HOUSING MORTGAGE LENDING MARKET IN RUSSIA UNDER CONDITIONS OF ECONOMIC SANCTIONS AND CORONAVIRUS CRISIS

Mortgage is one of the fastest growing segments of retail lending, an important economic and social component that forms the basis for interrelated phenomena: it brings significant income to banks, allows solving the housing problem of citizens and stimulates economic growth through the development of the construction industry. This article is devoted to the analysis of the state of the residential mortgage lending market of the Russian Federation in the context of macroeconomic instability and the COVID-19 pandemic. According to the results obtained during the study, it was revealed that the modern housing mortgage lending market cannot be characterized by sufficient scale and maturity. The popularity of mortgages is increasing, but at the same time a side effect is the rise in housing prices. Currently, there are some signs of overheating of the mortgage lending market, high demand for preferential mortgages. At the same time, the share of overdue debt is increasing, and the debt burden of the Russians on mortgage loans is updating historical highs. If the financial situation of borrowers continues to deteriorate, the credit risks of banks will increase significantly. In this regard, it is necessary to take a more careful approach to assessing the creditworthiness of borrowers in order to prevent an even more severe deterioration in the quality of the loan portfolio of banks and a new wave of bankruptcies of individuals and legal entities.