Bankers warned about the impending ban on early repayment of mortgages


A letter signed by the head of the Association Garegin Tosunyan from 14 April (have) sent to the head of the state legal Department of President of Russia Larisa Brycheva. It contains a number of comments on the draft law introduces significant amendments to the Civil code. The document was submitted to the Duma by the President in 2012, adopted in first reading, and the profile Committee has prepared amendments for the second reading. On Monday, April 18, the Council for codification and enhancement of civil legislation under the President of rassmotretjvopros.

In the letter, in particular, stated that the proposed revision of certain articles of the Civil code deprives mortgage borrower “of the right to early repayment of the loan without the consent of the creditor”. Currently this right is enshrined in the code, said in the letter.

As explained by the Vice-President of Association of regional banks Oleg Ivanov, if a new version of the code will be adopted in this form, the early repayment of mortgage loans will be possible only with the consent of a creditor for consumer loans remains the exception.

“I don’t think this story emerged because of the mistakes of the legislator, because the amendments were preparing for four years. Perhaps it is the “billet” major mortgage lenders. We can talk about their desire to move to the German model of regulation of the mortgage. In Germany early repayment of mortgage loans without the Bank’s consent is forbidden, which enables it cheaper to refinance themselves by issuing long-term mortgage sheets,” — said Ivanov.

According to Central Bank data, the debt of Russians on the mortgage on March 1, amounted to 3.9 trillion rubles In the first half of 2015, according to the Agency RAEX, the share of state banks in the mortgage market was 86%. Sberbank increased its share in the total volume of loans to 66% compared to 51% in the first half of 2014, the Bank of Moscow to 2.2% (from 1.6% a year earlier). VTB24’s share declined from 21% to 16%, Gazprombank — from 4 to 1.7%.

RAEX in its review, noted that the mortgage market helped the program to subsidize the rates. The share of loans issued under this program by the end of 2015 may exceed 50% of the total volume of loans issued, wrote analysts.

The bill contains not one dramatic change. For example, according to the document, equity builders will have the right without restrictions to borrow from citizens. The number of banking operations that remained unchanged with the emergence of the banking system (all of the last 25 years), it is proposed to expand from 9 to 12. Each third operation relates to precious metals. “It seems that the Russian financial system urgently want to refocus on the gold standard. Apparently, cook an alternative to the dollar and the Euro,” — says Oleg Ivanov. According to him, the proposed amendment largely to be revolutionary. “I’m not sure that it meets current needs of the banking system,” he adds.