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1.1 Economic contents of basic elements of system of financing


Now the system of financing of housing construction is radically reformed. With development in the country of equity market construction firms had new possibilities of financing at the expense of placing of bonded loans.
The mortgage roughly develops. For realisation of social housing programmes the state began to allocate from the budget of more means to the needy citizens having the right to the social help. Growth of savings of the population opens prospects of their use as an investment resource for housing construction.
New macroeconomic conditions of development of the Russian economy essentially influence structure and dynamics of sources of financing of housing construction. Necessity of a substantiation of their scientific, system interaction for achievement of an aim of financing of housing construction sharply increases. Scientific recommendations about perfection of the traditional bank crediting having significant potential of the development, hypothecary crediting of objects of building, working out of modern model of attraction of other resources of financing of housing construction are required.
Consideration of theoretical bases of process of financing of housing construction we will begin with clarification of the economic contents of the named financial sources and statement of scientific problems, first of all on perfection of bank housing crediting traditional for our country.
Problems of use of credit resources for a housing construction financial provision always were actual. Many works of domestic and foreign authors are devoted their research. However till now there is no uniform approach to concepts the housing credit, a buyer's credit on housing accommodation building and "real estate".
For clarification of the named concepts it is expedient to track evolution of development of sights of scientific economists on their economic essence.
Most full questions of financing and crediting of housing construction in a planned economy are stated in N.M.Zelenkovoj's work. The given author marked 90th years of the tendency of reduction of budgetary appropriations typical for the end, strengthenings of a role of internal funds of the enterprises and the population, increase of a role of the bank credit in financing of the state, co-operative and individual housing construction.
It is necessary to notice, that crediting co-operative and housing construction by many economists has been carried to a buyer's credit. The credit acts in the form of a buyer's credit as serves as means of satisfaction of consumer needs of the population in improvement of living conditions. [2]
It was typical enough conclusion for planned economy conditions as the state ownership priority on housing accommodation was cultivated, there was no real estate market, the mortgaging right. As the given credit was issued to physical persons on satisfaction of their requirement for housing accommodation it and could not be carried to any other loan type, except the consumer.
However if to consider, that already during this period developments of domestic economy crediting of individual housing construction and members of housing co-operatives was long-term and carried strictly a special-purpose character according to the given criteria this kind of crediting could not concern exclusively only the consumer.
It represented itself already rudiments of housing crediting.
On the further development of economic thought concerning housing crediting have made essential impact of change in housing branch of the managing, connected with realisation of reforms on transition to market economy.
There were monographies of economists (R.S.Stajk, N.Kosarev) concerning use of various market mechanisms in the course of a housing construction financial provision. Theoretical problems of long-term hypothecary crediting as the mortgage began to be considered in our country as alternative to bank crediting in housing construction financing began to be developed actively.
At the same time, in the practical plan the mortgage in housing construction developed slowly. In G.A.Tsylinoj's monography the comparative analysis of experience of development and formation of housing crediting and the mortgage in the USA and Russia is given. [3]
The comparative analysis has convincingly shown the reasons on which the mortgage in the Russian Federation develops insufficiently fast.
In particular, it has been correctly established, that schemes of housing financing applied at that time in Russia can be identified as the scheme of a transition period of development of economy.
At the same time, it is impossible will agree with opinion of the author that the state should establish directive price limits in the primary market of the real estate in building of inhabited objects.
The price controls in housing construction with the purposes of increase of the social importance of this branch, should is valid to be carried out including the states. But the price for housing accommodation as the mechanism of market relations should be established, first of all, under the influence of a supply and demand on separate kinds of housing accommodation.
Research of the organisation of the developed system of hypothecary crediting abroad and prospects of experience of its application in Russia became now even more actual. It has found reflexion in numerous new publications where the theme of financing and crediting of building and acquisition of the inhabited real estate has been considered in its various aspects with reference to modern conditions of the market of real estates. In this respect it is necessary to note work of a group of authors under the guidance of J.F.Simionova. [4] in the monography it is considered not only the housing credit, but also the mortgage, terms of credit and samples of documents for granting of construction credits.
Nevertheless, it is recommended a science and one model of the credit mechanism — long-term hypothecary crediting of the population on the security of the acquired real estate in its classical understanding is put into practice basically only.
In the Russian economic conditions this model is presented by the various modified schemes of financing and crediting of the inhabited real estate at all stages of its building and realisation. On the parametres (term, methods of submission, maintenance variants etc.) they mismatch traditions of the American or European mortgage. But they cannot be carried and to consumer crediting of the population.
Moreover, in some Russian monographic publications on the given subjects in general there is no formulation of concept of the housing credit, or it associates with a real estate. Existing models of housing financing often wrongly carry only to hypothecary crediting disregarding terms of their action and other specific features, that, unconditionally, should will be reflected in an estimation of prospects of their development.
It essentially hinders research of schemes of a financial provision of the housing construction put today into practice which elements can quite become a basis of construction of new system of housing financing.
Thus, it is possible to draw the first conclusion that schemes of housing financing applied today in Russia and crediting are studied insufficiently. It is necessary to justify and differentiate theoretically concepts housing, hypothecary and a buyer's credit as each of them, being an independent kind of credit operations, has the specific mechanisms of use and different prospects of development in new social and economic conditions of the Russian economy.
Housing, hypothecary and a buyer's credit it is expedient to conduct research of economic essence by the comparative characteristic of their properties and functions as economic categories. Thus use of the credit as a housing construction source can be considered in two basic directions. First, by crediting of the housing construction, as production. Secondly, by means of crediting of the population for acquisition of the ready and under construction inhabited real estate.
It is necessary to consider also, that in the Russian conditions crediting of housing construction and crediting of the population for building and acquisition of the inhabited real estate are closely interconnected with one another, unlike foreign practice of separate financing. Besides, in Russia the population at acquisition of the ready and under construction inhabited real estate uses significant state privileges that expands financial possibilities of building of inhabited objects.
The housing credit, as well as other forms of the credit, are characterised by an aim of financing, the size, for grantings, structure of sources, character of maintenance, the interest rate, functioning area, registration cost. Specific features of the housing credit emerge at research of the given parametres of crediting. Specific features of the housing credit reveal its differences from consumer or a real estate.
Let's consider in more details named parametres of the housing credit in the Russian social and economic conditions.
In the basic such parametre defining the specific
Feature of the housing credit is its special-purpose character. If the real estate purpose is creation, expansion and reconstruction of buildings both inhabited, and industrial appointment, and also earth acquisition for the housing credit as object of financing the inhabited real estate acts exclusively only. The buyer's credit, unlike the housing and hypothecary serves as means of satisfaction of different consumer needs of the population at purchase of the goods, works and services.
In the following considered parametre defining
Specific feature of the housing credit, its size is. As a rule, the loan figures at reception and use of the housing credit are less significant. Its size usually does not exceed 50 % of cost of credited housing object. For comparison, the real estate is granted at a rate of 70 % of a project cost of the lien. At the expense of a buyer's credit the acquired goods can be completely paid.
The maximum sum of the housing credit for each borrower is defined proceeding from an estimation of solvency of the borrower, the granted maintenance, a purchase (budget) project cost of the inhabited real estate, or the mixed cost of works on reconstruction, repair, and also with allowance for its credit history in bank.
The size of an initial contribution of the borrower at housing crediting, accordingly, makes not less than 50 %. So big share of the borrower in financing of building of housing accommodation speaks aspiration to lower credit risks under the agreement. Savings of the borrower, the grant, the operational expenditure can be an initial contribution, means from sale of a fixed capital etc. the Share of internal funds of the borrower is the major factor of increase of reliability of the credit as credit risks decrease.
Essential differences of housing crediting are available in crediting periods. Depending on granting terms the housing credit can be only short-term or intermediate term. It is issued, as a rule, for the term from several months till 5 years. The buyer's credit is usually issued for the term up to 3 years. Unlike housing and a buyer's credit a real estate always the long-term. Term of its issue can reach 20-30 years.
The major specific differences of the housing credit from the hypothecary and consumer are shown as a part of participants of business deals. As the basic participants creditors and borrowers act. • construction firms, buyers of building and ready housing accommodation can be borrowers. At consumer and a real estate in a role of the borrower basically physical persons act. But if as the creditor at real estate issue specialised establishments at allotting credit on building and acquisition of the inhabited real estate, and also for consumer needs the creditor can be not only the credit organisations, but also other subjects of the market of the inhabited real estate participate only.
The housing credit can be granted, both in monetary, and in commodity forms, that is in the form of bank or a commercial credit. As dominating type of a real estate in the majority of the countries the credit in the monetary form acts. At the same time the buyer's credit, as a rule, is granted in the form of a deferred payment of payment for the sold goods of long term of use.
Specific features of the housing credit are shown in forms of maintenance of its duly and complete returning. In it the housing credit is closest to a buyer's credit. It is known, that principal views of maintenance of credit recovery are the assets which are available on balance of the borrower, a credit risk insurance, a cedation in favour of the creditor of requests of the borrower, the lien of under construction object of the inhabited real estate, the warranty and the guarantee of interested natural and legal persons (employers, builders).
Thus, the housing credit does not provide obligatory conditions of granting of real estate loans. That is the mortgage of object connected with estimation of cost of the real estate, registration of the mortgage and its state registration.
One more specific feature of the housing credit is connected with interest rate application under the granted loan.
The interest rate under the housing credit can be fixed or a variable. Level applied by bank or other credit organisation by granting of the housing credit of the interest rate. And also dynamics of its change, depend on a condition of the financial market in the country and changes of cost of money supplies.
The fixed interest rate is applied in the event that the credit for building or housing accommodation acquisition is granted in the form of a deferred payment. Thus initially in most cases a payment for use
Financial resources enters into cost an acquired vein of the real estate. Interest rates under the bank credit, as a rule, above, than percent which is taken by builders, selling housing accommodation by instalments. Moreover, at sale not enough the liquid real estate builders often offer a concessionary interest rate on use of the loan.
In practice various schemes of settlement of the housing credit are applied. In most cases the credit repayment and paying interest on it is carried out monthly. But, variants when during the currency the housing credit agreement the borrower pays only percent for use of financial resources are possible also, and the basic debt is paid at a time in the end of term. Unlike hypothecary crediting, under the agreement of parties, probably preschedule settlement of the housing credit.
The features of the housing credit are available and in financing of costs, vjazannyh with its registration and a substantiation of reliability of maintenance.
As at registration and issue of the housing credit there are no operations, characteristic for hypothecary crediting costs according to the acquired real estate, to notarial assurance, the state registration and insurance of object of the lien are not provided. Costs of the borrower on registration of the housing credit can include the state registration of the contract of purchase or individual share in housing accommodation building, the notarial certificate of the agreement of the sale and purchase issued as agreed, at a rate of 1,5 % from cost of inhabited apartment, and also commissions for support of the credit at a rate of 3 % from its sum.
In spite of the fact that as sphere of application of the housing credit acts both primary, and the real estate secondary market, most widely given financing method is used for building of housing accommodation or its acquisition in the market of new buildings. The crediting organisations develop corresponding credit programs under the concrete builder or its clients and less willingly credit buyers of housing accommodation on a secondary market.
As to hypothecary crediting it has not received the big distribution in the primary market of housing accommodation. The object which is in a stage of building, cannot be considered as object of the lien. Thereupon, the mortgage in the primary market of housing accommodation has the big complexities in the application.
Research of specific features of the housing credit allows to draw the following theoretical conclusion on its economic essence. The housing credit is an independent kind of the credit operations uniting two directions interconnected between self of use of credit resources — in housing construction and acquisition of inhabited objects by the buyer at various stages of their readiness.
In the special literature the analysis of economic essence of the housing credit, as a rule, is supplemented with its classification. Thus in a classification basis each author chooses various distinctive signs.
The choice of classification signs cannot be any. It should consider a target orientation of classification of the housing credit, reflect this or that most a prominent aspect of its use. For the decision of research problems of working out of methodical positions and practical recommendations about development of financing of housing construction it is expedient to offer the following classification (fig. 1), considering financial aspect of housing construction adequate research objectives.
According to offered classification of the housing credit to necessary for disclosing of its essence to classification signs concern: the crediting purpose, terms, structure of participants, character of maintenance, a method of settlement, a social orientation, regional aspect of housing crediting.
The most important for research and new in comparison with the classifications of the housing credit presented in the special literature is introduction of such classification signs, as a social orientation and regional aspect of housing crediting.
The criterion of a social orientation is entered into classification of the housing credit because a security problem by qualitative and safe housing accommodation of the population having as a whole low buying power, concerns the most actual for the state to problems. The social help of the state is provided in special housing programmes. The legislation in the field of housing construction is under construction so that along with the housing credit to stimulate attraction of free money resources of the population for duly acquisition of housing accommodation.
The regional aspect of housing crediting in our country having the big territory and different level of economic development of regions, rather essentially influences the credit conditions connected with defect of financial resources necessary for housing construction and the big investment risk.
Thus, research of theoretical bases of the housing credit allows to draw following conclusions:
• housing crediting represents an independent kind of credit operations;

Fig. 1 Classification of the housing credit
Classification of the housing credit
Classification signs
-Building Ground area acquisition on forthcoming housing construction Acquisition of under construction housing accommodation Acquisition of ready housing accommodation The purpose
Crediting

-Short-term
Intermediate term

S?
S 2
Th I
To to n s about and
R
I
I
M

Crediting of legal bodies for aims of financing of building of the inhabited real estate Crediting of the population for housing accommodation acquisition

Structure
Participants

I 43
ft
Not ch
I
R ABOUT
About I
I
м3
% sg
1

Significant deficiency of credit resources The low interest rate The big investment risk
ju
About Rather small sizes of loans
The housing credit has the specificity, the peculiarities and the object of crediting; Level of distribution of the housing credit in Russia allows to consider now it as one of the basic financing methods of building and acquisition of the under construction inhabited real estate; Housing construction prospects will depend in many respects on dynamics of development of the mortgage and other forms of financing of building and housing accommodation acquisition.
Let's pass to consideration of economic essence of hypothecary crediting. Also as well as under the housing credit the comparative characteristic of the given economic category will be the basic method of disclosing of economic essence of hypothecary crediting.
In economic sense the mortgage (from grech. Hopotheke - the lien, the deposit) is a lien of real estate, mainly the earth and structures, for the purpose of real estate loan reception. The mortgage represents such kind of the lien at which the mortgaged property is not transmitted to hands of the creditor, and remains at the debtor. As the mortgage understand also the mortgage and a debt on a real estate.
The mortgage as economic institute was known in I - II centuries of our era in territory of Rome. Still earlier it has appeared in the legislation of Greece and Ancient Egypt. In a modern kind the mortgage is to the greatest degree developed in the USA, Canada, England, France, Sweden. In the USA, for example, the turn-over of the hypothecary market is estimated in hundreds billions dollars. All civilised world recognised for a long time dignities of the mortgage and is not going to refuse it.
In imperial Russia hypothecary business has been well developed. Basically as the lien the ground areas and uninhabited premises were used. The mortgage in modern Russia differs from hypothecary business in the developed countries, first of all, availability of practically unlimited market of the real estate in housing sector and while rather low buying power of the population.
In the Russian Federation the classical (two-level), so-called American model of hypothecary crediting and numerous kvaziipotechnye schemes is applied basically: memory, is mutual-savings, housing accommodation purchase by instalments. The mortgage acts in 20 regions of the country, and first of all, in Moscow and St.-Petersburg.
Real estates on purchase of apartments issue 160 banks, and in each of them there is a weight of the features. Large rieltorskie the companies create recently a network of the structures specialising on hypothecary bargains.
Nevertheless, independently decide the housing problems now can no more than five percent of the Russian families while require improvement of housing accommodation of 80 percent of the population.
The low level of development of the mortgage speaks not so much weakness of legislative base, how many high rates of inflation and constant excess of growth rates of the prices for the real estate over growth rates of incomes of the population. The negative influence on mortgage development has rendered also its complete negation in the conditions of socialist system of managing. At us as it has been written down in the Big Soviet encyclopaedia, . Mortgages are not present and cannot be. Such long-term relation to the mortgage, unconditionally, has affected and scientific researches of its economic essence, and on the characteristic of the economic contents of hypothecary crediting.
Any credit issued on the security of real estate can be considered as the hypothecary, basically. However world practice has produced certain characteristics, concepts of a real estate. The major such characteristic is the object of the lien.
In hypothecary crediting by object of the lien the ground areas, inhabited and uninhabited premises can act. Accordingly, depending on object of crediting it is possible to name following kinds of real estates:
. • for development of the ground areas, building of objects of the real estate; Directed on acquisition of the ground areas, objects of the inhabited and uninhabited real estate; For acquisition or building of uninhabited premises.
The first kind name a building real estate. It is issued to the borrower for a structure of certain object of the real estate on the security, or other object of the real estate, or the future object constructed by means of the given credit. (According to the current legislation any under construction building, a structure becomes object of the real estate only under condition of availability of its acceptance report issued when due hereunder in operation, and also the state registration of the rights to the given object). It, as a rule, short-term credits (till three years), having, as well as any commercial credit, a risk high level. The basic problem of the bank issuing such credit to evaluate degree of the risk connected with probability of fulfilment by the building organisation of the schedule of building and the subsequent sale of constructed object. This probability is defined by a number of factors, including a level of demand on data of a kind objects, abilities of the borrower to supervise the expenses and fulfilment of terms of building to leave on the planned prices and to sustain entry conditions of sale of object.
The second category of credit name "classical". It has following basic distinctive characteristics: Loans are granted for long enough term usually for 10-30 years. Long term stretches the credit repayment on time, reducing, thus, the size of payments which in hypothecary crediting are made monthly; The loan, as a rule, is granted on acquisition of object of the real estate which the borrower will use; The object of the real estate acquired on a real estate serves as maintenance of a reflexivity of the loan (as the lien) and in case of a credit non-return is sold according to the current legislation for compensation for damages of the creditor.
The third category of credit for acquisition or building of uninhabited premises in the dissertation devoted to housing construction is not considered.
Depending on the subject of crediting it is accepted to distinguish the credits represented directly future proprietor of the inhabited real estate, and the loans issued to the contractor of building. Loans are issued to the contractor, if the holder of a building is unknown (object of the real estate is intended to sale on building end), or it cannot finance the project independently, or is interested in reception of already ready object.
For disclosing of the economic contents of the hypothecary housing credit it is necessary to note and its other specific lines.
Physical persons can be subjects (borrowers) of hypothecary housing credits only, and the project cost of hypothecary housing crediting has no advancing character, however is saved in the course of use. The major specific feature of hypothecary housing crediting is maintenance of their complete and duly return as it is an obligatory condition of their granting. For other loan types maintenance not always happens in the form of the real estate.
In the course of hypothecary housing crediting it is possible to allocate some stages of movement of a real estate. Credit placing, its reception by the borrower, use of the credit by the borrower, liberation of resources, return of the credit and reception by the creditor of a lending value.
At hypothecary housing crediting liberation of means of the investor occurs a little differently, than at usual bank crediting. Extra means do not participate in economic circulation of the borrower (physical persons) owing to its legal status. The loan of the investor is gradually reimbursed from incomes of the debtor.
This feature indicates certain similarity of the hypothecary housing credit to a buyer's credit. At a buyer's credit the loan drawn also does not participate in economic circulation of the borrower, and is gradually reimbursed from its incomes.
For research of economic essence of the hypothecary housing credit it is necessary to note one more defining property connected with a principle of credit recovery. As the loan received by the borrower is not involved in its economic circulation, hence, loan compensation can be only from subsequent other incomes of the borrower.
Proceeding from the stated features of a real estate, its essence can be defined as follows. The hypothecary housing credit is a long loan to the borrower on conditions platnosti, a reflexivity and promptness in interests of realisation of requirement of the borrower in housing accommodation with granting of the housing real estate as a deposit.
Now we will pass to consideration of economic essence of a buyer's credit. Also as well as on housing and on a real estate the comparative characteristic of specific features of the given economic category will be the basic method of disclosing of economic essence of a buyer's credit.
At a buyer's credit borrowers are physical persons - the population, and creditors - trading enterprises and spheres of services, banks, specialised credit institutions. Trade enterprises grant a buyer's credit in the form of the goods sold by instalments, and banks (in particular, buyer's credit specialised banks) - in the form of short-term and intermediate loans on acquisition of expensive durable goods. Consumer goods of long use — cars, furniture, refrigerators, TVs - are main object of a buyer's credit which stimulates population effective demand on these goods. The percent paid on a buyer's credit, usually very high: in the USA - 18 % a year, in France - 30 %. In our country a little bit other scheme of buyer's credits which is subdivided on two parts has been generated. Credits of investment character concerned the first: Loans for co-operative housing construction, loans for garden building etc., to the second - credits for current consumer needs: the payment by instalments for the goods, hire of consumer goods, property loans against a pledge in pawnshops.
The buyer's credit is the special form of the credit represented its recipients in the form of a postponement of payment for consumer goods purchased by it or bank services.
Such treatment of essence of a buyer's credit is conventional and does not cause especial objections in scientific economists. Though, in our opinion, followed pay attention that the instructions on the special form of the credit require more strict scientific argument. Here it is necessary to define specific features of the given form of the credit, distinguishing it from the housing credit and the mortgage.
At the same time, specific features of this form of crediting, dynamics of development and application sphere say that the buyer's credit develops in Russia one-sidedly and regarding housing construction financing is applied unfairly a little.
Volume of the buyer's credits granted by the Russian banks and the credit organisations to physical persons by data
Central bank of the Russian Federation has made for January, 1st, 2004 of 281,9 billion rbl. that is more than twice exceeds level of consumer crediting for the beginning of 2003. So fast growth rates of consumer crediting are record for Russia for the last ten years.
Fast growth of consumer crediting is characterised by disproportions in changes of regional structure of its distribution. More than 80 % of the issued credits are necessary on the Central district of Russia. And 97 % from them are necessary to Moscow. The least size of a buyer's credit is necessary on Far East district (1,4 %) and Southern district (1,4 %) the countries.
Unconditionally, developed tendency of fast growth of a buyer's credit should be evaluated as a whole positively. Moreover, despite high rates of distribution of a buyer's credit the potential of the given sector of crediting remains huge. Active processes of strengthening of a competitiveness in this area are observed, that by rate decrease for a buyer's credit creates additional stimulus for its development in all territory of the country. During too time extreme non-uniformity of development of a buyer's credit speaks quite objective reasons. First of all, it is non-uniformity in rendering to the population of bank services.
In table 1 data on leaders of the market of consumer crediting are presented to Russia.
From 11 credit organisations - leaders of consumer crediting of 96 % the general the sums of granted credits fall to the Savings Bank of the Russian Federation. This bank is the largest bank of Russia focused on rendering of bank services to the population. During too time, it is necessary to notice, that obviously not enough consumer crediting develops other banks and the credit organisations of the country.
Leaders of the market of consumer crediting

The name of the credit organisation

Volume of the issued credits for January, 1st 2005
Year
Billion rbl. % To a result
The Savings Bank 96,45 81,4
The Russian standard 9,04 7,6 '
Rajffajzenbank 3,06 2,6
Uralsib 1,98 1,7
Gazprom 1,93 1,6
The first Island of Century To. 1,64 1,4
Bank of Moscow 1,16 1,0
The Moscow credit bank 1,12 0,9
MDM-bank 1,02 0,9
Rosbank 0,56 0,5
Foreign Trade Bank 0,54 0,4
Total 118,5 100

Source: Bank of Russia
Thereupon, it is rather duly Minekonomrazvitija develops the special administration bill of consumer crediting. It is supposed, that the Government of the Russian Federation will consider the given administration bill in 2005, and the State Duma - in first half of 2006.
The concept and technical projects on administration bill working out are already prepared by Department of a macroeconomic policy and banking of the Ministry of Finance. In particular, the right of the consumer to reception of the authentic and exact information on conditions of granting and buyer's credit return registers in the law, and also responsibility of banks for an unreliable information is provided.
Besides, in it are defined the mechanism of calculation of interests under the credit and an order of change of the interest rate.
In case of an adoption of law the consumer will have rights to cancellation of the agreement without sanctions, the right to preschedule repayment of the loan, cancellation of the credit agreement at detection of defects of the goods or non-observance by bank of terms of an agreement. Besides, in the law credit designated purpose, responsibility of the consumer will be accurately established and maintenance questions under the credit are settled. According to developers, creation of legislative base considerably will raise level of services in consumer crediting.
Still there is time in the course of preparation of the given administration bill to make corresponding offers and recommendations. With that end in view, in our opinion, it is expedient to generalise an operational experience of the Savings Bank of Russia as the largest in our country of the organisation granting to the population a buyer's credit.
The volume of the credits issued by Saving Bank offices to physical persons on real estate acquisition, by January, 1st, 2005 has reached 8 billion rbl. that makes only 8,3 % from a total sum issued by the given bank
Buyer's credits.
Credit conditions of physical persons on acquisition, building, reconstruction, repair of other objects of the real estate which is constructed or under construction without sharing of proceeds of credit of the Savings Bank of Russia or its branches are typical enough and full enough characterise essence of a buyer's credit. In detail given conditions are stated in the Appendix 1. Interfere with a wide circulation of consumer crediting of a high bid of a buyer's credit connected with building and acquisition of housing accommodation.
Nevertheless, considering the big social importance of a buyer's credit, now the Savings Bank participates in realisation
Nine regional programs on acquisition of housing accommodation by physical persons, including in Nizhni Novgorod, Mordovia, Chuvashiya, Udmurtiya, Bashkiria, Komi and Tajmyrsky autonomous region. In a stage signing there are three more agreements on sharing in regional programs.
Since February, 1st, 2004 the Savings Bank of Russia began to offer the population a new loan type - the credit to young families on acquisition and building of objects of the housing real estate. Conditions of granting of the given credit are in detail stated in the appendix 2. The credit Young family - has the big social orientation, but thus remains still very expensive.
The analysis of the basic contractual parametres of issue of a buyer's credit on the purposes of housing construction and housing accommodation acquisition shows, that there is a big uncertainty under forecasts of its further development.
First, it is rather high rates for use of the loan at which the consumer of such service will prefer hypothecary housing crediting.
Secondly, the crediting organisations in connection with high percent on a buyer's credit have more and more actual a problem of high risk of a non-return because of insufficient volume of data on the partner at conclusion of the transaction. But, in the near future, in process of competitiveness strengthening in sector, especially with activization of arrival of foreign banks, rates should decrease. Accordingly risks at the Russian credit organisations will grow, as they for the present are not financially enough stable and at an essential non-return of credits their stable position can reel. To solve the given problems the system of credit offices is called.
Let's remind, that the institute of credit histories (credit offices) forms for more exact estimation of potential borrowers. These establishments conduct a card file containing the information on last credit operations

Borrowers, being based on the data represented by the credit organisations, and also own sources. Creditors, under condition of a regularity and reliability of granting of the information on the clients, get access to this information. Thus, the credit organisations have an opportunity much more exact forecasting and drawing up of the least brave credit portfolios, and diligent borrowers get access to cheaper credit resources at the expense of more effective, fast and less expensive procedure of an estimation of the risk connected with it. Increase of discipline of return of proceeds of credit is besides, stimulated. Thus, creation of effective institute of credit histories is a necessary measure for the further civilised and effective development of consumer crediting in the country on the purpose of building and acquisition of inhabited objects.
In economic sense the buyer's credit is in many respects similar with housing and a real estate and bases on uniform principles of a reflexivity, promptness and platnosti. It has similarly with other named categories of credit the uniform purpose, structure of participants, the advancing money form, procedure of an estimation of solvency of the borrower.
At the same time, the buyer's credit, not having essential distinctions in sense of its economic essence, has the specific lines distinguishing it from other considered loan types. Such specific distinctive lines concern: The buyer's credit can be connected with an aim of financing not only is direct, but also indirectly; The buyer's credit is represented for rather small terms; The crediting volume reaches 100 % of cost of the acquired goods and services; The obligatory estimation not only material, but also personal responsibility of credit status is conducted;
• registration and service cost joins only in
The single tariff for buyer's credit registration.
Research of specific features of a buyer's credit allows to draw the following theoretical conclusion about its economic essence. The buyer's credit is an independent kind of credit operations on granting of loans to the population in the form of a postponement of payment for consumer goods purchased by the borrower and service.
The complete comparative characteristic housing, hypothecary and a buyer's credit is presented in the appendix 3.
As a whole it is possible to draw a conclusion, that loan types considered in the dissertation have uniform patrimonial lines, characteristic for essence of the credit, as economic category. During too time mechanisms of use of the given loan types have the specific lines and the scope.
Prospects of the further development and perfection housing hypothecary and a buyer's credit with the purposes of building and housing accommodation acquisition will depend on that, how much full the mechanism of granting of the given credits will correspond to economic interests of participants of process of building and financial possibilities of buyers of the housing real estate.
World experience has accumulated significant knowledge of mechanisms of a financial provision of housing construction. In Russian socially - economic conditions the following section of dissertational research is devoted generalisation of the accumulated experience and research of prospects of its use.
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A source: Yakushev Arthur Mihajlovich. DEVELOPMENT of the MECHANISM of FINANCING of HOUSING CONSTRUCTION. The DISSERTATION on competition of a scientific degree of a Cand.Econ.Sci. Moscow -. 2006

More on topic 1.1 Economic contents of basic elements of system of financing:

  1. 2. ORGANIZATIONAL-ECONOMIC PRECONDITIONS of DEVELOPMENT of SYSTEM of the PROJECT FINANCING
  2. Social and economic system of region: concept, elements, a role and significance
  3. Basic elements of system of international legal regulation of a turn of military goods
  4. 1.3. System of elements of a legal mechanism of increase of efficiency of activity of members of controls of economic societies.
  5. 3. The Corpus delicti and reflexion of system of its basic elements in the ultimate fact on criminal case
  6. 1.2.1 Basic organisation of regional economic system
  7. 1.2. Institutsionalnye changes, transformation of the contents of system of relations concerning a state ownership during an economic reform
  8. the Basic approaches and methods of studying of problems of development of regional social and economic system
  9. 2.2. Sources of financing of system of hypothecary crediting
  10. 2.2. A business bank place in formation of system of a project financing
  11. 2.1. Stages of evolution and the basic contradictions of the mechanism of state financing of agrarian sphere
  12. LELETSKY DMITRY VLADIMIROVICH. ECONOMIC EFFICIENCY OF LEASING CAPITAL FINANCING, 2002