The volume of overdue debt of Russians on mortgages in November 2021 decreased by 2.3% and amounted to 68.3 billion rubles, RIA Novosti reported with reference to the Equifax credit bureau. The indicator became the lowest since 2018. At the same time, the number of “bad” mortgage debts (overdue by more than 90 days) decreased by 1.3% in November – to 30,500 loans, which was the lowest indicator since April 2020.
The general director of the bureau, Oleg Lagutkin, explained the decrease in mortgage delinquency by the fact that by the end of the year banks decided to optimize the balance sheet structure and write off the most bad loans. However, in 2022, the trend towards a reduction in the level of unpaid home loan debts, which has lasted for a total of nine months, may be interrupted, the expert warned.
“Of course, the evolutionary development of mortgage lending is inevitably characterized by an increase in the volume of default debt, so in 2022 we can expect an increase in this indicator,” Lagutkin said. He noted that mortgages remain the highest quality type of bank loan with a minimum level of risk.
According to the Central Bank, the total volume of mortgage debt of Russians by December 1, 2021 reached 11.44 trillion rubles. The pace of home lending in the country began to accelerate in 2020 after the regulator, against the backdrop of the coronavirus pandemic and the restrictions imposed because of it, lowered the key rate to a historically low 4.25% per annum, and the government launched a preferential program that allows you to take out a mortgage on a new building at a rate of up to 6.5% per annum. The maximum loan amount was RUB 12 million. for Moscow, St. Petersburg and their regions and 6 million rubles. for other regions.
The pace of mortgage lending began to stabilize in July after the government revised the terms of the preferential program. The rate on it was increased to 7% per annum, and the maximum loan size was reduced to 3 million rubles. for all regions of the country. In addition, against the background of inflation accelerating significantly above the target of 4% (according to preliminary estimates of Rosstat, for 2021 it was 8.39%), the Central Bank began to raise the key rate. Now it is already 8.5% per annum.
Stabilization in the segment of mortgage lending was observed in general from July to October, but in November the demand for loans for the purchase of housing was increased again, the press service of the Central Bank reported on December 24. In general, as of December 1, the growth of mortgage lending amounted to 30.1% in annual terms, the regulator noted.
From the materials of the Central Bank it follows that the volume of overdue debt of Russians on mortgages by December 1 amounted to more than 62 billion rubles. This is 0.5% of the total debt. In annual terms, the amount decreased by 14.8%.
The volume of mortgage lending in Russia breaks the record for the second year in a row. So, in 2020, banks provided citizens with the maximum in history of 1.7 million loans for 4.27 trillion rubles. In 2021, the amount may reach 5.8 trillion rubles, Anatoly Pechatnikov, Deputy President and Chairman of VTB Management Board, said earlier. According to the bank, already in 11 months of 2021, the population received mortgage loans in the amount of more than 5 trillion rubles.
High rates of home lending in Russia have led to a sharp rise in the price of real estate in the country. So, in September, the chairman of the Central Bank Elvira Nabiullina said that since the beginning of the coronavirus pandemic, a square meter of housing has risen on average by 39% – this is more than for the entire period from 2013 to 2020, during which prices increased by 33%. November 30 on the sidelines of the 13th investment forum “VTB Capital” “Russia is calling!” she stated that “large-scale mortgage renewals could support high increases in home prices,” which reduces affordability. So, in November, the average size of a mortgage loan in Russia has renewed its historical maximum, reaching 3.25 million rubles, said earlier in the analytical company Frank RG.
.