Mortgage loan is one of the forms of real estate acquisition in the housing construction market. This method for buying an apartment today is choosing an increasing number of people.
Just like and in other Russian cities, mortgage lending takes place in a certain order, with the execution of a number of documents, and requires specific knowledge and decisions. In many ways, the advantages and disadvantages of mortgages can be assessed by analysis of this sector of a market economy.
Unfortunately, the financial and economic crisis has particularly affected the fields of construction and real estate. Changes in some conditions of mortgage lending in recent years are a consequence of this process.
The first is a change in rates. As a rule, all of them are dependent on the state refinancing rate. The lower it is, the cheaper the loan. As a result of the 2009 crisis, a sharp increase in refinancing rates was observed throughout Russia. Since 01/01/09, the rate has increased by 13%. The result was a sharp rise in the cost of a mortgage loan. And even the subsequent decrease in the state refinancing rate did not improve this situation. The reason is that, as a result of the crisis, banking institutions had to take unpopular measures such as reducing the risk of non-payments by increasing interest rates on new credit loans. In many respects, the situation was corrected thanks to government subsidies that supported mortgage programs, as well as the introduction of a deferred payment system.
Thus, it is expected that the mortgage market will gradually come out of the crisis, and, as a result, interest rates on mortgage loans will decrease.
The second important point is the terms of the mortgage. Within certain time limits , drawn up certain documents. Mortgage lending has the longest terms for repayment of loans of the population. However, in crisis conditions, the risk of non-repayment of a loan or a delay in payments increases significantly. As a result, banks are trying to normalize this situation by reducing repayment periods, which is completely disadvantageous for citizens with low or medium income levels.