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The first contractor will be able to use the security deposit for the construction of a private house – Rossiyskaya Gazeta

Date: May 22, 2024 Time: 18:37:31

The bank approved a revolving credit line worth 20 million rubles for a contractor from Tatarstan for the construction of individual residential buildings in Kazan.

“The market for individual housing construction today has enormous potential: in the coming years it will become the engine of growth in housing construction. The sector is developing dynamically, including thanks to support measures and the expansion of preferential programs for the construction of private housing. So far, Approximately 10% of private houses in the country are built with a mortgage, in the long term, every second – noted the deputy general director of DOM.RF, Alexey Nidens. – According to our estimates, between 150,000 and 200,000 loans for individual housing construction can be issued annually. An important reserve for growth in this area is construction on citizens’ land with the participation of contractors and the use of deposit accounts in guarantee. So far, the mechanism has been launched in pilot mode, but we hope that legislative changes will soon be adopted that will expand its use.”

The line of credit was opened to the contractor at a special rate: less than 6% per year. Loan funds will be returned to the bank from the escrow account upon completion of construction.

As part of the approved line of credit, in the first stage it is planned to build several individual houses. Six standard projects have been agreed. The first transaction was accompanied by the Regional Guarantee Fund, which acted as guarantor for the contractor. The fund assumed responsibility for an amount of 50% of the loan amount.

“The spread of escrow accounts has a positive impact and makes the individual housing construction market understandable for banks and attractive for developers. Over time, escrow accounts will increase the volume and demand for private housing, will improve the quality of life in the countryside and, most importantly, ensure the safety and reliability of transactions in the construction of individual housing, “said Ramil Usmanov, president of the Federation of Individual Housing Construction .

Since the launch of the IZHS-Contract pilot program in July this year, 88 potential clients have applied for financial support. The volume of requested loans amounted to 3.9 billion rubles. The largest number of applications came from Chelyabinsk, Moscow, Yekaterinburg, Kaliningrad and Rostov-on-Don.

For now, project financing for contractors is operating in pilot mode. Among the instructions of the President of the Russian Federation, valid until November 1 of this year, is to accelerate the introduction of changes in legislation providing for the creation of a mechanism for the use of escrow accounts in the liquidations of organizations dedicated to the construction of individual homes. buildings.

We remind you that in apartment construction, project financing and escrow accounts began operating in 2019. This settlement plan should protect the buyer’s money in case of problems with the construction company. Until the house is handed over, the money is kept in a special account and the contractor receives it only after the building is put into operation. The construction is being carried out thanks to a loan received from the bank. If construction is not completed, the money in the escrow account is returned to the buyer.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.
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