The requirements for issuing preferential mortgages with state support in Russia have become even stricter. Now, if the mortgage transaction does not meet the new criteria, the bank will not issue a preferential loan. Izvestia writes about this, citing data from the Ministry of Finance.
Author:
https://rb.ru/author/ntihonov/
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There is also an example: a refusal can “come” if, during the sale of a property at the construction stage, the developer worked on the transfer of rights under shareholding agreements. This was announced by the head of the banking regulation and analysis department of the Central Bank, Alexander Danilov.
With this scheme, the developer avoids the requirement to place the amount received under the DDU in a special escrow account. And this mechanism has been protecting people from losing money when paying for housing during construction for five years. The fact is that the funds in such accounts are frozen and the “builder” can receive them only after the object has been handed over and transferred to the shareholder. But to obtain these resources, they are given loans as part of project financing.
But the developers are not sleeping due to a lack of funds and have devised a plan to use the shareholders’ money, which must remain on deposit until the completion of construction.
“For example, a developer sells an apartment worth 10 million rubles to a legal entity associated with him at a significantly reduced price, for example 2 million rubles; only this money is deposited into the escrow account. But then this “design” company sells the apartment to the final buyer, but at market value. In this case, 8 million rubles of the difference goes directly to the developer, bypassing the escrow account, in which 2 million rubles still remained,” said Alexander Danilov.
This entails risks for the buyer. After all, if for some reason the house is not built, then the shareholder will receive only 2 million rubles, because only the funds in the escrow account are insured against the risk of the developer’s failure to fulfill his obligations.
We previously wrote that the Central Bank has clarified the procedure for issuing credit holidays for residents of regions bordering Ukraine.
Author:
Nikolai Tikhonov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
