Keyword: «housing loans»

Mortgage lending is an important part of contemporary financial system. In recent years, Russia has experienced crisis in consumer market, including mortgage lending due to a number of external factors (sanctions, low oil prices) that had a negative impact on Russian national economy. Despite the increase in housing affordability for Russian citizens in recent years, modern Russian bank mortgages are still not widely available for people with low and middle incomes due to the high cost of housing, high credit ratios and high needs of borrowers. Authors believe that the solvent demand for mortgages can be increased through the development of collective savings institutions and cooperatives such as building savings banks, housing savings accounts, housing savings and housing construction cooperatives.