Sberbank mortgage rates will be recalculated – Kommersant FM

What is known about refinancing parameters

The head of the credit institution, German Gref, announced the refinancing of housing loans next year. According to the banker, now is the “golden time” for mortgages. Are such plans beneficial to Sberbank clients? And how will this decision affect the market as a whole? Grigory Kolganov found out.

The situation on the mortgage market is indeed favorable: rates are falling, inflation is decreasing - how can conditions not improve for borrowers? Muscovite Evgeniy did not wait for “golden times” - in 2012 he took out a loan from Sberbank for 20 years at double-digit interest rates and now hopes for a significant reduction in the rate: “Since I was neither an employee of Sberbank nor received a salary, I had a very high interest rate - 13.75%. A couple of years ago, when the Central Bank lowered the main rate, they reduced it by 1.9%, now I have a little less than 12%. But I would like 9.5%, maybe 9.7%, given my term and a significant amount.”

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Are such hopes justified? Sberbank has not yet said anything about refinancing parameters. He recently dropped his base rates for new clients to just below 9%. Deputy Chairman of the Board of Fora Bank Dmitry Orlov believes that existing borrowers will be able to count on approximately the same conditions, but not all: “A lot depends on the category of the borrower, on the collateral: apartment, house. That is, if the bank initially understands that these are some increased risks and it is unlikely that it will be able to refinance with the same benefits at another bank, then it is unlikely that any significant relief can be offered. If you look at the market, then, probably, the rate for new clients can also be offered to existing clients.”

Now the situation is paradoxical: Sberbank offers refinancing of someone else’s mortgage, while it is more profitable for its own clients to pay off home loans with the help of other banks. But starting next year, when refinancing starts, the flow of borrowers from the largest market player to third-party organizations should dry up.

But not everything is so simple, warns Vyacheslav Putilovsky, junior director of Expert RA, since for some Sberbank clients refinancing may not be profitable: “Refinancing requires certain additional costs, such as a new assessment of the collateral, as a rule, new insurance. Plus the time spent collecting a new package of documents, which, in general, is also estimated in money. Accordingly, the threshold starts somewhere from 2% savings.”

Why was there a sharp reduction in loans to the population?

Read more
Is refinancing a mortgage profitable for Sberbank itself? And how will his decision affect the market? The largest player will be one of the last to soften the conditions for its borrowers - competitors did this quite a long time ago. And not because of a good life, says Tatyana Ushkova, Chairman of the Board of Absolut Bank. Nevertheless, next year, following the leader, other banks will most likely prepare favorable offers for mortgage holders, Tatyana adds: “The refinancing process in all banks is not very convenient, because this is a loss of profitability for any bank.

But everyone realized that rates began to fall so globally that if they did not offer their clients this product, they would go to refinance to other banks.

I think that in the first and second quarters we will see massive offers from banks for convenient refinancing, because the gap in rates will be up to 3%.”

Another important detail: a mortgage is a long-term loan, and rates in Russia are in swing mode: what will happen in the event of some new crisis? Market players are cautiously hinting at the need to stipulate a floating interest rate in contracts, which rises or falls depending on the decisions of the Central Bank on the key rate. This is not prohibited by law, although common sense should tell the borrower not to agree to such conditions. But once he already let down foreign currency mortgage holders.

According to the Central Bank, Russians now owe almost 7.5 trillion rubles on housing loans. At the end of last year, more than half of the mortgage market was occupied by Sberbank.

Against everyone: Sberbank increased mortgage rates with a low down payment

The bank increased the premium on mortgages with a down payment of less than 20%
The premium increased by 0.1 percentage points, because of this, the maximum rates for three mortgage programs increased
This goes against the trend of lower mortgage rates

Photo: pxhere
On Thursday, November 28, Sberbank increased the premium on mortgages with a low (up to 20%) down payment, regular monitoring of Frank RG tariffs shows. Previously, the premium for a low down payment was 0.3 percentage points; from Thursday it increased to 0.4 percentage points. Due to the increase in the premium, Sberbank increased the maximum rates on three mortgage programs. This is an atypical situation for the market, as banks are now cutting rates.

Details . Sberbank offers borrowers three mortgage programs for which the minimum down payment can be less than 20%: “Young Families”, “Purchase of Housing under Construction” and “Purchase of Finished Housing”. The maximum rates under these open market programs were 10.6%, 10.7% and 11%, respectively. Since November 28, maximum rates have increased by 0.1 percentage points.

Sberbank did not change the minimum rates - taking into account discounts from developers, discounts for salary clients and others. Under the Young Families program, the minimum rate is 8.5%, for mortgage loans for housing under construction - 6.5%, for finished housing - 8.9%.

Why does Sberbank need this? Borrowers who choose low down payment mortgages are riskier for banks. Typically, the rates on such a mortgage are higher, due to this the bank compensates for the risks.

Increase by 0.1 p.p.
insignificantly, says Frank RG CEO Yuri Gribanov. “Clients are insensitive to rate changes within 0.5 percentage points. It’s like balancing the risk and financial model of a product,” he says. Analytics on the topic

Forecast for the retail banking market

Three-year forecast for the deposit and loan market in three scenarios. Updated once a quarter.

› According to Natalya Vashchelyuk, chief analyst at Rosbank Dom, Sberbank increased the premium, most likely in order to optimize the ratio between risks and profitability of products.

Context . In September, Sberbank temporarily (until January 20, 2020) reduced the down payment for salary clients to 10%.

The increase in maximum rates, even if insignificant, contradicts the general trend towards lower interest rates on loans, including mortgages.

Why do you need to know about this? The level of competition in the mortgage market is now very high, and as a result, interest rates offered on the mortgage market have reached historical lows. “In such conditions, there is a tendency towards a decrease in the margins of mortgage loans and, perhaps, by increasing interest rates in certain segments, the bank not only limits risks, but also tries to maintain the profitability of sales,” says Natalya Vashchelyuk.

Mandatory . Sberbank refused to comment to Frank Media about the increase in the premium.

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In addition to Sberbank, rates were increased by Gazprombank, Uralsib, Absolut, Rosselkhozbank, Svyaz-Bank and Dom.rf.

As EADaily reported, in the summer the head of Sberbank German Gref , following the instructions of President Vladimir Putin , announced a reduction in mortgage rates.

“For clients who receive their wages into accounts with Sberbank, the rate on mortgage loans will be reduced to 9.1 percentage points, the base rate for all other clients will be reduced to 9.4 percentage points,” said Gref .

However, after the Central Bank raised the key rate, Russian credit organizations began the reverse process.

Permanent news address: eadaily.com/ru/news/2018/10/22/sberbank-povysil-stavki-po-ipoteke Published October 22, 2020 at 12:32

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