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Sberbank intends to become a center of competence for developers on escrow accounts - EastRussia | Far East






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Sberbank intends to become a center of competence for developers on matters of transfer to escrow accounts

Far Eastern Sberbank held a round table for developers of the region to exchange experiences and discuss the hot topics of the primary market. More 100 participants took part in it - representatives of 46 construction companies from Khabarovsk, Vladivostok, Nakhodka, Ussuriysk, Blagoveshchensk and Yuzhno-Sakhalinsk.

According to the press service of the bank, the main topic of the meeting was the latest changes in legislation in connection with the transfer to the escrow account and the possibilities of project financing by the bank.

“The introduced changes in the legislative framework will have a serious impact on the work of developers. Therefore, an important aspect for our partners today is open cooperation, support and the ability to quickly get answers to your questions. We are always ready to provide advice and work out each individual situation of a partner, ”said Natalia Romanova, Director of the Sberbank Sberbank PJSC’s Far Eastern Bank.

For buyers, the procedure for purchasing housing will remain the same, except that now such transactions will be protected. Changes significantly change the economic activities of construction companies: they will have to invest more of their money and apply to banks for financing. Banks during construction will monitor the intended use of credit.

Escrow account is a special escrow account for which the apartment purchaser pays money for a lump sum or in installments. The bank blocks the funds until the end of construction and transfers them to the developer after the house is put into operation and the ownership of one object is completed. This mechanism protects buyers money.