[ad_1]
Mitigation measures imply that banks grant mortgages to developers.
Filianingsih Hendarta, Deputy Governor of the Department of Makroprudential Policies, said the national central bank has asked banks and developers to monitor the purchase of upcoming homes.
If this policy drives up demand and drives up prices, banks and developers must refrain from responding to the demands of the home.
For the developer, he says, when the demand for the house increases too fast and too fast, the developers do not increase the price too much. This policy aims to ensure the flourishing of individual homes and increased investment after a lack of enthusiasm over the last three years.
"Developers should not be raised too high, they all have to contribute, if they want to shift the entire contribution to this sector so that economic growth can be achieved," he said in BI Complex , Monday (2/7).
As for the bank, BI asks when the demand for KPR is too high (overheating), the bank can provide more selective mortgages to customers. In addition to reviewing the risk profile of customers, banks are also required to provide mortgage approvals only to promoters who comply with bank risk management policies, including commercial feasibility and others. Specifically, for developers who will accept the withdrawal financing plan when new homes will be built.
"Banks should have their own policies that take into account the prudential principles of credit," he said.
Later, BI asks the bank to make sure that there is no credit transfer to other borrowers in the same bank or other bank at least in a delay of one year.
"So for example when there is a pivotal agreement for a disbursement of 30%, with a price of 100 million Rp. Then thawed again 50% of credit and so on, house prices start to rise customers can sell to others with a higher price, "he explained.
Nevertheless, he admitted that up to now there is no policy He also said that it was not specifically approved by BI from the banking supervisor, the Financial Services Authority (OJK), which regulates the application of the advances that will be piled up in the bank.
While mitigating the real estate bubble of BI, he said it was tight enough for this risk to not happen.From an early waiver only applies to Banks with a net ratio of non-performing loans (NPL) of less than 5% and a gross KPR of less than 5%.
Next, e prepayment is only applicable when buying the first house. While the purchase of a second home, the third, and so on, are subject to an advance of about 10-20%. Then, indent financing when new homes are built is only allowed for five credit facilities.
Finally, the risk of a housing bubble and the implementation of this loosening of the LTV policy will be evaluated progressively monthly, quarterly, up to one year. .
"If there is an overheating, we will adjust, but at least a year we will evaluate, let's see what we need to do," he said.
In case of overheating and closer to the bubble risk, it is not impossible that BI immediately changes the policy. However, he said that policy change is a natural thing on the macro side.
"If this is booming, we will strengthen the policy, but when it will not be as high as it is now, we will release it," he said.
The property bubble is still here
Despite the preparation of a series of attenuations, he claims that the real risk of bubble ownership is still far from the point of view. ;Indonesia.
First and foremost, the mortgage financing cycle is still in a phase of acceleration and has not reached the peak. This happens because since 2012, the national central bank has begun to curb the growth of the house jor fishing rod.
In 2012, BI implemented an LTV policy that governs the ratio of bank loans to the housing sector. This policy imposes a down payment on home sales.
"When LTV Volume 1 was applied, initially high mortgage growth began to decline, and in 2013, LTV Volume 2 was applied, mortgage growth still peaked, but also down. "
Later, after the sharp fall in credit, it was only in 2015 and 2016, BI set up the policy of LTV volume 3 and volume 4. down payment at the time did not quickly grow the credit. Because, until now, its growth has not returned to the 2012-2013 period.
BI data show that total credit growth did not reach double the phase after the application of LTV volume 4. LTV volume 4 applied in August 2016, at the time the credit growth of 6.83 percent. Now, in May 2018, new credits to 10.26 percent.
Although, by mortgage, it doubled from 6.21% to 12.75%. However, construction credit actually fell from 17.24% to 13.49%. Similarly, real estate growth of 6.21% to 12.75%. "This means we see that there is still room for this credit growth, so we relax," he added.
In addition, this policy was not as big as the risks because of the NPL part is still quite awake. In August 2016, BI recorded bank unproductive loans of 3.22%, while in May 2018 it fell to 2.79%.
In particular, in the real estate lending sector, LTV volume 4 slightly lowered the NPL in this sector from 2.22% to 2.19%. But the rating is in NPR KPR which makes it swell from 2.77% to 2.87% and the construction of NPL from 4.97% to 6.43%. "But this NPL is still under control," he said.
Second, the supply of homes is still quite large visible from the progress of the construction of the home of more and more developers. Third, real estate prices still tend to be stable. Fourth, bank interest income is still quite low, especially in the mortgage sector.
On the public side, the real estate bubble will not happen because the ability to pay for the household is still relatively high. This is reflected in the national average debt service ratio at 10.46%. While the market share of the number of debtors who have more than one mortgage loan facility, the debt service ratio is 5.17%. (lav)
[ad_2]
Source link
