In Russia, the pace of growth in overdue mortgage debts has accelerated significantly. According to data from the Scoring Bureau, the volume of mortgage debts overdue by three months or more surged by 37% over the past year, reaching 136 billion rubles by the end of September. Additionally, the number of borrowers with debts between one and three months increased by 27% in the past six months, totaling 38,000 individuals, as reported by the United Credit Bureau.
Several factors contribute to this rise in delinquencies, with financial expert Alexei Krichensky attributing a significant portion to the Central Bank's strict monetary policy. Many borrowers had taken out mortgages at high-interest rates, believing they would be able to refinance their loans later.
As the reality of their financial situation became clearer, many stopped making payments, Krichensky noted.
While the current level of overdue mortgages does not pose an immediate threat to the mortgage market's scale, experts predict that the volume of overdue debts could double next year, leading to potential risks in the real estate market. Banks may attempt to sell mortgaged properties, often at significant discounts for less liquid assets.
Depending on the size of the loan and the amount repaid, these sales could result in banks breaking even or incurring losses. If this trend becomes widespread, systemic issues may arise, prompting the Central Bank to provide additional funding to major banks, while banks may have to adjust interest rates on deposits and loans.
Currently, the share of overdue loans in banks' portfolios and the rate of increase are not critical. The Central Bank's regulatory measures aim to mitigate the risk of a rapid rise in overdue debts and the potential for a mortgage crisis in Russia. Borrowers facing repayment difficulties may qualify for mortgage holidays if their situations meet legal criteria. Alternatively, they can approach their banks to request debt restructuring or negotiate the sale of collateral, especially following the recent legislation allowing such arrangements.
Mortgages represent significant long-term financial commitments. Those confident in their financial capabilities can find suitable options through Banks.ru.