Citizens of Russia actively stocking real estate. Only in October 2017, the banks gave housing loans to 213 billion rubles, which is 70% higher than a year earlier.
The reason why the Russians embraced the slavery of the mortgage – reduce interest rates, which fell to a record low of 9.95 %. For example, at the beginning of this year, the interest rate on mortgage loans amounted to 14%, reports the website of the newspaper «MK».
However, as experience shows, dramatically rising rates of granting housing loans with serious mortgage crisis, as it was in 2007 in the United States. Recall, then, the Americans simply ran out of money to pay for housing. In result, panic has gripped world financial markets, including Russian.
Meanwhile, according to the forecast of Agency of mortgage lending, the average interest rate on mortgage loans by the end of 2018 will fall even lower and will reach 7%. In addition, the cost of housing will continue to fall.
All this leads to the fact that the population is even harder to buy property in the mortgage. However, according to experts, decrease in rates and increase in mortgage loans — on hand in the first place, the banks.
For the average Russian’s increasing debt load. So, according to the head of the financial market Committee of the lower house of the Russian Parliament Anatoly Aksakov, now debts to banks in the amount of 11 trillion rubles have 40 million people.
The average size of Bank debt leaves 190 thousand rubles. The aggregate outstanding debt exceeds the 1.43 trillion rubles.
Therefore, if the economic situation does not change, the mortgage market will be difficult. And not because of a lack of demand as such: it will be high given low rates and the mentality of Russians.
Experts predict that there can be a situation where citizens gain the mortgage loans and will not be able to pay them off. The result will begin to grow late. And the market of housing loans will turn into a «bubble» that will burst sooner or later.