The lower house of Parliament on Tuesday adopted in the second and third final reading the draft law limiting the size of penalty for non-performance or improper performance of mortgage credit agreement with physical persons, to the materials in the database of the state Duma.
The bill was introduced in the state Duma in October 2015. In December of the same year he passed first reading.
According to the document, the size of the penalty (fine, penalty) for nonperformance or improper performance of obligations to repay loans or to pay interest on a mortgage loan may not exceed the key rate of the Central Bank on the day of conclusion of the contract. This rule applies in the case if under the contract the amount of credit bear interest for the period concerned breaches of obligations.
If interest is not charged, then the law imposes a standard of 0.06% of the overdue indebtedness for each day of violation of obligations.
The initiative envisages the amendment of article 9.1 of the Federal law “On mortgage (pledge of real estate)”. Now current law does not contain any restrictions on the size of the penalty. In the initial version of the bill, the authors proposed to establish mortgage loans for the same conditions as for consumer loans: the upper limit of the amount of the fine or penalty was to be 20% per annum or 0.1% of the overdue indebtedness for each day of violation of obligations.
“Today the maximum penalties that banks charge customers for late payment on the mortgage, reach 0.5% per day, which is more than 500% APR!” — said one of the initiators of the adoption of the bill to limit the amount of the penalty, the first Deputy Chairman of the Duma Committee on industry Vladimir Gutenev.
According to the National Bureau of credit histories, in the first quarter of 2016, the number of retail loans increased by 40.2%. If in the first quarter of 2015 were issued of 2.33 million loans in the same period this year — 3.26 million
As previously mentioned , against the background of high interest rates on loans and falling incomes in 2015, credit institutions have issued about 700 thousand housing loans (30% less than the previous year) totaling 1161,7 billion rubles (34% less than in 2014).