Digitalization of mortgages: Ukrfinzhytlo and the Ukrainian Association of Developers launch a joint project
Ukrfinzhytlo, which operates the state mortgage lending program eOselya, and the Ukrainian Association of Residential Property Developers have signed a memorandum to launch a unified digital platform for easy accreditation of new buildings in mortgage programs. The new tool will help to accelerate the expansion of the list of houses available to borrowers, thus providing them with a much wider choice of primary housing.
Ukrfinzhytlo, developers and banks will have their own interfaces in the system. It will allow developers to submit a single unified set of information and documents, some of which will be pulled from existing national databases. Having access to this information, banks will be able to analyze each application in detail, make decisions on accreditation of a new building faster and easier, requesting only a small amount of data individually through a special communication module. And the regulator, represented by the State Housing Agency, will have effective tools to ensure compliance of all parties and control over deadlines.
- This is a kind of marketplace for developers, like a showcase: you upload documents, and any bank can take you in, look at you, or even take you for accreditation in parallel, - says Yevhen Metzger, Chairman of the Board of Ukrfinzhytl. - "Perhaps, thanks to such tools, we will come to some very fast accreditation processes. Banks will see that when two banks have already accredited a developer, the third will simply do it automatically, based on experience, trust, and expert opinion.
According to Yevhen Favorov, Chairman of the Board of the Ukrainian Association of Developers, it can take three to four months to accredit a new building for participation in mortgage programs. With the launch of the platform, it is planned to speed up this process to a month and a half.
- We are focused primarily not so much on developers and banks, but on buyers. And this is certainly an opportunity for us to create a tool that will increase confidence in the market. Because it consolidates the efforts of three parties - the state represented by Ukrfinzhytl, banks and developers - to provide the buyer with relevant information about a particular property. And this is our main focus, - emphasizes Yevhen Favorov.
The service for potential buyers will allow them to search for housing by various criteria, such as location, developer and price category. It will be possible to view complete information about the residential complex, including the status of construction, its characteristics, availability of permits, information about individual houses and project participants. Right in the system, you can calculate the estimated mortgage amount using the built-in calculator and immediately submit an application through the Diia service.
At the same time, the simplification of working conditions should help attract many more partner banks and developers to mortgage programs, which will provide borrowers with a much wider choice of high-quality modern housing.
It should be noted that this is not the first joint step of Ukrfinzhilstvo, banks and developers to simplify the accreditation of buildings. Earlier, a unified questionnaire for new buildings under construction was also launched, which developers simultaneously send to all partner banks of mortgage programs, no longer wasting time and resources on submitting separate packages of information to each bank.
