Putin calls for lower interest rates

Putin calls for lower interest rates on mortgages up to 11%. "I ask you to expedite this work, we need to maximize performance of the promises and plans that we have formulated at the turn of 2010," - said Prime Minister Vladimir Putin at a meeting of the presidium of the government. At the meeting, the Bureau will examine the bill on the use of the National Welfare Fund to support the mortgage. "The idea is to send from this source 40 billion rubles for the needs of the Agency for Housing Mortgage Lending (HMLA)", - Putin said. In 2010, mortgage lending further support to go about 250 billion rubles, of which 160 billion will be directed out of retirement savings, and an additional 50 billion rubles - from the resources of Vnesheconombank. According to the Prime Minister, now the interest rate on mortgage loans in commercial banks is around 14%. Allocation of additional funds to help banks to reduce rates, says Putin. "Gradually, banks will lower rates," - says analyst Bank.ru Arbat Capital, Michael Zavaraev. "Now banks are actively reducing the interest rates on deposits. This suggests that there are no major problems with liquidity, banks have appeared too much money. They do not know where they invest. Reduce inflation. But there are problems. We need to find a reliable borrower. Required demand for the service. Availability of mortgage depends not only on the rate, but also the cost of housing and incomes. It is no secret that we have a ratio of housing costs to income ratio is very high. It is unlikely that without solving this problem is to develop mass-market mortgages. Moreover, in my opinion, now is the rate and lower than 11%. Another thing is that the requirements for the borrower hard. In my opinion, Putin indicated the average rate - is the average of the rates at which the formal grant mortgages. More properly be considered in terms of loans and loan amount. But it is unlikely that someone has specific information on these indicators. I think that at this time in the sample includes banks that are actually at work in the market. They have a program we just paper. And the stakes are very high initially, to wish was not there. And, in general, talk about some average rate mortgage is difficult, because the approach to each client individually. There are options such as income, down payment, etc. Even the HMLA difference between the rates high for the various categories of borrowers. With regard to allocation of money to support HMLA mortgage, then everything is not easy. Banks that participate in the programs HMLA actually work for a commission. Because loan payments are HMLA, not the bank. Therefore, large banks, which stand firmly on their feet, prefer to work independently, develop their mortgage programs. True, at higher rates. Compared with last year, the situation in the mortgage market has improved. I recall that in early 2009, banks raised the rate to 20-25%. Obviously, the banks simply would not work with a mortgage. The bottom of the mortgage market we passed. But until 2007 - the beginning of 2008 the market has to grow and grow. Lending to recover very little pace. Before the crisis, banks have developed a drip, largely due to cheap foreign loans. Now such a possibility they do not. Basically, now we are working with an existing portfolio of debt, with problem customers, etc. I do not think that now there are banks that are active in this market. But you can get a loan, - the expert believes.