2023-12-15 20:08:30
The size of the down payment on a preferential mortgage at 8% per annum has been increased from 20 to 30%. The decision was made by the Russian government on December 15.
“The new resolution has increased the contribution on preferential mortgages, which are issued at a rate of 8% per annum for the purchase of housing in new buildings, the construction of a private house or the acquisition of land for its construction, to 30%. This measure is aimed at improving the quality of loans,” the Russian Ministry of Finance said.
In addition, the maximum size of a preferential mortgage loan for all regions, including capital cities, is now 6 million rubles. Previously, the limit on preferential mortgages for Moscow, St. Petersburg, the Moscow region and the Leningrad region amounted to 12 million rubles.
New down payment requirements for preferential mortgages in Russia will come into force on December 23, clarifies TASS.
As he writes Interfax, the government’s September decision to increase the down payment for preferential loans from 15% to 20% of the contract price “did not lead to a significant slowdown in issuances, since preferential mortgages became even more attractive in the context of rising prices for market programs against the backdrop of a sharply increased key rate.” In annual terms, the growth rate of the mortgage portfolio as of November 1 reached almost 30%. At the beginning of December, the Ministry of Finance made proposals to “cool the preferential mortgage segment,” aimed at increasing the targeting of such programs and reducing the risks of overheating in the housing lending market.
December 15, the head of the Central Bank Elvira Nabiullina statedthat the non-addressed preferential mortgage should be completed in July 2024. The Bank of Russia, according to her, sees risks of overheating in the mortgage market, despite the slowdown in the growth of housing loans. At the same time, the Central Bank considers the family mortgage to be targeted; the parameters for its extension require discussion.
The main complaint of the head of the Central Bank is that the purchase of apartments under state support programs accelerates inflation, the key rate increases, and therefore the interest on standard mortgages, including on the secondary market. Read more about how changes in preferential mortgages may affect the real estate market in the Fontanka article.
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