With the help of construction savings, it will be possible to solve the housing problem in Belarus. It is this option, practiced in many countries, to build an apartment or house that is today considered by the government as the most optimal. The Ministry of Architecture and Construction has been working on how to apply this method in our republic so that it would be beneficial for both citizens and the state.

What is the housing construction savings system and how soon will it start working?

The system in theory...

In essence, the system of housing construction savings is the accumulation of citizens’ own savings (a certain agreed amount) plus a loan for housing construction for the remaining amount on favorable terms. At the same time, you need to save not at home, but in the bank. It turns out to be a kind of “housing piggy bank”, where system participants put money and from where only they can then take the necessary amounts.

This option is actively used to finance housing construction in many places in the world. Everything is quite transparent and understandable.

...and in practice

It must be said that a similar mechanism is already working in the country: from July 1, 2006, branches of JSC ASB Belarusbank throughout the republic began accepting funds for deposits within the framework of the Construction Savings System. However, as practice has shown, the proposed option has many shortcomings, and therefore is not popular among the population. Few agreements have been signed so far.

That is why today the updated draft decree developed by the Ministry of Architecture and Construction is of interest. The document proposes slightly different approaches from the original ones to the implementation of the entire process during the construction of housing using the savings system. One of the main points is increasing the responsibility of citizens, who are encouraged to participate in financing housing construction. Yes, there is no direct government support here, but they offer fairly acceptable conditions and the opportunity to improve their living conditions - including for citizens who are not registered as needy.

The draft Decree of the President of the Republic of Belarus “On the state system of housing construction savings” is already under discussion in the government. According to the latest information, the document has been fully agreed upon by all interested parties, with the exception of the Ministry of Finance.

Accumulation rules

So, the proposed housing savings system provides for a certain period during which citizens who want to improve their living conditions must save at least 30% of the cost of future housing. You will need to save for an apartment from 3 to 7 years (it is envisaged that families with higher incomes will be able to save up funds to improve their living conditions in a shorter period).

The remaining 70% of the amount required for housing construction will be financed. Moreover, the loan is offered on fairly favorable terms: for 15–20 years with a rate 1-2 percentage points below the market one. Today, the most attractive real estate loans (on a general basis) have a rate of 13.5%.

In addition to a loan at a rate below the market rate, the housing construction savings system also has other advantages: for example, in the option with a deposit, you will have to save for housing much longer. Well, and also a bonus in the form of a bonus from the state.

Vladimir Doropievich, Deputy Head of the Housing Policy Department of the Ministry of Architecture and Construction of the Republic of Belarus: “For participation in the system, all citizens, regardless of whether they are registered as needy or not, are paid a state premium.

At the same time, the state premium in the system of housing and construction savings, income in the form of interest received by individuals on bank deposits (deposits) in the state system of housing and construction savings, are exempt from personal income tax.

The decision on the economic feasibility of providing a state bonus to all participants in the construction savings system was made at a meeting in the government. But the question of its size still remains open. Previously, the Ministry of Finance proposed, all interested parties and the Council of Ministers of the Republic of Belarus agreed to establish a state premium in the HSS system in the amount of 20% of the refinancing rate of the National Bank.

Discussions are currently underway on the size of the state bonus. It is proposed that the annual amount should be determined by the Council of Ministers and this amount cannot exceed 10% of the refinancing rate of the National Bank established in the reporting period for which the state premium is calculated. In this case, the state premium must be accrued monthly from the amount of funds actually contributed to the HSS system by the system participant during the accumulation period, but not more than 5 years.

I would like to note a few more important points of the housing construction savings system included in the draft decree.

Firstly, we are talking about a closed type HSS system: only participants invest money and only participants can use it. The funds cannot be used for any other needs. The bank will not look for money outside the system, which will allow, constantly accumulating money, to use it only for lending to individuals.

Secondly, in this system the circle of participants is not limited. That is, this is an excellent solution to the housing problem not only for those who are registered as needy, but also for those who, according to the standards, do not need to improve their living conditions, but simply decided to exchange their three-ruble rent for a larger apartment.

Thirdly, the opportunity to implement the system is provided to all banks - subjects of the banking system of the Republic of Belarus. Citizens will be able to choose which bank is more convenient for them to work with.

Fourthly, temporarily free funds accumulated in the HSS system should be placed in the maximum number of accommodation facilities.”

Who needs free money?

Temporarily free funds are the amounts of savings of citizens. Why free? Because for three years, while the minimum accumulation period lasts, no one can send them anywhere. However, money should work, and not lie as a dead weight. That is why it is important to determine where the accumulated amount that citizens will contribute will be stored, and how banks will be able to use depositors’ money during this period. It is clear that options that involve risks are eliminated; this is global experience.

As it seems to the Ministry of Construction and Architecture, in order to maintain the sustainable and reliable operation of the savings system, it is advisable to provide an expanded list of objects where, in fact, free funds will be placed. These can be government securities of the Republic of Belarus, and deposits of banks and OJSC Development Bank of the Republic of Belarus, and securities of OJSC Development Bank of the Republic of Belarus, since they provide an additional interest on the amounts of citizens. But this issue has not yet been resolved.

It's a matter of time

It’s hard to say how soon the government will come to a common decision. One thing is clear: decisions cannot be delayed. The sooner the housing construction savings system can start, the sooner the result will be obtained. After all, it takes six to seven years for everything to get going: construction using the housing and construction savings system will begin only after the completion of the minimum savings period (which is three years).

The proposed draft decree is conceptual in nature and defines the basic principles of introducing the state housing and social insurance system in our country,” explained Vladimir Doropievich, deputy head of the housing policy department of the Ministry of Architecture and Construction of the Republic of Belarus. - In order for it to truly work, on the basis of the decree it is necessary to develop the so-called practical regulatory legal framework in the field of banking - both during the period of accumulation and during the period of lending, on the issues of calculating and using the state bonus and other issues, many of which will certainly manifest themselves in practice, since the mechanism of construction savings is new for the republic. If the decree on housing construction savings is adopted this year, then at least a year will be spent on developing the accompanying regulatory legal framework. And if the current economic situation, favorable for the implementation of the system, remains, then its launch can be expected no earlier than 2020.

Additionally

The housing and construction savings system has been operating in other countries for a long time. The principles and approaches are the same for everyone, they have been tested, so there is no reason to doubt the effectiveness of this mechanism. Moreover, according to experts, thanks to the introduction of the savings mechanism, about 60% of Belarusian families will be able to count on improving their living conditions. And this is a rather serious and indicative figure.

True, it would be nice to exclude the disadvantages of the system at the initial stage: at the moment, they note the impossibility of resolving the issue of “last minute” housing options, since banks have a maximum of six months to make a decision on issuing a loan. In addition, the mechanism does not apply to the purchase of housing on the secondary market.

Elena KRUTOLEVICH

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"Housing Construction Savings", or in another way "Construction Savings Banks" The mortgage lending system is completely new for Russia and still little familiar to citizens. Although in other countries this system has already successfully existed for more than a dozen years and allows millions of people to purchase housing at mortgage rates much lower than market rates by 4-6%. Let's take a look at this system and try to understand all its advantages and features.

Principle of the Housing and Social Insurance Program

The principle of operation of housing construction savings implies a mortgage-savings mechanism, which provides for the purchase of housing in two stages: accumulation and lending. First, the program participant saves funds to pay part of the cost of housing in a special bank deposit, and the state assigns a budget bonus (surcharge) to this deposit based on the amount of the citizen’s additional contributions. After the accumulation period expires, the program participant has the opportunity to obtain a mortgage from this bank at a preferential rate.

This mechanism allows you to attract so-called “long-term” money into the economy for 3-5 years, which goes to finance the construction sector, and in the future, when a person has saved a certain amount and received a mortgage loan, stimulating demand for real estate.

The main purpose of the mechanism– ensure the availability of mortgage lending for citizens with low incomes.

Experience of the program in Russia and the world

The housing savings mechanism first appeared in Germany in 1885. It was then that the first construction savings banks appeared. They became especially widespread after the First World War, when Germany experienced an acute housing crisis.

Since then, this program has existed and developed. In addition, the experience of Germany was successfully adopted by other countries in Europe (Austria, France, Denmark, Great Britain) and America. For several years now, such a program has existed and is successfully developing in Kazakhstan.

In Russia, housing construction savings appeared several years ago. At the moment, such programs operate only in 2 regions: the Krasnodar Territory and the Republic of Bashkortostan.

Housing Construction Savings in Bashkortostan

In Bashkiria, with the support of the Government of the Republic of Belarus, the program was launched in 2014 and more than a thousand people have already applied for participation. At the initial stage, participation was available to any citizen of the Russian Federation aged 18 to 65 years who had permanent registration in the territory of Bashkortostan.

Since March 2019, the Head of the Republic of Bashkortostan R. Khabirov signed a decree on the availability of the HSS program to all citizens of the Republic.

To become a participant in the program, a resident of the region should open a special deposit in one of the authorized banks. Then, every month for at least three years, you need to make additional contributions to the deposit of at least 3 thousand rubles. For such a deposit, the bank accrues 1.5-2% per annum (depending on the period of accumulation).

At the same time, the republican authorities will transfer a so-called budget bonus to this contribution. In relative terms, it will be 30% of the replenishment amount, and in monetary terms – no more than 3 thousand rubles. For example, when a client deposits 10 thousand rubles, it will increase from budget funds by another 30%, that is, by 3 thousand rubles.

As soon as the accumulation period ends, the investor has the opportunity to obtain a mortgage loan from the same bank at a rate of 6-7% per annum. The maximum term of such lending can be no more than 1.5 times the accumulation period on the deposit. That is, if you save for 5 years, then upon completion of accumulation you can get a mortgage loan at a preferential rate for a period of no more than 7.5 years.

Banks participating in HSS in the Republic of Belarus

As of 2019, the partner banks of this program in the region are Sberbank (Program “Construction Savings Banks”) And Uralsib (Housing Construction Savings Program). In the future, as it develops, it plans to add several more large banks.

The main stages of Housing Construction Savings in the Republic of Belarus

Those who hear about this mortgage and savings program for the first time ask the question: “How can you participate in the Housing Construction Savings Program?” In fact, there is nothing complicated here. Below is a step-by-step algorithm of actions.

1. Application of a citizen with a passport and an application of the established form to a bank participating in the system (Sberbank or Uralsib). We recommend Uralsib Bank, as the savings conditions there are a little more profitable!
2. In case of positive acceptance of the bank and acceptance by the State Construction Committee of the Rep. Bashkortostan decides on the possibility of the applicant’s participation in the housing cooperative of the Republic of Belarus, the bank enters into an agreement with the applicant on opening a savings deposit.
3. Citizens participating in the Housing Insurance System of the Republic of Belarus contribute funds to a savings deposit for 3-6 years.
4. After the end of the deposit period, the accumulated amount can be used as a down payment (no more than 50% of the cost of the apartment) on a mortgage with a preferential rate of 6-7% per annum.

Advantages housing construction programs in the Republic of Belarus

Now let's look at what pros and cons the program currently has.

• Under the Housing Construction Savings program, you can get a mortgage at a preferential rate for the purchase of an apartment in a new building, on the secondary market, a private house or land for construction.
• The program does not prohibit combining the accumulated amount with another program participant. For example, you can save for two family members at the same time. Everyone will receive a supplement from the state.
• After 5 years of accumulation, if a program participant changes his mind about taking out a mortgage loan, he can spend the accumulated funds along with the premium from the state at his own discretion. But this condition is available only to certain categories of citizens: citizens with 1 or more children; public sector employee, etc. For more details, please refer to the program rules.
• Among the disadvantages, only a limited number of participating banks can be identified.

Belarusbank's housing savings deposit involves opening a deposit account for the purpose of accumulating funds for the purchase of housing, as well as obtaining credit funds in the event of a lack of own funds to complete the purchase procedure.

What savings plans exist, what advantages does a deposit account have, what conditions does a housing savings deposit have in Belarusbank - more details later in the article.

Conditions of the savings and payment period

From 07/01/06 branches of Belarusbank started accepting money into deposits based on the Construction Savings System.

The construction savings system involves opening a deposit account in a bank by a person who wants to build housing.

The savings stage is the period of placement of funds, the calculation of interest and other nuances associated with the deposit. Upon expiration savings, the client can pay for the purchase of housing using accumulated funds – this process has a name payment stage. Next, when the client's funds run out, he can take advantage bank loan for further housing construction.

Schematic representation of the Belarusbank Construction Savings System

Conditions for participants in the Belarusbank construction savings system following:

1. Citizen of Belarus/foreigner/stateless person.
2. Registration on the territory of Belarus.
3. A contractual agreement regarding housing savings must be concluded.

A deposit account on the terms of a fixed-term revocable bank deposit “Housing and Savings” is opened based on a housing savings agreement.

Participant independently:

• Selects savings plan.
• Determined with the amount, which will accumulate until the end of the replenishment period.
• Determined with period term saving.

Based on the amount of the amount, a savings schedule is prepared based on the savings period in equal monthly payments, which begins from the date of making the initial deposit.

Important! It is not necessary to follow the prepared schedule; it is recommended for the purpose of optimal accumulation of the specified amount.

Please note what may affect your disenrollment from the program

If the participant wishes reduce the amount, which he stated, then it is necessary to write an application, which will then be considered by the head of the branch (OPERU Head Office, Center for Banking Services of Belarusbank). The following is add. agreement to the contract housing savings and are installed new dates for the period saving.

You can change your savings plan in the same way.. Transition only can be done provided— the storage period for the Housing and Savings Deposit has expired and not more the basic savings period of the desired savings plan.

More information about the Bank's Construction Savings System can be found here.

Saving plans for housing savings deposit in 2019

The accumulation plans for the Housing and Savings deposit of Belarusbank are as follows:

Plan No.	First	Second	Third
Replenishment period (based on agreement)	Not less than 19 months. – no more than 36 months.	Not less than 31 months. – no more than 60 months.	Not less than 43 months. – no more than 84 months.
Savings period (base), years	Three	Five	Seven
Replenishment period taking into account the contract, months.
Minimum possible	19	31	43
Maximum possible	55	91	127
*The terms are taken into account from the day when the contractual agreement for housing savings was concluded
Average shelf life norm, months.	18 and a half	30 and a half	42 and a half

Useful video:

Terms of housing and savings deposit of Belarusbank in 2019

The housing savings deposit implies the following conditions:

• The deposit is opened in national currency(in Belarusian rubles).
• An initial fee may be entered both in cash and non-cash.
• Forbidden discovery of another person's data.
• Deposit account replenishment is acceptable until the end of the period specified in the contractual agreement.
• Interest payment for housing savings deposits are carried out from the day when the contract was concluded until the day of its expiration.
• % housing savings deposit rate equal to the refinancing rate National Bank of the Republic of Belarus (from February 14, 2018 – 10.5%).
• Capitalization is carried out:

1. When closing a deposit.
2. When making the first expense on the deposit account.
3. At the end of the calendar year.
4. During the period of 139 months.(the end date of the monthly storage of funds until the day when the deposit will be spent).
5. At the end of 139 months.(end date of the calendar year).

• Expiration date is the date that coincides with the date and month of concluding the contractual agreement on housing savings.

You can familiarize yourself with the conditions of other deposits in Belarusian rubles.

Belarusbank deposit calculator

Deposit amount

Interest rate (%)

Cash desk of a banking organization, etc.)

Capitalization of interest that has been accrued.

More details about capitalization

Conclusion

mutually beneficial for the borrower and the banking organization. The latter, before the start of construction, has the opportunity to benefit from the deposited funds of the client, who gains confidence in receiving a future loan and its favorable conditions when placing funds in the form of a deposit in a bank.

The housing and savings deposit of Belarusbank is an excellent opportunity to accumulate funds for the purpose of purchasing real estate.

The terms of the deposit allow both any citizen of Belarus and a stateless person to conclude an agreement, but only subject to registration on the territory of the republic.

Construction savings system

The functioning of the construction savings system involves the mobilization of free monetary funds of the population in the form of targeted savings deposits in specialized credit institutions, as well as their subsequent placement as targeted loans for the construction or purchase of housing (home mortgage).

The model of the construction savings system is closed. Sources of mortgage lending resources are deposits and payments to repay loans (as well as budget funds as subsidies for construction savings).

The construction savings mechanism includes three main stages. At the savings stage, the investor enters into an agreement with the construction savings bank, which stipulates the terms of financing within the framework of the said system. Under the agreement, the depositor undertakes to make monthly contributions to his account. A fixed interest rate (usually significantly lower than the market rate) is paid on the savings deposit. The saving process takes on average 8-10 years (but not less than a certain period). Having accumulated 40-50% of the amount agreed upon in the contract over a given period, the investor becomes a potential borrower. The use by the bank of resources attracted through savings deposits is released only within the framework of this system.

At the stage of distribution of funds, Stroisberkassa calculates a certain indicator, according to which, depending on the degree of participation of each depositor in that object of credit resources, the priority in the distribution of loans is determined.

At the third stage, in addition to the accumulated deposit amount, the participant in the construction savings system is provided with a mortgage loan in order of priority. Interest rates on loans are also below market rates and are fixed for the entire term of the agreement.

Financing through time deposits and term loans

This system is quite risky due to the imbalance in the timing of attracting and placing resources. Examples of the effective use of the mechanism for mobilizing funds through time deposits (UK - building societies, US savings and loan associations) indicate the need for its government regulation (for example, smoothing out fluctuations in the volume and conditions for raising resources through tax policy), as well as strict supervision and control over mortgage credit institutions using this mechanism for attracting resources.

The use of borrowed funds accumulated through term loans, usually as additional necessary resources, is practiced to a greater or lesser extent by all types of mortgage lending institutions. The most promising solution to the problem of limited mortgage lending resources is the development of a secondary market for mortgage loans.

Regional resource utilization programs

The basis of the programs is the active role of executive authorities of the constituent entities of the Federation and local self-government in attracting citizens' funds to the construction sector and mobilizing resources from regional and local budgets. Among the administrations of a number of cities, the idea of ​​maintaining special extra-budgetary funds to support housing construction is widespread. Funds, using budget funds and part of tax revenues within the limits of local taxes, and in relation to closed administrative-territorial entities - also federal taxes, finance housing construction. It is sold to citizens who agree to sell their existing housing to the fund, partially pay the remaining amount from their own funds, and partially receive installments. The cost of old housing, as a rule, is approximately 50-60% of the cost of a new one, 20-25% is the citizen’s own funds, and installments are provided for the remaining 15-30% of the cost of the purchased housing.

The results of these programs are determined by the budgetary capabilities of the regions, the volume of housing construction, as well as the effective demand for housing in the secondary market. In some cities and regions (Orenburg region, Udmurtia, etc.), lending schemes have been developed for the population at a lending rate much lower than the market rate, through the created extra-budgetary funds. Providing preferential interest rates on loans creates difficulties for attracting extra-budgetary funds from investors into the housing mortgage lending system. In this regard, such schemes are limited in the scope of lending and place a heavy burden on regional budgets.

In a number of regions (Belgorod region, Bashkiria, etc.), mainly in rural areas, lending schemes are common that do not use a credit and financial mechanism. In Bashkiria, borrowers receive a loan (loan) in the form of construction materials, and in the Belgorod region the effectiveness of the borrower’s subsidiary farm is considered. In this case, the solvency of the borrower is not assessed, since the repayment of the loan (loan) is carried out not in cash, but in kind - in the form of agricultural products. Replacing monetary instruments with natural ones can lead to incommensurability of costs and results. In addition, it is quite difficult to guarantee the repayment of loans in the absence of a real monetary equivalent of payments in kind on the loan and its correspondence to the size of the loan resources.

Oh, what a long review ahead! I hope it will be useful. Make yourself comfortable, because I can't be stopped)

Getting your own home is the dream of 70% of the population, especially when you wander around rented apartments (and more than one). I first heard about the Construction Savings System (CSS) about three years ago, when a Belarusbank consultant (and for me she was a friend, Aunt Katya, they worked nearby) shared with me how she built an apartment for her daughter. I read it on the website, talked to her again and refused this option, because renting an apartment and saving at the same time seemed like a crazy idea.

The construction savings system is a solution to your housing problem, subject to the accumulation of part of your own savings and obtaining a loan for housing construction on favorable terms.

And then... One of my friends and her husband bought an apartment, and two years ago my grandmother gave an apartment to another friend of mine (the main amount was from her, the friend also contributed her own investments) and my mother took care of providing me with an apartment: “All the girls have apartments , but my daughter doesn’t!” Honestly, it was her “fire” that ignited my interest and activity. It was December 2016. I was actively studying loans from all banks, sadly assessing my chances, studying again and getting upset again. And at the same time I studied the prices. And suddenly... my mother talked to my brother and asked him to help - to give me money on the condition that I would not apply for my parents’ apartment. The amount of cash was $4,000, so we began to think about what to do. And then I again saw information about SSS, was the first to read negative reviews on the Internet, and then came across a large discussion on one of the sites where users shared knowledge and chewed on each other’s features of this contribution (and initially it is necessary to make a contribution). There were a lot of pages, I read it at night after work. And I dreamed. At the same time, I went to the bank and consulted, asked questions and clarified points that were unclear to me. I went to the bank 2 times before the stage of concluding a deposit agreement; the branches and branches were different, as were the consultants). Of course, it was easier for me, because... I had the amount for a 25% contribution and the opportunity to get a loan after 19 months.

The construction savings system consists of two stages:

• accumulating your own savings by opening a “Housing and Savings” deposit;
• lending period.

Those. You can enter into an agreement for a period of 36 months, pay 25% of the cost of the proposed housing in the first month, and after 19 months you can already apply for a loan. Or you can replenish your deposit in installments over the entire 36 months and eventually accumulate that same 25%. By the way, there are three accumulation periods to choose from: 3 years, 5 or 7 years. You can receive a loan within one year from the date of expiration of the contractual period of the savings stage.

I soberly assessed the risks, I understood how fragile the exchange rate in our country is and that we could lose money due to inflation. But did I say that my mother and I burned down the apartment together? What tiny little ones we looked at, in what areas they were located! The thought was warming: tiny, far away, but your own! Moreover, I rented an apartment in the middle of nowhere. Inexpensive one-room apartments cost approximately $16-17 thousand at the beginning of 2017, so we decided to borrow another $1,000 and make a deposit. After all, who doesn’t take risks... The first stage was exchanging currency for my own squirrels, I changed money at my parents’ place in the city (it wasn’t so scary with my brother), thanks to the reviews, I already understood that “bags of money” from a negative review - this is not an exaggeration. The $ exchange rate at that time was about 1.93 rubles upon delivery. They exchanged the entire amount for me in 5 ruble bills. - 2,000 bills!!! Rounded up to 10,000 BYR. I can responsibly declare: this is a big backpack of money. I had already thought in advance what to do with this amount, because I needed to open a deposit in Gomel, and traveling with this backpack was scary and difficult: I opened an account and deposited money there. Without any problems I transferred the amount to the deposit account on 02/08/2017 and off we go...

I joined a group on housing issues, where they discussed new buildings, housing prices and purchasing methods. And I tirelessly looked at apartments in advertisements... and came to the conclusion that I could aim for a two-room apartment, albeit an inferior, small one... I fell in love with the apartments and “parted” with them, crying from powerlessness and fear for the future. And I followed changes in legislation, in the SSS, and studied legal acts in detail. Needless to say, discussing the purchase of a home has become a favorite topic? The forum where you could complain and feel support, as well as your mother, saved you. 19 months have not passed - they have flown by. I was ready for this event, because I periodically came and took statements about changes in the deposit amount, and also clarified questions that arose along the way. Unfortunately, I can tell a couple of stories about the incompetence of employees, but I was lucky to still receive professional advice both during the accumulation stage and the credit stage. The deadline for obtaining a loan was 09/08/2018, but we started looking at apartments in August. And the course jumped. It would seem that from 2 rubles it grew to 2.05, then 2.20, but for large amounts it was a disaster... I didn’t like the apartments: either the price was wrong, then the size was like a doll’s house, or a real shithouse. Nevertheless, I visited the mortgage department for a consultation. The first time they turned me away with the wording “the deposit runs out, you’ll come back,” so I was wary. And I was lucky: Irina Alekseevna Baydun became my consultant and accompaniment. She told and explained everything in detail. And I found out that the waiting list for applying for a loan was already 2 weeks (!) and I signed up “just in case.” And she continued to search. It could have been a separate big review of a loved one and several months of nervous tics.

Important! All 19 (and I ended up with 20 months) my money on deposit worked: it was accrued interest in the amount of the refinancing rate. In total, at the time of the money transfer, my 10,000 turned into 12,179, or from $5,181 to $5,612 (at the time of the transaction, the rate “jumped” to 2.17 rubles). In the end, I even ended up with a good profit.

Refinancing rate is the rate of the National Bank of the Republic of Belarus, which is the basic instrument for regulating the level of interest rates in the money market and serves as the basis for setting interest rates on operations to provide liquidity to banks.

I completed the purchase of the apartment with the help of an agency; I will leave the stages of preparing the documents outside of this review (and I mainly came to sign and pick up the documents). At the branch where I made a deposit, I took a statement, which indicated the amount of savings and a possible loan, and also found out the CMR coefficient. By the way, it can work both in + and - credit. That is why the borrower can either use it or not. My SMR was 1.21, which gave me about 5,000 BYN + to the loan!

The system of indices (coefficients) for recalculating (changing) the estimated cost of construction is the most important tool for pricing in construction in modern conditions. Indices are used to determine the cost of construction in current (or forecast) prices and for settlements for completed construction and installation work between customers and contractors.

The main purpose of indices (coefficients) is to take into account the factor of increase in the cost of construction in relation to the base level.

I ordered an income certificate in advance, because... they gave it to me from another city. The bank advised me of 3 guarantors, but there were only 2. And again I was lucky: the wife of one of the guarantors agreed. My guarantors also ordered certificates; while receiving the certificates, I went to the bank to check them. Before the day of submitting documents (preliminary agreement, salary certificates, copies of passports) I was very afraid of some obstacles, but everything went well, I announced 2 guarantors (it was difficult for one of them to come later), I left the 3rd “in reserve.” The documents were submitted on Friday, and on Tuesday evening I heard “yes”. I concluded an agreement with a notary, registered it with the BTI, and took it to the bank for verification. And again my Irina Alekseevna helped: I brought the documents at 16-17 hours, and in the morning I arrived with the guarantors to sign the agreement. I transferred my part of the money from the deposit to the seller’s account, took the payment to the mortgage department, and managed to transfer part of the bank’s money to the seller on the same day. I ordered currency at my bank branch, fortunately, Elena Vladimirovna Voitekhovich (bank branch manager, she also advised me on the deposit throughout the entire period) coordinated the work of the employee in transferring money from the deposit and ordered the currency without problems during “after-hours” hours (applications were left until 10.30 , and I was 12).

The total loan amount was 39,427 rubles. Due to the jump in the exchange rate, I had to deposit my own funds that were not included in the deposit, because... the bank could not issue a loan for more than 75% of the cost of the apartment. The preliminary agreement was concluded at an exchange rate of 2.10 rubles, and the transaction itself was 2.17 rubles. Yes, the contract states the price in Belarusian rubles, but there is a line “which is equivalent to... thousand dollars at the exchange rate.” The seller doesn’t care about the exchange rate and everything else, he wants to receive his amount in hard currency.
I have been living in my large apartment for 1.5 months now, renovations and 20 years of loan payments lie ahead. By the way, for the first 18 months I pay only % - 195.07 rubles, from May 2020 the principal debt will be added to 178.40.
A few words about interest: when concluding a loan agreement, you can choose 2 options for the interest rate - CP + 1% or the weighted average rate (I still don’t understand what it is) for the term of the deposit. You can only move from the first option to the second in all 20 years. Because at the moment SMR 10, then I chose SMR + 1, because... my weighted average is 13.