Russia has sharply reduced the number of mortgage loans

Russian banks in the past month have reduced the issuance of mortgage loans by 1.5 times, follows from the review of the National credit bureaus.

“According to NBCH, in April 2020 were issued and 49.3% less mortgage loans compared to March 2020 and 35.3% less than in April of 2019”, — quotes RIA “news” endurances from the research Bureau.

Experts explained the decline of the mortgage loans in April, quarantine measures and economic situation in the country.

we will Remind, last week it became known that in Russia since the beginning of this year significantly increased the number of troubled mortgage loans secured new apartments. In the whole country borrowers, previously issued mortgages for housing under construction, stopped to pay every 252 credit, whereas at the beginning of the year has not been serviced every 262 the loan, said with reference to the data collection Agency “Debt Consultant.”

According to experts, in I quarter of current year the volume of mortgage arrears in the market of housing under construction grew 7 percent to 13 percent for the entire 2019, and April 1, the amount of “bad” debts exceeded $ 6.2 billion.

in early April, Russian President Vladimir Putin instructed the Bank of Russia for may 1 to submit proposals on improving availability of mortgages. In addition, in particular, the government was instructed to develop measures to improve the investment attractiveness of housing construction projects.

In the middle of last month at the industry meeting the head of state supported the idea to launch a special program of preferential mortgage to “support our citizens and the construction industry”. Putin added that under this program it will be possible to get a mortgage at a rate of 6.5% per annum for the purchase of new housing-class comfort at the price of up to 3 million rubles in the regions and to 8 million roubles in Moscow and St Petersburg. The program of preferential mortgage in 2020 PLAniroot to spend about 6 billion rubles.

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.

Later Deputy Prime Minister Marat Khusnullin has made it clear that the authorities do not intend to prolong the duration of the program of preferential mortgage at 6.5% per annum after its completion, on 1 November 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.

21 April the Russian government announced that the value adopted by the Cabinet of Ministers of measures to support the economy already amounted to 2.1 trillion rubles. Prior to that, head of the Ministry of Finance of the Russian Federation Anton Siluanov said that the budget measures for combating coronavirus and its implications in Russia is about 2.8% of GDP. In General, the total volume of fiscal support to individuals and business of all sectors in the context of pandemic coronavirus, the Ministry of Finance was estimated at 6.5% of GDP.

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 the self-employed. In addition, Putin instructed the government to prepare a national plan for long-term development of the economy, the recovery in employment and incomes.

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