The Russian government plans to seek further cuts in mortgage rates.
This was announced on Wednesday, December 2, by Russian Deputy Prime Minister Marat Khusnullin.
“Today, if we want to be a developed country, then our mortgage should be at the level of developed countries.
Mortgages should be 4-5%, as in many countries that have achieved high levels of housing construction, "- said Khusnullin at the government hour in the Federation Council.
As an example, he cited China, where mortgage rates fluctuate around 3-5%, and housing construction is one of the foundations of economic development.
“We will also support this topic.
So far, we have laid down that mortgages should be at the level of 6%, but depending on demand and purchasing power, we will work on this topic, ”added the Deputy Prime Minister.
According to the Central Bank, since the beginning of 2020, the average mortgage rate in Russia has dropped from 9 to 7.3% per annum.
Experts explain the significant decrease in the indicator to a large extent by the launch of the concessional lending program.
Recall that in April, Russians were given the opportunity to obtain a mortgage loan at a preferential rate of 6.5% per annum until November 1, 2020.
Later, the government extended the initiative until July 1, 2021.
According to the terms of the program, citizens can receive 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.
“This is the most successful measure we have taken.
Today, 80-90% of all loans for new buildings go through (preferential. -
) mortgages, 301 thousand loans for new buildings received, 865 billion rubles were attracted to the economy, 120 billion people brought their personal savings in the form of a down payment, about 100 billion we will receive taxes, ”said Khusnullin.
Further decrease in mortgage rates will largely depend on the actions of the Central Bank.
This point of view in an interview with RT was expressed by the vice-president of the Russian Guild of Realtors Konstantin Aprelev.
Traditionally, banks monitor changes in the key rate of the Central Bank and, on the basis of decisions made by the regulator, independently determine the level of long-term lending rates, including mortgage rates.
“Usually the mortgage rate is one or two percentage points higher than the key rate of the Central Bank.
The lower the mortgage rate and the cost of loans, the higher the volume of construction will be, which the government also wants to achieve.
At the same time, banks are also interested in lowering mortgage rates, since they issue more loans, and their business is growing, ”Aprelev explained.
Note that in July 2020, the Central Bank reduced the key rate to the minimum for the entire post-Soviet period (4.25% per annum) and has kept it at this level ever since.
However, the Central Bank still sees opportunities for further rate cuts.
This was announced on November 25 by the chairman of the Bank of Russia Elvira Nabiullina during a speech in the State Duma.
“We have every opportunity to pursue a normal monetary policy, our rates are still far from zero.
We have the opportunity and space to reduce interest rates, "- said the head of the Central Bank.
© Alexander Kryazhev / RIA Novosti
As the founder of the Balance Platform company Levan Nazarov told RT, the expected decrease in mortgage rates should be a positive factor for Russians.
According to the expert, the reduction in the payment of the share of servicing the loan will significantly reduce the debt burden on borrowers.
At the same time, the decline in mortgage rates and the subsequent growth in demand for housing loans risk turning into an increase in real estate prices in Russia.
The vice-president of the International Academy of Mortgage and Real Estate Irina Radchenko told RT about this.
According to her, since the beginning of 2020 alone, against the background of a record growth in loans issued, the cost per square meter in the country has grown by 8-12%.
However, to keep prices from further growth, the government plans to achieve a balance between supply and demand in the real estate market in the near future.
This was announced on Wednesday by Marat Khusnullin on the air of the Russia 24 TV channel.
“To keep the price from going up, you need to build more.
The more projects appear on the market, the greater the supply, the greater the choice, and then the price will not increase in the future.
Therefore, linking the balance of supply and demand is the task of the government, on which we are working now, ”Khusnullin said.