Another Russian bank has waived commissions for developers under preferential mortgages. VTB will cancel it as of February 28, while the bank insists that issues under such programs remain unprofitable. Forbes was informed of this by the press service of the credit institution.
VTB introduced such a commission on January 12. Later The vice president of the bank’s board of directors, Georgy Gorshkov, explained that this is a necessary measure to continue granting loans of this type. According to him, after the authorities reduced subsidies for all state programs by 0.5 percentage points. The issuance of preferential mortgages was no longer profitable for banks.
Sberbank expressed a similar position. As noted by Artem Gerasimovich, CEO of Sberbank’s Domklik division, in current conditions the bank sees two options: prepare for an 80% drop in the state support market or use “some kind of compensation instrument.”
“As of February 28, VTB will cancel commissions for its partners in all mortgage programs with state support. The market situation remains unstable and payments under such programs for banks remain unprofitable. Therefore, we do not exclude new solutions taking into account market conditions,” VTB said.
Previously, Promsvyazbank canceled the commission to developers.
- At the end of last year, the FAS began to receive complaints against large Russian banks for the introduction of a commission for promoters. Therefore, the lender provides a home purchase loan only to banking partners (who pay a commission). Credit organizations began to use this practice after the mechanism for issuing preferential mortgages was tightened.
- At the end of last month, the Federal Antimonopoly Service sent inquiries to six large Russian banks, including VTB, regarding the introduction of a commission for developers. The Central Bank also criticized the new practice of the banks.
The day before, the Ministry of Digital Development announced plans to increase the limit of the preferential mortgage program for IT specialists from 500 billion to 700 billion rubles. The Ministry of Finance supported this measure.
Author:
Natalia Gormaleva
Source: RB
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