Banks struggle to grow their mortgage portfolio before new regulation tightens
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Banks that have increased the issuance of preferential mortgages are trying to manage to gain a portfolio before a new wave of tightening of regulation. Already from October 1, after the introduction of new measures by the Central Bank, banks can raise rates and reduce loan offers “without documents”.
The authorities will continue to support preferential mortgage programs, but together with the Central Bank, which monitors its quality, declared Russian President Vladimir Putin on August 8 at a meeting on the development of the construction industry. The regulator previously agreed to the extension of concessional loans subject to their modification. The main programs – mortgages for new buildings and family mortgages – are valid until July 1, 2024.
According to Dom.RF (.pdf), in April-June, banks issued the maximum volume of mortgages with state support in history – by 919 billion rubles.
Sberbank and VTB reported on the growth of mortgages in general. In July, Sberbank had a record demand for mortgages since the beginning of the year (390.5 billion rubles, largely due to preferential loans), VTB in July increased the issuance of preferential mortgages by 40%.
Changes in credit conditions played a significant role – since August, the second round of improving the conditions for preferential mortgages for new buildings began. Such decisions have already been announced by Sberbank, VTB, Dom.RF Bank, Kuban Credit (included in the top 20 mortgage banks), the reduction will be 0.1–0.8 percentage points.
Lower rates on subsidized mortgages may be associated with expectations of tighter regulation. Bankers emphasize that from October 1, the Central Bank will increase the premiums on mortgage risk ratios, which will put pressure on the capital position. On the new regulation of the Central Bank informed July 28th.
“Banks are trying to close annual plans for issuance and portfolio growth,” notes one of the bankers.
As early as October, tightening of conditions for clients (for down payment and interest rates) may begin, he expects. In addition, the tightening of regulation may affect dual-document mortgages, since this program has special rules for calculating the debt burden indicator.
In July, banks (Sberbank, VTB, Rosbank) also improved preferential conditions, which allowed them to increase lending (see chart). “Kommersant” dated July 24). As another interlocutor of Kommersant in the bank notes, the main reason for improving the conditions for programs in this case is the exhaustion of limits. For example, 4.2 trillion out of 4.5 trillion rubles have already been spent. scope of the State Support program. And bankers do not expect new limits until the end of the year. Banks are trying to issue the maximum amount of loans in order to request additional funds from the program operator, the banker says.
Dom.RF reported that the limits could be redistributed upon mutual application of creditors or in the event of an increase in the total amount of possible lending.
As follows from the data that Kommersant has, according to the state program, during the year they reduced the limit of FC Otkritie, PSB, Sovcombank, MKB, RSHB, Rosbank, St. Petersburg, MTS Bank, etc. This is due to the request “Dom.RF” about the redistribution of state support budgets, one of the interlocutors of “Kommersant” in the market notes. The PSB pointed to a shift in demand between programs. The limits were reduced mainly in favor of the market leaders – Sberbank, VTB, Dom.RF Bank. As Kommersant was told at JSC Dom.RF, as of June, about 84 billion rubles were redistributed on preferential mortgages, 41.3 billion rubles on family loans, and about 6 billion rubles on IT mortgages.
The NKR expects an increase in the issuance of mortgages in the third quarter, in anticipation of the introduction of de facto prohibitive allowances for risk ratios on loans in the “primary”, says Yegor Lopatin, deputy director of the group of ratings of financial institutions.
From October 1, with the new requirements of the Central Bank, it can be expected that many in the market will limit the issuance of mortgages with a low down payment, says Vadim Mamonov, director of Rosbank Dom. In response to rising risk ratios, said Natalia Vashchelyuk, chief analyst at Sovcombank, banks may raise the minimum down payment or increase interest rates on mortgages with a low down payment: less than 30% in the primary market and less than 15% in the secondary.
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