Economist Barhota: Russian banks approve about 64 percent of mortgage applications take a loan to buy a home, contrary to the decision of the lender, if they accumulate the maximum possible down payment and create a good financial reputation for themselves. Experts have revealed ways to obtain a mortgage from RIA Novosti.
According to independent economist Andrei Barkhota, in the last year the level of mortgage approval in Russia has been steadily declining. In early autumn, banks approved about 64 percent of mortgage applications, he said. If the current dynamics persist in 2022, this indicator may drop to 58-60 percent, the expert predicted.
To find out the reasons for the refusal, you can contact either directly the bank or a mortgage consultant, experts said. According to Barhota, improving the credit history can help the borrower: for example, you can take out a consumer loan and repay it in good faith. The data will be reflected in the credit bureau, after which the bank can reconsider its decision on the mortgage.
Dmitry Veselkov, director of the bank lending department at Metrium, said that a positive decision from the lender can be achieved if a large initial installment – at least half of the cost of the apartment. But it is dangerous to use a consumer loan to form a down payment, experts emphasized.
If you receive a refusal from one bank, you can also try to take advantage of the offers of others, said the head of the analytical center CIAN Alexei Popov.
Earlier it was reported that at the end of October 2021, the average mortgage term in Russia increased by 4.1 months, to a record 250.9 months. The average rate on housing loans in the country last month fell by 0.03 percentage points, to 7.7 percent, Central Bank analysts calculated.