The share of funds issued to IZHS facilities is growing in the mortgage
In April, large banking players showed an increase in the share of loans for individual housing construction (IZHS) in the total volume of housing loans. At the same time, according to the Central Bank, the growth of this share in the entire market began in March and is due to an increase in the share of loans for finished IZHS objects. Experts associate this not only with the seasonal factor, but also with the fact that in connection with the new rules in the segment of the finished IZHS there are fewer risks for all participants in the process.
As the Kommersant survey showed the largest banks, in April in large banks, the share of loans for IZHS in the total volume of mortgage issues increased. So, in Sberbank, it amounted to about 14% against 11% in March. At the Bank « Dom.rf », the share of loans to IZHS in April showed significant growth, increasing by 20 percentage points. “Loans for IZHS in April occupied 35% of issuance, in March IZHS accounted for 15% of transactions,” they say.
The trend towards an increase in the share of loans on IZHS was outlined back in March, the Central Bank testifies. So, according to the results of March, the share of loans for IZHS in the total volume of mortgage housing loans increased to 10% after the seven -month fall. In the second half of 2024, a decline began in the IZHS lending segment after five years of record growth (see Kommersant on January 22). According to the Central Bank, the share of loans for IZHS in the total volume of mortgage issues reached a peak in July 2024 and amounted to 30%.
The director of the group of ratings of the financial institutions of the NKR Agency Egor Lopatin connects the growth of issuance in the IZHS segment with the seasonal factor, as well as with preferential programs for IZHS loans. According to the statistics of the Central Bank, the growth of loans on IZHS in the spring occurred due to an increase in the share of loans for the acquisition of finished objects. According to the results of March, it increased to 6.8%, while the share of loans for the creation of IZHS facilities continued to reduce and amounted to 3.2% in the total volume of mortgage issues. In Sberbank, the share of loans for ready -made houses in the total volume of mortgage issues in March amounted to 9%, for under construction – 1.5%. In April – 3.6% and 10.5%, respectively, gives data there.
Sergey Gordeeko, expert Gordyko, associates the growth of loans for finished objects of IZHS with the fact that with ready-made houses there are no difficulties as accreditation of the contractor, the need to perform work for his or credit funds in connection with the introduction of the mechanism of escrow accounts, the lack of a risk of non-fulfillment or improper performance of work by the contractor.
Despite the growth of the share of loans to IZHS in March -April, bankers note that the level of mortgage penetration into the segment is still low due to high market rates, limitations of state support, and the features of the organization of private construction, high concomitant expenses. VTB notes that the IZHS market is also affected by practically missing project financing mechanisms.
According to Sergei Gordeyko, the amount of the required subsidies from developers and contractors has recently had a positive impact on the IZHS segment that the banks have significantly reduced or canceled. This is especially important, since the mortgage standard does not apply to IZHS loans.
According to experts, in the near future, the demand for a mortgage in the IZHS segment will continue to remain restrained. According to VTB, at the end of the year, banks as a whole will provide for IZHs about 180 billion rubles. For comparison: a year earlier, the volumes of the IHS mortgage market exceeded 600 billion rubles.
The increase in lending in the IZHS segment, according to Sergei Gordeyko, is possible only with a decrease in market rates, an increase in the number of contracting organizations and the arrival of large companies that have no problems with accreditation or lending to IZHS. Mr. Gordyko sees one of the possible factors of development by regional developers, since national projects have been laid out an advanced growth of IZHS regarding the MKD throughout the country. A large MKD player works with an effort concentration, and the regional MKD developers can develop IZHS in their regions, he notes.
