The new program HMLA can help young families

Supervisory Board of the Agency for Housing Mortgage Lending (HMLA) has approved a program of mortgage insurance, which provides for the reduction of the initial payment for a mortgage loan of up to 10%. To do this will create a special "daughter" an insurance company that will reimburse the difference between the initial payment of 10% and the amount that requires the bank itself. Insurance will be paid in case of insolvency of the debtor. Comment Initiative portal Bank.ru asked Senior Vice President of the Moscow Bank for Reconstruction and Development Andrew Silk. How relevant and appropriate initiative HMLA you think? How effective will the lender insurance from loss by reducing the requirements for initial payment remains to be seen, but whatever - it's an attempt to bring the mortgage market from a state of stagnation in which it has done throughout the year. At the same time, in our opinion, mandatory to obtain better results from this project should be a comprehensive proposal for a guaranteed refinancing of this loan product. Could she have a significant impact on the mortgage market? We believe that it can, but not significantly. This measure will help to stimulate consumer demand for mortgages, but the decisive factor, still remain the possibility of the borrower to pay their mortgage. In this case, effective demand is different in one region or another and depends on existing home prices, as well as to current market conditions of employment. If the family does not have free cash flow to service the loan, and the main spending is to pay basic needs, then it does not go on accumulating a down payment, nor of any other action to acquire real estate. Is it important for potential borrowers to the value of a down payment? The value of the initial contribution - an important factor in solving the families to purchase housing with credit facilities. In the case of reducing the amount of down payment mortgage loans will be able to use that portion of the population that does not have in stock large sums of money, and this, for example, young families wishing to purchase a separate apartment without the use of an alternative scheme to purchase housing. So, at the cost of real estate 3 mln. today's requirements for initial payment will be 900 rubles. (30% of property value), and in the case of reducing down payment to 10% in absolute terms the amount of down payment will be 300 rubles. Moreover, in the first case, credit period 15 years of the loan amount will be 2.1 million rubles. And monthly payment - about 24 thousand rubles. And in the second case, an increase in interest rates by 0.8% and the loan 2 , 7 mln. monthly payment will increase and reach about 32 thousand rubles. The difference in payment amount to about 8 rubles. For the accumulation of differences in initial contribution of about 600 thousand rubles. the borrower will need more than 2 years and during this time property values ??could change significantly in the big party. Thus, when the possibility of families to pay higher fees for several years (until the initial payment level of 30%) project HMLA mortgage insurance is much more advantageous, because, among other things, allows you to fix the price of the property.