Banks began to give a deferral for the first installment on a mortgage

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Large Russian banks began to give customers a deferral for the down payment on a mortgage, figured out RBC. Alfa-Bank and Ingrad began to approve mortgage loans for new buildings with the possibility of deferring the first installment up to 24 months, Vyacheslav Pryimak, head of the developer’s mortgage products department, told the publication. A representative of Alfa-Bank confirmed this.

The Moscow Credit Bank gives mortgages for new buildings with a three-month deferred payment, said Igor Seleznev, director of the Mortgage Lending Department of the MKB. He said that the number of borrowers using money from the sale of old housing as a starting fee has grown from 15% to 40-60%, especially in the primary market.

Alexei Kosyakov, deputy chairman of the board of Dom.RF, told the publication that the bank is considering the possibility of launching a program that provides for an installment plan for the down payment. VTB reported that they were not going to introduce such an option yet, and the rest of the banks from the top 20 did not disclose their plans.

Pryimak said that if the installment period for the down payment is from three to 24 months, then the mortgage loan is issued by the bank immediately and is paid from the next month, and the installment plan is valid for the down payment. If the installment period is three months, then the loan is issued after the full payment of the down payment, but the client will be able to make payments on it from the fourth month. Seleznev noted that the delay is similar to booking and allows the borrower to freeze the cost of the selected object and the terms of the loan until the first installment on the mortgage is made.

Now banks are ready to give mortgage deferrals, as the rise in prices for new buildings by 40-50% over the past two years has depreciated the initial payments accumulated by buyers and in order to receive the first installment they have to, for example, first sell the old apartment. Marina Zabotina, head of the PSB Mortgage Loan Development Center, estimated the share of such borrowers at 20% of the total number of clients purchasing housing with a mortgage.

According to Mikhail Svetlyshev, development director of the SmartDeal mortgage transaction support service, in general, the refusal to make a down payment increases the risk of loan default. “The higher the down payment, the higher the likelihood that the borrower will service the loan with high quality,” Mikhail Doronkin, director of the NKR rating agency, emphasized. The representative of the Central Bank recalled that, according to statistics, the lower the down payment, the higher the risk of default on the loan, and “the pattern is most noticeable during the deterioration of the macroeconomic environment.”

According to Frank RG, mortgages without a down payment are issued by Sberbank, Rosselkhozbank (under partnership programs with developers), Promsvyazbank, Surgutneftegazbank and Kuban-Credit Bank.

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