“Dom.RF” added limits – Newspaper Kommersant No. 15 (7460) dated 01/27/2023
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“Dom.RF” distributed new limits among the banks participating in preferential mortgage programs – for new buildings and family. The total volume amounted to 1.25 trillion rubles, and taking into account the previously allocated funds, it reached 7.6 trillion rubles. Traditionally, the largest volumes were shared by the players occupying the main market shares. At the same time, the banks participating in the programs keep rates significantly below the limit. According to experts, by giving up part of the margin, they are counting on portfolio growth and competitiveness.
This week, the operator of preferential mortgage programs Dom.RF completed the distribution of new limits among banks, Kommersant was told in the organization. Under the preferential mortgage program for new buildings at 8% per annum (extended until July 1, 2024), the additional limit amounted to 900 billion rubles. As a result, the total amount of the program reached 4.5 trillion rubles. Taking into account the loans already issued, banks still have the opportunity to issue 1.2 trillion rubles on it. loans. For a family mortgage with a maximum rate of 6% per annum, the additional limit for it amounted to 350 billion rubles, and the total amount of funds under the program reached 3.1 trillion rubles. Taking into account previous loans, banks were able to lend to customers for another 1.5 trillion rubles.
Of the 78 participants in the mortgage program for new buildings, 46 banks applied for new limits, and only 21 banks out of 60 lenders applied for family mortgages. “All funds were distributed among creditors in proportion to the volume of claims based on submitted applications,” Dom.RF explained. To date, over 970,000 loans worth RUB 3.3 trillion have been issued under the preferential mortgage program for new buildings since its launch in April 2020. For family mortgages, which appeared in 2018, there are more than 450 thousand loans for 1.6 trillion rubles.
According to Svetlana Nekrasova, Managing Director of JSC Dom.RF, in the next year and a half, additional limits will improve the living conditions of more than 450,000 families. Preferential programs are mainly extended to the primary market (with the exception of family mortgages for housing on the territory of a rural settlement in the Far Eastern Federal District).
At the same time, the interest of borrowers in new buildings and secondary housing differs depending on the bank. In the first three weeks of January, Sberbank issued 7.7 thousand loans (under both programs) for 34 billion rubles. But the demand for the secondary market is greater: over the same period, its share in transactions amounted to almost 62%, the bank said. According to Rosbank, the share of state programs in its issuance in 2023 will be 37–38%.
VTB, which did not disclose data for January, says that every second transaction is carried out under state programs. MTS Bank reported that they are now receiving more applications from mortgage borrowers in the primary market. The demand for such apartments is higher than for secondary housing, according to FC Otkritie, “this is due to the presence of state programs with low rates.” In PSB in January, state programs account for more than 60% of mortgage loans.
According to Kommersant’s calculations, based on preliminary estimates of the total issuance by all banks in 2022, almost 40% of mortgages were issued under two state programs.
The most effective participants in the programs are banks that have established close ties with developers, this ensures an influx of customers, says Sergey Gordeiko, chief expert at the analytical company Rusipoteka. At the same time, participation in preferential state programs implies a serious bureaucratic burden, which may scare away some players, the expert believes.
In addition, banks attract customers by setting interest rates on loans below the limit level established by the state (8% for preferential mortgages, 6% for family mortgages). The difference in rates on preferential mortgages is 0.1–0.7 percentage points, on family mortgages it reaches 0.9 percentage points. Banks are reluctant to disclose plans to change rates this year. They do not plan to reduce them at MTS Bank, Dom.RF and Absolut Bank, where they specify that they regularly give additional discounts of 0.25–0.5 percentage points as part of promotions. “This means that these banks are ready to give up part of their margin to form a loan portfolio,” notes Mr. Gordeiko. In his opinion, banks that “cannot offer a reduced rate are now becoming uncompetitive.”
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