Developers want to simplify obtaining loans for construction, for this purpose it is planned to introduce a special electronic service. Such an aggregator and a unified loan application will be developed by the Project Financing Commission of the Public Council under the Ministry of Construction with the participation of banks and experts in the first quarter of 2022. The chairman of the commission Rifat Garipov told Izvestia about this.
“A universal application form for obtaining project financing will be developed for submission to several banks at once. A working group with the participation of experts from the commission and representatives of banks will determine the minimum possible package of documents that will satisfy the requirements of different credit institutions, ”he said.
The developed technologies will be sent to the regions for testing and running-in, the public council under the Ministry of Construction said. Izvestia sent inquiries to the Bank of Russia and the Ministry of Construction.
“The tool will reduce the time needed to bring projects to the market and the labor costs of developers, which will ultimately have a positive effect on the expenditure side. Shorter terms mean a more profitable and efficient development process, ”said Maria Mogilevtseva-Golovina, Product Director of City-XXI Century.
At first glance, there is no direct connection between credit innovations and the final cost per square meter, Rifat Garipov noted. But labor costs to overcome administrative barriers account for 15% of developers’ expenses, 11% falls on obtaining technical specifications, he said. Obtaining project financing is associated with the coordination of technical conditions for collateral objects, and with the costs of collecting and preparing documents, with overcoming administrative barriers. The introduction of new mechanisms will save up to 10-15% of the developer’s budget, which may affect the final cost of housing, Rifat Garipov believes.
Read more in the exclusive material from Izvestia:
Embedded in a row: developers want to simplify access to loans
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
