Sberbank introduces a commission of 7.5–11.5% of the loan amount for developers whose buyers take advantage of preferential loans
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After the authorities decided to cut the volume of subsidies from the Russian budget for state programs of preferential mortgages, banks began to shift the lost income to developers. Thus, immediately after the New Year holidays, Sberbank introduces a commission of 7.5–11.5% of the loan amount for developers whose buyers take advantage of preferential loans. Other banks say they haven’t changed the rules yet. But experts have no doubt that other players will follow Sber’s example. Developers are unlikely to sacrifice their profitability: they will traditionally transfer these costs into the final price of apartments in new buildings.
Sberbank sent out notifications to developers about new terms of cooperation, which Kommersant reviewed. From January 11, 2024, the State Bank will introduce a commission that will have to be paid by a developer whose buyer takes out a mortgage under one of the state programs. So, if a shareholder purchases an apartment under the “State Program 2020” with a base rate of 8% per annum, then the developer must pay the bank a commission in the amount of 7.5% of the loan amount. Under the Family Mortgage program at 6%, the remuneration will be 8.4%, for IT mortgage at 5% – 8.9%, under the Far Eastern and Arctic programs at 2% per annum – 11.5%.
Sberbank confirmed to Kommersant the change in conditions from January 11, 2024, citing the government decree that came into force on December 23 to reduce the amount of subsidies to banks under state preferential mortgage programs.
Now the difference between the market rate and the rate on preferential mortgages in the form of lost income is paid by the budget of the Russian Federation. Until September, banks received from the state the difference between the rate under the state program and the key rate and 2.5% on top, and from December 23, the size of the compensation delta was reduced to 1.5%, explains Sergei Gordeiko, chief expert of Rusipoteka. Against the backdrop of a high key rate of the Central Bank and an increase in the cost of deposits, preferential mortgages become unprofitable for banks, and developers have a reserve of profitability after the summer rush of demand, notes Kommersant’s interlocutor in the financial market.
Other banks do not yet plan to take commissions from developers. For example, Dom.RF Bank and Absolut Bank told Kommersant about this. VTB, Alfa Bank, Otkritie, MKB, PSB, Rosbank did not respond to Kommersant’s request. However, unofficially, some bankers admitted to Kommersant that they were considering options for charging a commission from developers, since the current parameters of state programs “have become uninteresting to banks.”
The trend emerging with preferential housing loans “allows us to predict that Sber’s approach may become widespread,” believes Yulia Arkhangelskaya, head of the Mangazeya mortgage lending department.
According to Ruslan Syrtsov, managing director of Metrium, before, neither Sber nor other banks “had such an aggressive credit policy in the mortgage market.” But the largest player in the mortgage market has such opportunities, notes Sergei Gordeiko. Due to its leading position, Sber “probably decided to take advantage of the opportunity to maximize profits,” agrees Mr. Syrtsov. At the end of July-September, Sberbank’s share in the mortgage market was 55.7%.
The Central Bank, the Federal Antimonopoly Service, the Ministry of Construction and the Ministry of Finance did not respond to Kommersant’s request.
In any case, developers will not refuse to cooperate with the country’s leading bank, says Ruslan Syrtsov. The most likely scenario seems to be an increase in the cost of apartments for buyers using a mortgage with state support, adds Rustam Azizov, director of mortgage sales and implementation of financial instruments at A101 Group of Companies. The commercial director of Samolet Group of Companies, Kirill Khrapov, is also confident that the changes will in any case affect prices for buyers.
Some developers may not raise prices, but such a decision must be agreed upon with banks providing project financing to companies, notes Mr. Azizov. He explains that the additional burden on the expenditure side may affect the financial model of development projects, which is also unprofitable for banks lending to construction projects.
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