The Central Bank of Russia proposed to extend the practice of using escrow accounts to the mortgage for the construction of private housing, the press service of the regulator reported, writing “Izvestia”.
According to the Bank of Russia, project financing through Eskrow’s accounts following the example of what is used in the share of the ownership, it will help the construction of cottages. However, for this mechanism, it is necessary to develop a “soil” and increase the level of liquidity of pledges. The Central Bank declared the need to create an industrial, standardized design and home-building industry. According to analysts, you need to introduce a “land bank”, which will reflect the territory with engineering, transport and social infrastructure.
previously called regions leaders on secure centers with housing. They became the suburbs, Krasnodar Territory, Tatarstan, Sverdlovsk region and Moscow.
Escrow’s account is a special account in a bank on which money is stored before certain circumstances. The buyer of real estate puts money to an escrow account, and the seller (for example, the developer) can pick them up when it fulfills the conditions that are pre-prescribed in the contract.