what is the meaning and the main risks
The mortgage donation scheme is gaining popularity in Russia. Those wishing to purchase an apartment on credit turn to relatives and friends with children who meet the criteria for a preferential family mortgage and ask them to become co-borrowers, Rossiyskaya Gazeta writes about this. Now such a loan is issued at 6% per annum. The benefit can be obtained if the family has at least one child under the age of 6 inclusive.
At the same time, banks continue to raise rates on basic mortgage programs, for example, from October 2, you can take out a loan from Sber at a minimum rate of 21%. The mortgage donation scheme has risks for all participants, noted Artem Tsogoev, a member of the board of directors of the Simple Estate investment platform:
“Indeed, the scheme could become large-scale. It is profitable because a family mortgage costs 6% per annum, and a market mortgage costs 21-22% per annum. This is explained by the market situation; a year ago this phenomenon did not exist, or it was limited, but now the gap between market and subsidized mortgages is very large.
In general, the risks here are mutual. First of all, co-borrowers themselves will not be able to take advantage of a subsidized mortgage, because it is only available once.
Risks are also associated with a deterioration in credit history: a record appears that a person is a co-borrower on a mortgage loan, and banks are already looking at him with different eyes. Plus, the direct beneficiary of this transaction, who attracted a co-borrower with children, may have problems repaying the debt, and this, of course, will also affect the co-borrower. Finally, you need to register at least a small share in the name of this person who has children, and then it will be more difficult to sell the apartment with his share.”
If in the future family mortgage donors offer their services, for example, for a certain percentage, this may cause concern for the Central Bank, says Pavel Samiev, general director of the analytical agency Businessdrome. According to him, for now this is only common among relatives and friends:
“This scheme may raise questions and concerns if it spreads more widely than just between relatives, friends, or some close people. If it goes beyond the scope and it becomes noticeable that it has become a pattern. The market will offer such services to people who want to take advantage of the benefit, and who have the opportunity to offer it. They will actually sell the service, naturally, for a certain rate.
But still, taking into account the level of benefits, even with an additional bonus for the so-called donors, the rates will be lower in total than the market ones. Such a scheme is possible, and this may already raise questions from the regulator. But so far we don’t see such a trend in the market, that is, this is just a certain potential risk.”
At the same time, banks are running out of limits on family mortgages. The Ministry of Finance reported that there would be enough money for the program only until November 2024. Against this background, some banks suspended issuing loans, while others, for example, VTB, Gazprombank and Sovcombank increased the down payment to 50%.
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