Mortgages in Crisis

It is known that the most common period for which our country is issued mortgage - 15-20 years. More than half of the respondents entered into an agreement with the bank it was during this period. Only about one in ten study participant must return the borrowed money within 5 years. Loan term of 30 years was the least popular. Apparently, banks are not willing to take risks and to lend for such a long period, and customers, in turn, are hesitant to take the sum, which for as long as 30 years will grow on a monthly basis in accordance with the prescribed interest rate.
It should be noted that the period for which the mortgage is issued, is closely related to the residence of the borrowers. Thus, the Muscovites are inclined to assume the obligation to repay the debt as soon as possible: for 5-10 years. Here, the borrowers who have issued a contract for five years, there were more than in the regions, by 12 percentage points (10% vs. 22%). At the same time, who took credit for a period of 15 years in the capital by 10 percentage points less than in the regions (19% vs. 29%) - see Fig. № 1.1. This is likely due to the fact that the level of income in Moscow is higher than in many Russian regions, which allows its residents to pay off the loan faster

Data analysis showed that the period of the mortgage loan is also dependent on the borrower's income. For example, among those whose monthly income is less than 25 000, most credit is taken for 5 or 20-25 years. This gap is likely due to the presence in people's own savings. For example, if the borrower has some money, but he missed them to buy the desired accommodation, he turns to the bank for obtaining a relatively small amount that he is able to compensate for a small period of time. Those who have no money to seek long-term loans, which require to pay for 20-25 years. The order of 1/3 of the "middle-income" group (25 000-80 000 rub. / Mo.) Often take a mortgage for 15 years, and about ¼ - to the twenty-year period.
It is interesting to note that among high-income audience (in this case refers to people with a monthly income of 80,000 rubles.) Is the most common of all mortgage loans for twenty years. These uses almost half of the members of this group (see Fig. № 1.2). Most likely, these people are not more concerned with the total amount of payments, which increases with lengthening of the crediting period, and the size of monthly payments that they have to do a bank: what they are lower, the better.
The study showed that the vast majority of the respondents take the credit in rubles. This is not surprising, because most banks give them in that currency. However, one in ten respondents still paying a mortgage in the currency
The data on mortgage kriditovaniyu obtained through regular study, "Monitoring of the retail market. Banks' (the results of IV quarter of 2009).
Of the 7100 people who took part in the survey at the end of 2009 paid a 7% mortgage.