The State Duma will consider a bill on savings mortgage
In the fall, a draft law on savings mortgages may be submitted to the State Duma. Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, Chairman of the Council of the Association of Banks of Russia, spoke about this in an interview with Rossiyskaya Gazeta. The new financial instrument will encourage Russians to make housing savings. Cumulative mortgage is a special scheme, according to which the down payment for the purchase of housing on a mortgage is accumulated in a special deposit account with a certain profitability in a bank. The Bank, in turn, provides the participants of the corresponding program with minimum mortgage rates and issues a loan on simplified terms. This is not the first time that authorities have spoken about the need to introduce a savings mortgage in Russia. In 2015, the former Minister of Construction and Housing and Public Utilities, Mikhail Men, proposed considering this scheme as one of the anti-crisis measures for the development of the construction industry. Pilot projects were then launched in Krasnodar and Bashkiria. Now this practice is planned to be extended to the whole country, Aksakov told RBC-Real Estate. “The law will provide for insurance of the entire accumulated amount, in addition, it will spell out the procedure for collecting funds. We expect that the implementation of this scheme will reduce the mortgage rate to 5-6%,” said the head of the Duma Committee on the financial market. Now the average rate on mortgage loans in Russia is 9.57% - in July it rose for the first time since the beginning of the year. According to the Central Bank, from January to July, Russian banks issued 785 thousand housing loans to borrowers for 1.5 trillion rubles. DOM.RF (former AHML) predicts that by January, the total volume of mortgage loans issued in 2018 in the country will reach 1.4-1.5 million in the amount of 2.8-3 trillion rubles. At the same time, last year's annual record (2 trillion rubles) can be broken already by the end of September. http://www.ludiipoteki.ru/news/index/entry/zakonoproekt-o-nakopitelnoy-ipoteke/
