Banks are ready to give out a mortgage, but with such conditions that not any one will agree to take, so the conditions are really taught.
For last two weeks to us some banks with offers have addressed to credit buyers of our objects. Conditions are extremely rigid, but the tendency is obvious: banks search for clients on a mortgage. The head of board “New Formation” has told about it to journalists.
As he said, banks are ready to go on population mortgage lending. Thus the financial experts have described conditions at which citizens can receive a mortgage:
1. As a deposit for the real estate which is not a subject of a mortgage is necessary.
2. The confirmed legal source of the income
3. The minimum down payment should constitute not less than 30 % from purchasing cost
4. Interest rates from 18 % in national currency or 14 % in dollars.
“It is very severe constraints, but the fact that banks are ready to credit and are ready to be traded”, – the builder considers.
In turn the deputy minister of regional growth and building has noted that: “Today we credit people under the program” Accessible habitation “with the credit rate of 16 % annual in national currency. Every month the population returns to bank of an order of 1 million dollars. Deposits. It is clear that banks have enough of proceeds of credit, but thus even at the program” Accessible habitation “where 30 % are given by the state, on all the rest bank “demands” the “pledge”. And it means that the person who wants to take the habitation in credit, should give as a deposit additional real estate.
Also the national bank has issued a number of internal instructions which don’t allow facilitating conditions of mortgage arranging and crediting. So in the next year it may be even harder to issue the mortgage and to buy the property in credit. So for everyone who planned to take an apartment or other property in credit should be prepared to that it will cost a lot to them to do it and they should be ready to anything. So it will be better for people to wait for some while before to make a decision on taking mortgage.
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