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Date: a month ago   Category: Realty

Mortgage before and after: what will change with transition to escrow accounts?


Whether joint programs of builders and banks for decrease in rates on a mortgage will remain with transition to project financing? Photo: The marine of Lystsev/TASS On the agenda is decrease in the average level of rates on a mortgage up to 8% per annum. Some structures for: it is necessary by all available methods to support demand for housing. Others against: there is no cheap money in the market, artificial decrease in rates together with mortgage vacation can lead to "inflating of a bubble" and a mortgage meltdown. Finally the issue is not resolved yet, and it is necessary to solve: the continuing growth of rates sent a mortgage to abrupt dive. According to the Metrium company, in the I quarter of year the number of the issued credits in general on the housing market was reduced by 5%, and in a segment of new buildings — at once for 17%. One more question which cannot but concern professionals and the involved laymans — what will be with a mortgage after full transition of the industry to project financing with use of escrow accounts. Still the greatest interest of buyers was attracted by joint programs within which banks and builders together reduced a rate on a mortgage, sometimes very considerably. To some extent these programs will remain also in the conditions of project financing, but will resemble former not absolutely, the head of legal department of real estate agency of "Bonds Tone" Dmitry Loginov notes. Dmitry Loginov the head of legal department of real estate agency of "Bonds Tone" "Banks offer the terms on decrease in rates on a mortgage. By agreement between banks and builders, for example, Sberbank has now such project where they offer for separate categories of builders decrease in a mortgage rate by 1.5 percentage points when using escrow accounts. But besides all this is individual, depending on the implemented project this direction will develop too, but in an individual order, there will hardly be some sample mechanisms which can be used absolutely to all projects". Different categories of projects and different regions of their realization will dictate the individual terms, Dmitry Loginov concludes. To add BFM.ru to your sources of news?

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