The housing problem ruined the efforts of the Central Bank – Kommersant

The Central Bank has published statistics on the mortgage market based on data from credit bureaus for the second half of 2022. It follows that the growth of the mortgage segment is facilitated by consumer lending.

The Bank of Russia has been fighting for several years to cool the “appetite” of citizens for unsecured loans, as they increase the risks for both banks and their customers. Allegedly, citizens tend to thoughtlessly collect loans that they will not be able to pay off later, and as a result, banks face the risk of default, and if this phenomenon becomes widespread, it will threaten the entire system. Thus, the regulator makes it clear that it does not believe not only in a responsible attitude to the finances of citizens, but also in the risk management of banks.

Looking back at the numerous banking crises, one cannot but admit that the Central Bank has certain grounds for skepticism. But to say that the regulator supports at least local victories in this struggle is to go against the facts.

According to the materials of the Central Bank, the total amount of debt of borrowers who have only a mortgage loan does not reach 7 trillion rubles, while those who have also taken a consumer loan have already accumulated more than 10 trillion rubles. debt. So, with a high degree of probability, we can assume that an additional 3 trillion rubles. citizens took on a down payment on a mortgage, which can be considered a direct consequence of the actions of the Central Bank. The Bank of Russia is gradually tightening regulation on housing loans with low down payment, while declaring a crusade against mortgages with near-zero rates from developers.

The developers responded with a new scheme – a cashback in the amount of the first installment. Citizens began to take unsecured loans for this amount, in fact, without any risk, since they extinguished it immediately after receiving the cashback. According to the Bank of Russia, in the fourth quarter of 2022, the share of borrowers who took out a consumer loan, through which it was possible to finance the initial mortgage payment, increased to 7%, in the second quarter of the same year this figure was half as much – 3.5%.

Tightening of the Central Bank gave an unexpected result – lengthening the term of the mortgage. According to the material of the Central Bank, in the second half of 2022, up to 40% of the volume of mortgage loans issued were for a period of 30 years or more, while a year earlier their share was less than 20%. Thus, citizens are trying to reduce the monthly payment, despite the growth of overpayment on the loan. In general, the housing issue, as always, nullified all efforts, as long as citizens want to get a loan, and banks want to give it, you can’t stop them.