CURRENT ISSUES OF MORTGAGE LENDING IN RUSSIA

The mortgage market in Russia is in the process of transformation and development. In order to increase the efficiency and functionality of mortgage lending, a rational solution to the acute problems in this area is necessary. The primary task here is to solve the issue of slow growth of income of the population and significant inflation. Our market is difficult to compare with the mortgage markets of Western countries with developed and relatively stable economies. The relevance of the research topic lies in the constant process of improving mortgage lending in Russia and increasing the efficiency of using this lending mechanism. Modernization of the mortgage market is necessary due to the growing demand for the purchase of real estate by the population of the state. To achieve this goal, the following tasks of the scientific research were set and solved: The definition of mortgage lending, its functions and principles is given; the problems of mortgage lending are identified, ways and methods for their elimination are proposed; modern trends of the mortgage lending market at the current stage of development of the Russian economy are outlined; the need to improve the system of state support for mortgage lending is substantiated. The importance of the study lies in identifying existing problems that prevent the Russian mortgage banking sector from developing stably and effectively, analyzing mortgage lending, which can be applied in practice to solve problems in this area. Today, the mortgage lending market needs government support. To improve the development of mortgage lending, it is important to carry out clear analytics, introduce new and change the used credit products and services provided to clients. Every year, the population’s need for a mortgage is growing, and here, the basic task of the state is to apply all necessary measures to increase the availability of mortgages to ordinary citizens, regardless of their wealth and income level. Changes in legislation in the banking sector will give banks the opportunity to work stably despite economic shocks in the country, and citizens will have the opportunity to receive the banking services they need.