The largest bank in the country – the Savings Bank – can not be accused of monopolistic practices in the mortgage market. Over the year (first half of 2015 to the first half of 2016) the share of Sberbank on the purchase of housing lending market has dropped from 66 to 50%. At the same time, the combined share of other state-owned banks (VTB 24, Gazprombank, VTB and Svyaz-Bank) for the same period increased from 14 to 31%. This follows from the review RAEX rating agency ( “Expert RA”), with which the familiar “Izvestia”. According to experts, this effect is largely provided the reduction of the key rate mortgages and government support. State lending institutions have reduced rates on loans to buy housing (and some of them more than the Savings Bank). Also, for the duration of the program of state mortgage banks were able to build with developers partnerships, which will not affect its subsequent folding.
RAEX assessed 49 reports of banks, together holding 92% of the mortgage market (101st form). The study found that in 12 months the volume of new mortgage loans issued by Sberbank, grew by 9.8%, to 334 billion rubles. Other state-owned banks have shown a significant growth. VTB24 index increased by 79.7% to 130.1 billion rubles from Gazprombank – by 153.8%, to 20.3 billion, VTB – by 75.7%, to 18 billion Finally, Svyaz. Bank gained 400.7%, the volume of mortgage loans granted to them has reached 9 billion rubles (see. infographic). Thus, the state-owned banks have reduced the gap between the country’s largest bank. In the first half of 2015 the volume of mortgage loans issued by Sberbank, 3.2 times higher than the total volume of housing loans granted by the rest of the state banks (304.3 billion rubles against 92.4 billion). In the first half of this year exceeded the index of Sberbank totals VTB 24, Gazprombank, VTB and Svyaz-Bank 1.8 times (334 billion rubles against 177.5 billion).
«The concentration of the mortgage portfolio at the Savings Bank following last year’s surge back down to the level of 2014 as follows: from 66 to 50%, – noted in the review RAEX. – The combined share of other state-owned banks (VTB 24, Gazprombank, VTB and Svyaz-Bank) for the year increased from 14 to 31%. ”
Now, the Savings Bank will be difficult to blame the monopoly in the mortgage market: the share of the State Bank has returned to the level of 2014. According to leading analyst of bank ratings RAEX Agency ( “Expert RA”) Anastasia Lichaginoy, Sberbank has never been such a high share of the mortgage market, both in 2015. Official representatives of Sberbank confirmed “News”, that “in some months of the first half of 2016 the share of Sberbank in the renditions of the mortgage exceeds 70%.”
– Sberbank was one of the few banks to issue mortgage loans, – the press-service of the State Bank. – Now the market recovers, lending carries a greater number of banks, so our share is naturally reduced.
According to the Central Bank, in the first half of 2016, credit institutions have provided to borrowers 389.8 thousand. Residential mortgage loans totaling 664.5 billion rubles. Compared with the first half 2015 growth was given this year funds amounted to 44.2% and to continue to provide loans in rubles. At the same time with the first half of 2014 to the first half of 2015, the market fell by 40%. According to Anastasia Lichaginoy, depreciating and funding of state mortgage program allow credit institutions to offer the public more affordable loans to buy housing.
The Central Bank has consistently reduced its key interest rate from 17% per annum (15 December 2014) to the current level of 10.5% (installed June 10, 2016, is stored at a meeting of the Board of Directors of the Bank of Russia on July 29). As part of a mortgage support program, launched in 2015, the state subsidized 2% of the rate on the loan for the purchase of housing in the past year, and 1.4% – in this. Initially, the state program was launched in the year, but then it was extended until 31 December 2016. Two factors revive the credit market to buy housing, have allowed the rest of the state credit organizations to play their positions.
According to observations by the deputy chairman of the bank “Deltacredit” Irina Aslanova, the decline in the share of Sberbank was associated with greater activity in the mortgage market of the other players. Between 12 July and Sberbank lowered the rate on the main products of the mortgage crediting by 0.5 percentage points. Rates range at the moment is 12-14% per annum. For the largest bank in other credit institutions have also begun to reduce rates on loans for the purchase of housing, a number of them – even more significantly. Interest rates on mortgage loans in VTB now – at the level of 11.4% per annum, VTB24 – 11.9%, in the Svyaz-Bank – 12%, Gazprombank – 11.5-12% (within the military mortgage – 10, 7% per annum). According to the CBA, the average rate on granted in June 2016 on the purchase of housing loans in rubles remained at the level of May this year – 12.99% per annum.
Vice-President, Head of mortgage products development department of the bank “Opening” Anna Yudina notes that a number of state-owned banks more attractive conditions for loans to buy housing than in the Savings Bank (including the level of interest rates). In addition, according to the interlocutor, some banks are more flexible in their approaches to the development and implementation of special projects with partners and customers for time shares.
In 2017, the state support mortgage program will not work, but the banks and developers were able to build and strengthen partnerships for two years. It also affects the reduction of interest rates on mortgage loans, and to increase the volume of their issue.
– The program supported the construction market has kept demand for the purchase of new housing loans, and laid the foundation for the further development of relations between banks and property developers without the participation of the state: the establishment of joint special programs, – said the deputy chief of department of retail products Gazprombank Julia Elsukova .
According to senior vice president, director of the department of mortgage lending VTB 24 Andrei Osipov, the extension of subsidy programs has a positive impact on the availability of mortgages. Deputy Head of Retail Sales Department – Head of VTB Bank’s mortgage lending Directorate Georgy Ter-Aristokesyants sure “Mortgage with state support” will remain the main “engine” of lending growth of the market for home purchase until the end of 2016, “at the same time we are waiting for further recovery and secondary market real estate. ”
According to RAEX projected by the end of 2016 the volume of the credit market to buy housing will reach 1.6-1.7 trillion rubles, an increase compared to last year will be 35-45%. According to forecasts of a representative of Gazprombank, the final volume of mortgage loans will be around 1.5 trillion rubles, growth will be about 30%.
In this regard, the bank is not able to respond quickly to the request.
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