Bets went back – Gazeta Kommersant No. 15 (7460) dated 01/27/2023
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After the Central Bank tightened the conditions for issuing mortgages at a lower rate, subsidized by developers by increasing real estate prices, market participants began to come up with new ways to attract buyers. For example, a major developer, the PIK group, in its projects in Moscow, began selling housing with a cashback of 15% of the cost of the apartment. However, in this case, the cost of lots is higher than without a refund. Experts do not exclude that the mass distribution of such programs on the market will cause a negative reaction from the Central Bank, which may regard them as mortgage transactions without a down payment.
PIK Group has launched a short-term program for returning a down payment on a mortgage of 15% when buying apartments in more than 40 of its projects in Moscow when paying for a loan with Tinkoff Black or Tinkoff Black Premium cards and after registering the transaction with Rosreestr, follows from the information on the company’s website. PIK told Kommersant that they pay a cashback of 15% from their own funds, which makes it possible for apartment buyers to use the proceeds, including for the early repayment of part of the mortgage.
But, as follows from the price lists posted on the developer’s website, the cost of an apartment with cashback is 10-15% higher than when buying an apartment without participating in this program. For example, an apartment of 77 sq. m in the residential complex “Yunino” with cashback will cost 13 million rubles, without it – 11.8 million rubles, housing of 46 sq. m in Altufyevo – 12.3 million rubles. with the return of part of the funds, and without – 11.1 million rubles, real estate in 32.4 square meters. m – 12.3 million rubles. and 10.9 million rubles. respectively.
PIK told Kommersant that the mark-up for an apartment is not comparable with the size of the cashback and, in addition, the cost of housing after construction is completed rises in price by 15-20%. “Even if you buy an object at a high stage of readiness, you need to understand that in the long term, housing does not get cheaper and the cashback margin is compensated over time,” says Est-a-Tet partner Vladimir Morebis. Tinkoff Bank (the operator of the program) reported that they do not participate in the pricing of the partner’s product, but check all transactions for compliance with the market value of the object.
In such a partnership, Tinkoff Bank activates its client base and receives additional turnover on cards, says Kommersant’s interlocutor in the banking market. Another banker believes that Tinkoff Bank provides its client database for cross-selling with PIK Group, apparently receiving a commission for this.
“In fact, cashback is the same marketing ploy of developers as loans with “near-zero” rates,” notes Sergey Gordeiko, chief expert at Rusipoteka. Developers introduced such programs last fall to support demand during the crisis: they assumed mortgages at 0.1-3%, which is lower even for state-subsidized housing loans, which at that time had a rate of 7%. Developers compensated for the difference between the low and real rates by raising apartment prices. This caused a negative reaction from the Central Bank, which promised at the end of 2022 to limit such programs by increasing the premiums on credit risk ratios for banks participating in them. In the Central Bank, they did not answer the question of Kommersant about a new mechanism on the market with a return of the down payment of 15%.
Other developers interviewed by Kommersant have not yet introduced cashback for their projects, but are carefully studying the experience of PIK. This program can be considered as a subsidy by developers of the down payment, which is sensitive for buyers of apartments, Sergey Gordeyko believes. In such a situation, according to him, some buyers have the opportunity to receive a consumer loan for such a contribution and repay it at the expense of cashback from the developer. But for buyers, conditions for insuring cashback deals will be tougher due to the increased amount of insurance, one of the bankers warns.
According to another Kommersant source from among bankers, banks lending to the purchase of housing at an inflated price under the programs of developers, the cost of the collateral mass will be “artificially inflated.” In such a situation, the regulator may regard cashback as a loan without a down payment and increase risk premiums for banks issuing mortgages on such transactions, Anatoly Perfilyev, junior director for banking ratings at Expert RA, does not exclude. But so far, according to Vladimir Morebis, there are no such risks, since now the volume of transactions with cashback is small.
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