A correspondent of FBA "The Economy Today" learnt from Nadezhda Kosareva, the President of the "Institute for Urban Economics", what kind of living space is bought during the crisis and whether the Russians need foreign currency mortgages.
- Nadezhda Borisovna, do you think there is any sense in continuing the experience with foreign currency mortgage in Russia? After all, due to foreign currency mortgage loans more than one thousand of Russians are now driven into a financial deadlock.
- I do not see any sense in it whatsoever. Do we all get our salaries in the foreign currency? No. Then why do we need foreign currency risks? Banks offered foreign currency loans at a higher risk, then the rate was lower, therefore, they could get a bigger profit from the loan. This is the bank's profit and not ours. We get the benefit only at the time of issuance and then, as you see, there is a pile of problems. The exchange rate changes, but the salary rate - no. The borrower is in a trouble, is all. I personally stand for a complete ban on foreign currency mortgages in our country. A loan should be taken in the currency in which you get your salary.
- Quite a frequently met situation. A family takes a loan, two of them work, then there comes a divorce, and who shall pay?
- The borrower always pays. All those who are specified in the loan agreement shall pay.
- Can we say that the crisis somehow adjusted the consumer demand for real estate?
- Of course. Nowadays small apartments bought more often. One-room or two-room apartments, with a non-large area. Here everything is clear: the income of the population falls, therefore such purchases are rather a necessity.
- How does the government help the borrowers? Aren’t the Russians left alone with their problems?
- Today the government offers assistance to borrowers in the form of a credit subsidization at the primary market. Subsidization as a participant in shared construction. Federal subsidies do not apply to the secondary housing market. In this case subsidies are usually provided by regional authorities. Whereas there is no credit at the federal level, but there is a program of assistance in acquiring housing. For example, the state housing certificate, support for young families. You can find the best way out even from the most difficult situations.
