Will the super loan help new constructions and the secondary market? Five questions about a mortgage at one percent

Office Life spoke with independent residential real estate expert Natalya Litovskaya about whether this mortgage is truly beneficial for buyers of new constructions and how it will affect the housing market.

Was the one-percent mortgage invented to help developers?

Let's recall, the super loan is issued only for purchasing apartments from developers who have partnered with the bank. All of them, by the way, unanimously reported unprecedented demand after the program's launch. Does this mean the loan was invented to help developers in an era of high market prices?

— The volumes of housing construction lending in our country are determined by the National Bank and communicated to state-owned banks. Housing construction is one of the drivers of the economy. Therefore, this loan was definitely not developed for developers or to maintain current prices, but to stimulate domestic demand, — says Natalya Litovskaya. — The money issued as loans will be returned by citizens with interest. At the same time, they will take their foreign currency savings "from under their pillows" and "inject" them into the economy.

But the matter won't be limited to just buying an apartment.

— People will furnish their homes, supporting Belarusian manufacturers of construction and finishing materials, furniture, appliances, etc., with rubles. And domestic trade. Everyone is employed, everyone received money, everyone paid taxes and contributions to the Social Security Fund (FSAN). An ideal scheme. No losers. There is economic growth, — summarizes the expert.

And why does the bank need all this?

How long the super loan will be issued is unknown. But it's clear that demand for the product is high. Won't such an unprecedented act of generosity be burdensome for the bank?

— Since this is a partner program, as soon as Belarusbank issues a loan to a person, the developer must transfer a commission of 4% of the loan amount to the bank. All similar programs work this way. And then, remember: the interest rate on this loan is "not cheap" — 15.4% per annum, — explains Natalya Litovskaya.

WHAT ELSE IS IMPORTANT TO KNOW ABOUT THE SUPER LOAN CONDITIONS:

the loan — with a grace period of two years at 1% per annum, after which the rate will be 15.4% (refinancing rate +6.15 percentage points);
the maximum loan amount can reach 100% of the housing cost;
loan term — up to 20 years;
repayment of the principal debt begins only after 12 months, meaning the loan principal remains untouched during this period. In the first year, only interest on the loan is paid;
repayment schedule — annuity payments (equal total payment).

And will the super loan help those who live on an average salary?

As with other loans, the specific amount depends on the borrower's income. You can estimate the loan amount using the calculator on the bank's website.

For example, with an average salary of 4 thousand rubles (this is the indicator for Minsk in June) and no other loans, one can borrow about 191 thousand rubles. The payment in the first year will be 160 rubles, in the second — 926 rubles, and then — 2.5 thousand rubles per month.

And if after the grace period one cannot pay for the mortgage, will the apartment be taken away?

— The bank assesses the borrower's solvency based on the 15.4% rate, not the grace period rate, — the expert notes. — A person simply won't be given a loan for an amount whose payments they cannot afford. There's no need to worry here; the bank will calculate the risks itself.

Moreover, the interlocutor clarifies, it should be borne in mind that the incomes of the population in rubles, as a rule, are growing in our country. For example, two years ago, the average salary was 2.3 thousand rubles, and now it is already 3.1 thousand rubles.

What will happen to the secondary market? Will prices there fall?

The super loan is only for new constructions. Naturally, sellers in the "secondary market" fear a decrease in demand, while buyers, on the contrary, expect prices to fall. Will the new loan truly change the housing market significantly?

Павялічыць

— Currently, 10 banks are providing loans to the "secondary market". And all of them have lowered their interest rates in recent weeks. Moreover, these apartments can be bought through leasing, and two leasing companies even have lower rates than banks, — reminds Natalya Litovskaya. — Additionally, not everyone who wants to buy an apartment needs a new construction. Therefore, a significant drop in demand in the secondary market is not foreseen. And if there's no drop in demand, there's no drop in prices.

There's another point: recently, the "secondary market" had a different problem — a limited supply of liquid housing, meaning compact apartments near the metro or closer to the city center.

— Here, the partnership loan for new constructions might actually help the "secondary market": perhaps more people will be willing to sell older, compact housing to build something more comfortable and spacious, — suggests Natalya Litovskaya, but immediately clarifies that it's too early to definitively say whether this prediction will come true.

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