Head of the Association of Russian Banks requires the state to support the development of an affordable mortgage

Head of the Association of Russian Banks requires the state to support the development of an affordable mortgage

Posted on Jul 17, 2012

The head of the Association of Russian Banks (ARB) Tosunyan said that normal mortgage rates will be possible only when the banking sector will be treated the money from public funds. In the meantime, the share of mortgage loans does not exceed 5%, and the minimum rate is 11%, which is not enough to provide housing for the Russians. Without the special programs of the state will not change.

Speaking at a press conference dedicated to the VII All-Russian Banking Forum in Nizhny Novgorod Tosunyan said: “In 2-3 years, we can expect a decrease (interest rates on ruble mortgage Ed.) To 7-8%.” According to him, such a reduction is possible in the case of the planned reduction in inflation rates in 2007-2008 to 6.5-8%.

The head of the RBA noted that the interest rates on mortgage loans denominated in Russia has decreased and now make up 11-15%. However, the volume of loans is not sufficient. Today, the share of mortgages in Russia accounts for only 5% of total lending, according to ITAR-TASS.

According Tosunyan, increase the rate of at least 2-3 times to get a mortgage has become a truly mass and gave the positive effect in solving the housing problem, which counts and population, and the banks and the state. Chapter ARB cited the example of China, where the mortgage is developing brown rates, and mortgage loans are for up to 25 years, only a 5-6% per annum.

Improve the situation without state aid, according to Tosunyan impossible. “Without the special programs of the state level to expect that something will happen by itself, it is impossible,” – said the head of the banking association.

According to the head of ARB, now Russia has a number of public funds, such as pension, stabilization and social funds, which do not work in the banking turnover and thus not part of the credit. “We are negotiating that budget funds should turn around in the banking system,” – he said. To engage in the banking system, according to Tosunyan should and the Stabilization Fund. “The lions share of the stabilization fund should serve as a source of long-term loans,” – said the president of the Association of Russian Banks.

Considers unsatisfactory Tosunyan and the current situation with the other long-term loans. According to him, this is one of the “most serious problems” of the banking system. According to him, at present only 11% of the loans granted for a period of 5 years and more than 60% of the loans – up to 1 year. “This is very inadequate to the needs of the economy” – said the head of the ARB.