In the new year, the Central Bank will tighten the requirements for banks to issue mortgages. Starting March 1, risk premiums for mortgage loans will increase. The regulator explains this step by the need to “limit citizens’ debt risks.”
The Central Bank notes that the issuance of mortgage loans for the purchase of apartments in new buildings within the framework of preferential programs contributed to a sharp increase in prices in the primary market. The regulator estimates the difference between “primary” and “secondary” at 42%.
This gap creates a situation where landowners cannot pay off debt by selling mortgaged real estate.
At the same time, the proportion of loans on which the borrower spends more than 80% of his income has almost doubled. According to the results of the third quarter, the share of loans granted to people with a debt load index (DLI) above 80% rose to 47%.
“To prevent such practices, limit the growth of mortgages involving already heavily indebted citizens, and also encourage banks to use official information about the borrower’s income to assess personal income tax, the Bank of Russia is increasing even more, starting March 1. “Premiums on risk ratios for loans with a high personal income tax, until 2024,” the Central Bank said in a statement.
As of November 1, the debt burden of Russian citizens was 34.8 billion rubles. As the Central Bank clarified, 60% of the loans were mortgages backed by preferential programs.
Author:
Natalia Gormaleva
Source: RB
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