The Russian government will extend the concessional mortgage program at 6.5% per annum until July 1, 2021.
This was announced on Thursday, October 22, by Prime Minister Mikhail Mishustin.
As the head of the Cabinet of Ministers recalled, the program was originally designed until November 1, 2020.
Meanwhile, during its operation, the initiative "proved itself well," the prime minister stressed.
“Many families have taken advantage of this program.
She also helped support the construction industry, ”Mishustin said at a government meeting.
Recall, at the initiative of Russian President Vladimir Putin, the authorities launched a preferential mortgage program at a rate of 6.5% per annum back in April 2020.
Under its terms, Russians can get loans with an appropriate rate for the purchase of apartments worth up to 12 million rubles in the Moscow and St. Petersburg agglomerations, as well as up to 6 million rubles in other regions of the country.
“Now the program accounts for more than 90% of all loans for new buildings.
We see its relevance, that families need it.
During the implementation of the program, more than 230 thousand loans were issued for 670 billion rubles.
September was a record month for the preferential mortgage program - about 60 thousand loans were issued.
In total, the population believed and brought personal savings in the form of an initial contribution of over 100 billion rubles, ”Deputy Prime Minister Marat Khusnullin said at a meeting on Thursday.
According to him, the extension of the program until July 1, 2021 will improve the living conditions of 600 thousand Russians.
At the same time, according to the government and the Federal Tax Service, the authorities' initiative will bring about 100 billion rubles of additional revenues to the country's budget and save thousands of jobs.
Against the background of the expected increase in the number of program participants, the demand for housing loans will continue to remain high in the near future.
This opinion was expressed in an interview with RT by the head of the DOM.RF Analytical Center Mikhail Goldberg.
“Not only existing banks, but also new banks will be able to apply for participation within ten days after the entry into force of the resolution on the extension of the program.
According to our forecasts, the total volume of funds disbursed at 6.5% per annum will exceed 1.8 trillion rubles, which will make the state support program the most ambitious in the history of the mortgage market, ”the expert said.
Note that since the beginning of 2020, banks have issued more than 1 million mortgage loans to Russians for 2.7 trillion rubles.
This is evidenced by the data of a joint study by the DOM.RF company and the Frank RG agency.
In September, credit institutions issued a record number of housing loans - more than 180-185 thousand for the amount of 470 billion rubles.
Compared to the same period in 2019, the indicator increased by 71% in quantitative terms and almost doubled in monetary terms.
“Thanks to mortgage programs, more than 500 billion rubles of investments have already been attracted into construction.
At the same time, due to a significant amount of funds received on the market, related industries - logistics, production and sale of construction and finishing materials, as well as the segment of household appliances - were able to withstand.
Further demand for real estate will make it possible to quickly recover not only the industry itself, but also the economy as a whole, ”Artyom Deev, head of the analytical department at AMarkets, told RT.
© Alexander Galperin / RIA Novosti
According to experts, the effect of the preferential mortgage program has led to a record decrease in the average rate on housing loans in Russia.
At the end of August, the indicator renewed its historical minimum and dropped to 7.16% per annum.
This is evidenced by the data of the Central Bank.
Traditionally, banks monitor changes in the Central Bank's key rate and, on the basis of decisions made by the regulator, independently determine the level of long-term lending rates, including mortgage rates.
In July, the Bank of Russia lowered its key rate to the minimum for the entire post-Soviet period (4.25% per annum).
“Now the key rate of the Central Bank is at a record minimum, although its further reduction is still in question.
Nevertheless, the share of mortgage loans with low rates will continue to grow, including due to the preferential program at 6.5%.
Therefore, we predict that average mortgage rates will drop below 7% in 2021, "said Yegor Dakhtler, an analyst at BCS World of Investments, to RT.
It is noteworthy that against the backdrop of growing demand and falling rates, specialists do not expect a significant increase in housing prices in the medium term.
According to the chief analyst of the TeleTrade Group of Companies Pyotr Pushkarev, traditionally, by the end of the year, developers prefer to sell unsold square meters more quickly.
As a result, some developers by the beginning of December will begin to make pre-New Year discounts, which will lead to a certain decrease in prices on the market.
“In the spring of 2021, we should expect some growth in the value of real estate on average in Russia by 5-7%.
However, even if housing rises in price by about this amount, then in combination with a decrease in the interest rate on mortgages, this will make housing more affordable for hundreds of thousands of families, "Pushkarev said in an interview with RT.