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Mortgage as an Available Source of Credit Resources for Investment Financing in 2019

The subject of the researchis the availability of mortgage as a credit resource for investment funding. The relevance of the problem is due to the development of the mortgage credit lending in the country. The policy of the Central Bank of Russia (CBR) and the Russian Government aimed at combating inﬂation and planned reduction of the key rate created favorable conditions for establishing acceptable bank rates on mortgage loans, which significantly raised the mortgage demand over the past few years. The research shows that Russian commercial banks have reduced mortgage rates and are offering refunding of previously issued mortgage loans, which demonstrates the confidence of the banking sector in the government and economic stability at the macro level. At the same time, the easy access to home mortgage lending can lead to a “financial bubble” problem on the Russian banking market and, moreover, to deterioration of the borrowers’ solvency, and, therefore, loan default.The purpose of the researchwas to examine the current affordability of mortgage as a source of credit resources for investment funding and develop recommendations for improving this process. The paperconcludesthat the government policy of economic and financial stabilization through inﬂation combating measures and maintaining the key rate by the CBR at the level acceptable for economic growth should be continued. At the same time, the transition from the participation finance to the project-tied system of housing construction financing can possibly increase the loan interest burden on developers and affect the price per square meter for the final buyer. The main factors contributing to the reduction of mortgage rates are the planned reduction of the key rate by the CBR and low inﬂation rates, the program of the Government subsidies to the mortgage market as well as the increased supply of low-income housing by developers.