Mortgage lending influences the economy by promoting the progress of business and reflecting the patterns of development of the banking system. It facilitates the growth of the banking sector, industry, construction sector and agriculture, essentially complementing the real sector of the economy. Mortgage lending can revive the market of capital investments and tackle the investment and financial crises under sound state control. The social component of mortgage lending is of prime importance, since it helps increase the availability of housing for the population. According to the results of the latest all-Russian surveys carried out by the National Agency for Financial Studies, 36% of the Russians plan to improve their housing conditions with the use of mortgage, 9% – with the help of consumer loans. A similar situation is observed at the municipal level. Thus, the analysis of the data of the questionnaire survey carried out among the Vologda residents in September 2014 by the associates of the RAS Institute of Socio-Economic Development of Territories reveals that the use of lending for improving housing conditions prevails among the Vologda residents: 47% of the respondents expressed a desire to get a mortgage loan for purchasing housing, 14% of the respondents were willing to obtain a consumer loan. However, according to analysts from the international rating agency Moody’s Investors Service, many people still cannot afford to get a mortgage loan, because the incomes of about 60% of the employed population in Russia are below the amount of the national average monthly wage. In this regard, along with the existing standard mortgage products, the subjects of the Russian Federation have preferential (social) programs, which are designed for public-sector employees and young families. The demand for such programs is still not large enough (9–10%) due to the fact that few Russians know about them (40%). Taking into account the high relevance of this topic, the article, using the example of the Vologda Oblast, assesses the possibility of people’s participation in preferential mortgage loan programs, which are provided by state authorities and various lending institutions. The author analyzes the conditions for the provision of the social mortgage program to young families and public-sector employees, and also the issue of subsidiary support of young teachers who take out mortgage to purchase housing. The results of the analysis identify several problems in the implementation of preferential mortgage programs in the region
Keywords
housing construction, housing, housing security, mortgage loan, concessional (social) mortgage lending