In Russia, they began to issue mortgages online more often
Kommersant: the share of online mortgages in Russia in 2022 may grow to 90%
Photo: Vlad Nekrasov / Kommersant
The share of online mortgages is growing in Russia. This is the conclusion reached by experts interviewed by Kommersant. A digital mortgage allows you to refuse on-site visits of the borrower to the bank. Documents on it are signed with an electronic signature, for identification or other questions, a courier can drive up to the client, and communication with the bank manager is available via video link.
According to analysts, this type of lending is breaking all records in the outgoing 2021. According to the results of 11 months, according to VTB, mortgage loans were issued for more than 5 trillion rubles. Now the share of individual stages of the transaction (online applications and electronic registration of transactions) is more than 60 and 65 percent, respectively. In 2022, experts say, the demand for digital mortgages from banks will increase sharply – up to 90 percent.
“Without digitalization of the client path, the resources of the bank managers will not be enough for the approval, issuance and subsequent support of clients. The digitalization of mortgages will reduce the operating costs of issuing one loan. Any standardized, digitalized process gives at least 10-15 percent savings, sometimes the savings can reach 20 percent, “says Irina Odinaeva, Senior Managing Director of the Strategy and Consulting Department for Banking at Accenture in Russia.
However, digital mortgages are primarily beneficial for the banks themselves. It improves competitiveness. As the head of the mortgage sales department at PSB, Tatyana Chernysheva, explains, usually borrowers apply to several banks at once and conclude an agreement with the one that will quickly approve the mortgage on terms suitable for the client. In this case, she notes, the presence of an online format for concluding a mortgage will allow “to serve a larger flow of customers with less time and, as a result, less financial costs.”
Earlier, a senior lecturer at the Financial University under the government of the Russian Federation, Marcel Kyrlan, warned Russians against buying apartments on credit. He explained that the installment plan is beneficial to the construction company: with such a transaction, it immediately receives money from the buyer, that is, it does not use escrow accounts. But the buyer is at risk: if the developer goes bankrupt, it will be problematic to get the money back.