MOSCOW, March 4. The government has supported a bill aimed at protecting the rights of borrowers whose obligations are secured by a mortgage. This is the official review published on Friday on the website of the Cabinet.
The speaker: in 2016 around 16 billion roubles to support mortgage lending
The bill proposes to limit the amount of forfeit (fines, penalties) for non-payment of a mortgage loan entered into with a natural person, by analogy with the norms of the Federal law “On consumer credit (loan)”. According to these rules “the maximum amount of accrued penalty cannot exceed 20% per annum (if interest on the amount of consumer credit for the period of the violation charged) or 0.1% of the amount of overdue indebtedness per each day of the breach (if the interest on the amount of consumer credit for the period of violation does not accrue)”.
“The establishment of uniform approaches in the legal regulation of consumer credits (loans) and issued to individuals loans (loans) secured by mortgages, including to limit the size of penalties (fines, penalties), a concept supported”, – stated in the review of the government.
The document also noted that “limiting the size of penalties (fines, penalties) on loans (loans) secured by mortgages, should be lower”.
The mortgage market in Russia
According to the Agency for housing mortgage lending, at the beginning of 2016, the number of mortgages made up about 3.5 million Of them – 0,5% (17.5 thousand) of loans are foreign currency ones.
Total debt by currency mortgage loans is 126.2 billion rubles, or about 3 percent of the total mortgage market in the country (3.7 trillion rubles).