Problems and prospects of mortgage lending in Russian Federation

• Zhirakovskaia N.A.

  Vladivostok State University of Economics and Service
  Vladivostok. Russia

The article discusses the current topic of mortgage market development in the Russian Federation, analyzes the availability of a mortgage loan for the average family and the possibility of its formalization. Determining factors that currently impede the development of mortgage lending (a significant amount of overpayment for loans, the need to pre-accumulate the amount for the initial payment and the costs associated with the loan, the annual payment of insurance premiums, a significant excess of mortgage payments over the amount of payment for renting an apartment; strict requirements of banks to borrowers in terms of revenue size and method of confirmation, and the dependence of interest rates on the method of confirming income; lack of legal security of borrowers; defect product, limiting the possibility of registration for young families).

The dynamics of interest rates for mortgage loans for 2013-2016 and its relationship to the demand for mortgage lending are considered. The prospects for the development of mortgage lending in the Russian Federation and the current conditions that facilitate the restoration of consumer demand are defined (reduction of inflation expectations, stability of the labor market situation, restoration of consumer confidence, lower interest rates on loans and softening of requirements for borrowers).

The necessary measures are determined for the further development of the mortgage lending system (liquidation of shortcomings in the legislation, increasing the efficiency of the real estate transaction system, ensuring the development of appraisal and insurance business, reducing the cost of credit resources and limiting the risks of banks, improving the secondary mortgage market, improving taxation, state subsidizing of various categories of citizens when registering a mortgage loan; curbing the growth of property prices; increase of incomes of citizens; ensuring the construction of housing affordable price category; statutory regulation of interest rates).

Keywords: mortgage lending, real estate market, real estate, hypothecation, lending, housing construction, pledge.