Now apartment prices can also rise, which will further increase the amount of payments.
Photo: Valery ZVONAREV
WHY THE RATES CHANGED
The increase in interest rates on mortgage loans, which experts have been talking about for so long, has come true. According to the Compare service, from August 15 to 22, at least 15 of the top 30 banks changed their mortgage conditions. Last week, for example, Alfa-Bank, Gazprombank, Rosbank, Tinkoff, Dom.rf raised rates, Otkritie , Sovcombank, in this – VTB and Sberbank. And this is the second adjustment in a month. At the beginning of August, interest rates rose by an average of between 0.5 and 1 point. This happened after the Central Bank raised the key rate from 7.5% to 8.5% per year. And on August 15, when the key interest rate was raised sharply once again at an emergency meeting of the Central Bank, immediately to 12%, it became clear that growth in mortgage lending was inevitable. And they grew between 2 and 3%, approaching an average of 14% per year.
Thus, if at the beginning of the summer Sberbank granted mortgages at rates of 10.6%, now they start from 13.4% (for new buildings) and from 13.7% for second homes. And if you do not receive a salary on your Sberbank account, the rates for finished housing start at 14.7%. In Tinkoff, tariffs start at 12.4%, in VTB – from 13.5%.
HOW MUCH MORE DO YOU HAVE TO PAY?
How exactly will the change in loan terms affect homebuyers? If we are talking about borrowers who intended to get a regular business loan, then the amount of the monthly mortgage payment will increase significantly. According to CIAN analysts, the increase in rates may cause a monthly payment increase of 19.2-19.6%. What does it mean? For the calculations, the experts took the cost of a 40-meter odnushka in the secondary market of more than a million cities. The average cost of such an apartment is now 4.4 million rubles (if Moscow and St. Petersburg are not taken into account). The experts compared the average monthly payment when buying such an apartment with a mortgage loan at a rate of 12% per year (before recent increases) and 15% (after increases), provided the down payment is 20% and the loan is taken. for 20 years.
It turned out that the average monthly payment at 12% would be 38.7 thousand rubles, at 15% per annum – 46.3 thousand. In other words, the average growth will be 19.6%. In different cities, the amount of the overpayment will be different, because the prices for apartments are different. In Moscow, for example, the payment will increase from 106.5 thousand to 127.4 thousand, in St. Petersburg from 70.5 thousand to 84.3 thousand, in Krasnodar – from 43.3 thousand to 51.8 thousand.
But in addition, apartment prices can now rise, which will further increase the amount of payments.
New buildings may go up in price by 8-10% by the end of this year
Photo: Valery ZVONAREV
WHAT WILL HAPPEN WITH THE PRICES?
Such a steep increase in monthly payments will reduce demand for commercial mortgages, but will lead to increased demand for prime programs (see “The Question Mark”). As a result, new buildings may rise in price by 8-10% by the end of this year. After August 15, the demand for new homes has already increased considerably, as many developers report.
– The reasons for the high demand are both the general trend towards market recovery (it started in March, do not underestimate it) and financial market news, – comments Alexey Popov, director of Cyan.Analytics. – The weakening of the ruble, the news about the expected (and then real) increase in mortgage rates made people rush to close a deal. Now in the hands of the buyers are many mortgage authorizations that are still in the previous condition. We will see these transactions in the statistics for August and even for the first weeks of September.
The increase in the key rate has not affected the secondary market as much yet. Over the week, prices here, according to Cyan.Analytics, were up 0.3%. Experts believe that the market will soon calm down, but the demand will be redistributed in favor of transactions in the primary market. And sales of “secondary” will decrease, because there are no preferential rates in this market.
WILL THE CONDITIONS OF THE PREFERRED MORTGAGE BE CHANGED?
In Russia there are preferential mortgage programs, the conditions of which are much more favorable than those of conventional commercial loans. The essence of these programs is that banks provide loans to customers at a low interest rate and the State compensates creditors for the difference between market and prime rates. The government sets the basic conditions for benefit programs, but banks may offer additional benefits to customers to attract them. It is not profitable for banks to worsen the conditions of prime mortgage borrowers, they did not. Let’s remember the main preferential mortgage options.
1. Family mortgage
Borrowers: families with children.
Percentage: 6% (for the Far East – 5%).
Requirements:
– Citizenship of the Russian Federation for parents and child;
– the presence in the family of a child born from January 1, 2018 to December 31, 2023.
Initial payment: from 15%.
Object of the mortgage:
An apartment or house from the developer under a shared construction contract, an assignment contract or a sales contract. Construction of a house under contract or for the purchase of land with subsequent construction of a house.
Maximum loan amount:
– for Moscow, the Moscow region, St. Petersburg and the Leningrad region – 12 million rubles,
– for other regions – 6 million rubles.
2. Preferential mortgage
Borrowers – all adult citizens of Russia, regardless of their marital status and the presence of children.
Percentage: 8%
Prerequisite: citizenship of the Russian Federation.
Initial payment: from 15%.
Mortgage issue: Developer’s manufactured home or an apartment in a house under construction.
Maximum loan amount:
– for Moscow, the Moscow region, St. Petersburg and the Leningrad region – 12 million rubles,
– for other regions – 6 million rubles.
The program is valid until July 1, 2024.
3. Far East Mortgage
Borrowers:
– spouses under the age of 35 inclusive, registered in the acquired dwelling,
– single parent under 36 years of age with a child up to and including 18 years of age,
– the owner of the Far Eastern hectare,
– participants in programs to increase labor mobility,
– professors and employees of medical organizations with experience of 5 years,
– forced immigrants from the territories of Ukraine, the Luhansk People’s Republic and the Donetsk People’s Republic
Percentage: 2%.
Requirements: citizenship of the Russian Federation.
Initial payment: from 15%.
Object of the mortgage:
– apartment or house of the promoter,
– construction of a house, including on your own, without the involvement of contractors,
– secondary dwellings in villages or on the territories of the Magadan region and the Chukotka Autonomous Okrug,
– secondary housing on the territory of any region of the Far East – for internally displaced persons from the territories of Ukraine, the LPR and the DPR.
Maximum loan amount: 6 million rubles.
The program will run until the end of 2030.
4. Rural mortgage
Borrowers: all adult citizens.
Percentage: from 0.1% to 3%.
Requirements: citizenship of the Russian Federation.
Initial payment: from 10%.
Object of the mortgage:
– new building or secondary residence,
– Home building.
Maximum loan amount:
– for the Leningrad region, the Far East and the Yamalo-Nenets Autonomous Okrug – 5 million rubles,
– for other regions – 3 million rubles.
The program is not valid in the territories of Moscow, the Moscow region and St. Petersburg.
5. Computer mortgage
Borrowers: employees of IT companies accredited by the Ministry of Digital Development.
Percentage: 5%.
Requirements: At least 3 months of experience in an IT company. Salary: from 70 to 150 thousand rubles. To maintain a preferential rate, you must work at a reputable IT company for at least 5 years.
Initial payment: from 15%.
Object of the mortgage:
– housing in the primary market or construction of a house.
Maximum loan amount:
– 18 million rubles for regions with a population of 1 million or more,
– 9 million rubles – for regions with a population of less than 1 million people.
