The Russian Central Bank is absolutely not satisfied with mortgage developers’ schemes, so the regulator intends to fight them. This was announced on Friday, March 17, by the head of the Central Bank, Elvira Nabiullina, during a press conference.
“As for various mortgage schemes from the developer, tranche mortgages with a return, cashback, we are absolutely not satisfied with these schemes. The devil knows what, as you said,” she said.
According to Nabiullina, the Central Bank not only monitors this system, but is also ready to make a decision on it. RIA News. The head of the regulator assured that the Central Bank would aggressively fight such schemes at the legislative level.
In particular, the Bank intends to propose to the State Duma to adopt bills, according to which such mortgage programs will be possible only within the framework of strictly described laws. Similarly, the Central Bank is going to eliminate any deviations that are detrimental to the borrower. Nabiullina stressed that in most cases it is about unfair sales.
In early March, Elvira Nabiullina announced that the Bank of Russia sees worsening mortgage standards in the country, in this regard, the regulator intends to take measures to limit the growth of the risky segment. According to the Central Bank, in the fourth quarter of 2022, the share of loans with a low down payment increased to 53%.
