They want to shift the payment of the remaining debt of citizens on loans to banks. The initiative is proposed to be extended to all mortgage programs.
Mortgage borrowers can be exempted from paying the remaining debt if the forced sale of an apartment does not cover the loan in full. The proposal to shift these costs to the bank was made by the head of the State Duma Financial Market Committee, Deputy Anatoly Aksakov during the XXI All-Russian conference “Mortgage Lending in Russia”.
The deputy noted that in some cases mortgage housing, for which a citizen can no longer make payments, is sold by the bank at auction, but at the same time the proceeds are not enough to cover the entire debt. Then the borrower, having already lost the mortgage apartment, still owes the bank. Aksakov proposed to remove this part of the debt from defaulting borrowers, shifting the expense to banks.
The initiative concerns any mortgage programs, the deputy explained. According to him, this measure will help to curb the growth of residential real estate prices in Russia.
The need to sell a mortgage apartment may arise for other reasons. For example, a borrower may have new plans or there may be no need to buy a home. Often, mortgaged housing is implemented in order to improve living conditions — moving to a more spacious apartment or another area.