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The Central Bank offered to use escrow accounts for mortgages on individual housing construction

The Central Bank offered to use escrow accounts for mortgages on individual housing construction
Photo: pixabay.com

The central bank offered to use escrow accounts for the construction of private housing in a mortgage. The application of the project financing mechanism through escrow accounts will be similar to that used in multi-apartment shared construction.

As reported "News" with reference to the press service of the regulator, also for the development of mortgage lending for individual housing construction it is necessary to increase the liquidity of collateral - by creating an industrial, standardized design and housing construction industry, as well as creating a "land bank" for individual housing construction.

The escrow account mechanism was introduced in 2019 to solve the problem of defrauded equity holders. He assumes that after obtaining a building permit, the buyer concludes an equity participation agreement with the developer, then a special account is opened in the bank, where the funds are transferred. The developer will be able to access them after the completion of the construction of the facility.

Earlier, the poll showed that almost 60% of Russians would like to have their own house, not an apartment. Currently, lending to individual construction accounts for only 2% of the mortgage portfolio of Russian banks.

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