"Housing Construction Savings» , or in another way "Construction Savings Banks" for Russia a completely new system and still little familiar to citizens mortgage lending. Although in other countries this system has been successfully existing for more than a dozen years and allows millions of people to purchase housing at mortgage rates much lower than market prices 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 money to pay part of the cost of housing in a special bank deposit, and the state accrues a budget bonus (surcharge) on this contribution from the amount of additional contributions of the citizen. 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 is used to finance the construction sector, and in the future, when a person has accumulated a certain amount and received mortgage— 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. On this moment such programs operate only in 2 regions: 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 old with permanent registration on 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 special contribution 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 an initial fee(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 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.

Valentina Zakharovna, July 1 marks three years since the construction savings system was introduced at Belarusbank. Its goal is clear - to help people save money to build or buy housing. What is its essence?
- The construction savings system offered by the bank is completely new for Belarus financial instrument. And it was our bank that developed and implemented it for the citizens of the republic. The system helps to accumulate the necessary amount Money(at least 25% of total amount planned investments for the construction or purchase of housing). After this, the bank provides a loan in the amount of up to 75% of the amount of the planned investment for more preferential terms compared to current lending conditions. That is, this system consists of two stages - accumulation and lending.
The bank offers three options: 3 years, 5 and 7 years of accumulation. Bank specialists give recommendations on how to build a savings schedule, which savings option to choose, and the date of eligibility for a loan is preliminarily determined.
In case of accumulation of savings in equal installments, the right to receive a loan begins after the entire term of the selected accumulation option has expired. If the entire amount of funds is deposited on the day the agreement is concluded, the right to receive a loan occurs after 19 months.
Thus, the earlier money is deposited into the system, the earlier the date of obtaining the right to a loan occurs. And this rule works strictly.
After the accumulation of funds, the lending stage begins. The loan is issued for a period of up to 20 years at the refinancing rate of the National Bank of the Republic of Belarus plus one percentage point. The loan amount is up to 75% of the amount of construction or purchase of housing, depending on the accumulated amount of savings.
I will separately dwell on the economic aspects of the attractiveness of the construction savings system.
Firstly, at the accumulative stage, the bank pays (accrues) income in the amount of the refinancing rate of the National Bank of the Republic of Belarus. Secondly, long term lending - up to 20 years. Thirdly, the loan fee rate is 2-5 percentage points lower than for other loans for construction or purchase of housing. Fourthly, repayment of principal and interest on the loan is made in equal parts. In addition, all participants in the system, regardless of the need for improvement living conditions are situated in equal conditions according to the terms of the loan and the amount of fees for using the loan.
These conditions are very attractive and significantly increase the creditworthiness of participants in the construction savings system.
- How many people used this bank system to solve their housing problem?
- The operation of the construction savings system for three years has shown that this product is in demand. About 5 thousand people took part in the Belarusbank construction savings system, placing more than 60 billion rubles on the Housing Savings Deposit. Taking into account the completion of the savings stage and receipt of loans, as of June 1, 2009, there were 3.1 thousand “Housing Savings Deposit” accounts with a balance of 45.3 billion rubles.
- Does the place of residence of a system participant affect his ability to purchase or build housing in another region?
- One of the attractive factors is that a participant in the system can build or purchase housing in any region of the country.
A participant in the system has the opportunity to transfer his “Housing and Savings Deposit” to any Belarusbank institution free of charge, preserving the accumulation history, and without having to start all over again. Any person, for example a grandmother, parents, can become a participant in the system in order to accumulate funds for grandchildren, children and help them solve the housing problem in the future. These persons have the opportunity to assign the right to claim under the housing savings agreement to their grandchildren or children, who in the future will receive a loan themselves, build or buy housing, and will themselves pay the bank for the used loan.
- In February last year, the bank began implementing the second stage - issuing loans through the construction savings system. What is the percentage of system participants who have used bank loans over the past year and a half? And what is more - building or buying housing?
- During this time, loans amounting to almost 50 billion rubles were issued to about 800 system participants. At the same time, about 20% was allocated for housing construction, and more than 80% for its purchase. As the figures show, system participants buy housing most of all.
- As with any loan, to obtain a loan through the construction savings system you need to submit a certain package of documents...
- It all depends on whether you plan to buy an apartment or build one. When purchasing a home to obtain a loan, you must submit a residential purchase and sale agreement and a certificate of market value housing, in the case of apartment construction - a contract for its construction. Also, to calculate solvency, you must provide information about your income and the income of the guarantors for the last three months.
- If a person moved to another city, is it possible to transfer a savings deposit there through the construction savings system or do we have to start all over again?
- The deposit within the framework of the construction savings system can be transferred to any region of Belarus, but only to the Belarusbank institution.
- Is it possible to change the contract amount? For example, we planned to build a 2-room apartment, but the situation has changed and it is necessary to build a 3-room apartment.
- Yes it is possible. You just need to decide to increase the amount of contributions, and the more you save, the larger the loan amount will be. You can come to the bank and, with the help of our specialists, adjust the savings regime.
The accumulation of funds is not regulated; the system participant determines for himself the mode and timing of depositing funds. This means that if at the initial stage it was planned to build a 2-room apartment, and then the situation changed, then the participant himself makes the decision and accumulates a larger amount.

I invite you, dear readers, to become participants in the construction savings system offered by Belarusbank, to build or purchase an apartment or an individual residential building.

The problem of improving living conditions is relevant for many people. Not everyone can independently raise enough money to buy real estate. Therefore, citizens turn to banks to obtain borrowed funds.

Acquisition and construction of housing using the construction savings system

Belarusbank invites citizens to take advantage of the construction savings system. To do this, the client opens a special deposit and deposits funds into the account. Accrued interest is also accumulated on the deposit. After the period established by the agreement, the client applies for a loan. The period for using funds is up to 20 years from the date of loan transfer. Issuance is carried out by transferring money to the account of the property owner.

The allocated amount can reach 75% of total cost object. The specific size is determined by bank employees taking into account the following factors:

• the amount of savings in the account;
• amount of income;
• income level of loan guarantors;
• credit history;
• market price of the property.

The rate for using a loan can be set at the level of the refinancing rate - + 3% . In this case, it is revised immediately as soon as National Bank changes this value. The client can choose a weighted average rate. Then the refinancing rate that was in effect during the period from the moment of concluding the deposit agreement to the month preceding the issuance of money is taken into account. A citizen who has previously registered a savings deposit under the construction savings system can take out a loan from Belarusbank for housing under the specified conditions.

Lending for construction and purchase of finished housing

The bank also issues funds in the amount of up to 75% of the market value of the purchased property. The term for using the money is up to 15 years. The interest rate is set at the refinancing rate + 3%. A Belarusbank loan for housing construction can be issued upon presentation of the following documents:

1. When constructing an object by a developer organization, a certificate from such an organization confirming the inclusion of the applicant in it.
2. At shared construction A certificate from the participant and a copy of the agreement on the creation of a shared construction project are required.
3. During construction individual house: contract for contract work; certificate of ownership for land plot; a certificate of the cost of the facility under construction indicating the percentage of completion.

A Belarusbank loan for the purchase of housing is issued to any person who meets the following requirements:

• permanent place of residence is located on the territory of the Republic of Belarus;
• there is a constant source of income;
• the citizen is fully capable.

The functioning of the construction savings system involves the mobilization of free funds of the population in specialized credit institutions, as well as their subsequent placement as targeted loans for the construction or purchase of real estate (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 resources as subsidies for construction savings.

The construction savings mechanism includes 3 main stages.
At the savings stage, the investor enters into an agreement with the construction savings bank, which stipulates all the conditions for financing within this system.
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Under the agreement, the depositor undertakes to make monthly contributions to his account. By savings deposit a fixed percentage is paid, usually significantly lower than the market rate. Having accumulated 40-50 of the amount agreed upon in the contract over a given period, the investor becomes one of the potential borrowers. The bank's use of resources raised through savings deposits, is allowed only within the framework of this system.
At the stage of distribution of funds, the Construction Savings Bank calculates a certain indicator, according to which, depending on the degree of participation of each investor in the total volume of credit resources, the priority in the distribution of construction savings 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 construction loans are also below market rates and are fixed for the entire term of the agreement.

Despite certain limitations on the scale of use of the construction savings system, the size of the resources attracted is determined by the volume of savings of depositors, the prospects for using this form of organizing mortgage lending in Russia currently seem quite realistic, in particular, on the basis branch network Sberbank of the Russian Federation.

The effective functioning of the construction savings system is possible even in the absence of mass effective demand for mortgage loans. When improving economic situation the scale of operations within this system will grow.

Throughout the territory Russian Federation, and also operates in the CIS countries affordable housing program "Stroykassa". The conditions compare favorably with those that are planned to be offered in construction savings banks and relate to the second and third stages (at the first they are the same - accumulation of funds in small monthly payments).

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The second stage - the program participant signs a leasing agreement, according to which the company buys an apartment for him.
Thus, the difference is also in the absence of interest on the loan. According to the Stroykassa program, a single markup of 20% is made to initial cost apartments.

The third stage is payments under the leasing agreement and the transfer of the apartment into the ownership of the program participant after making the last payment.

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...

Joined the group 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, 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 shithole. 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 on money market and serving 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 possible loan, and also found out the construction and installation work 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!

System of indexes (coefficients) of recalculation (changes) estimated cost construction is the most important pricing tool 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 rate jump, I had to pay own funds, not provided for by the deposit, because the bank could not issue a loan for more than 75% of the cost of the apartment. 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've been living in mine for 1.5 months now big apartment, renovations and 20 years of loan payments are 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 %: when concluding a loan agreement, you can choose 2 options interest rate- SR +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.