimir Putin announced the end of may 12, a single period of days off, entered March 30, in the fight against COVID-19. He also announced the beginning of implementation of the third package of anti-crisis measures, under which the state, in particular, will increase targeted support for families with children, small businesses, individual entrepreneurs and self-employed. In addition, Putin instructed the governmentWu to prepare a national plan for long-term development of the economy, the recovery in employment and incomes.
on 27 may, the Minister of economic development (MED) of the Russian Federation Maxim Reshetnikov said that the total cost of anti-crisis measures to support the Russian economy, aimed at combating the impact of the pandemic coronavirus has reached 3.3 trillion rubles.
on 2 June Prime Minister Mikhail Mishustin presented to the President a national plan for the recovery of the Russian economy in 2020-2021 years, noting in particular that the cost of the plan will be about 5 trillion rubles.
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