From Monday, September 19, the key rate of the Central Bank of Russia has been reduced to 7.5% per annum.

The indicator fell for the sixth time in a row and reached its lowest level since December 2021.

Starting from April 2022, the Central Bank has been systematically easing its monetary policy and thus trying to stimulate consumer demand against the backdrop of decelerating inflation.

However, according to the regulator's assessment, the key rate has already reached a neutral level and there are fewer opportunities for its further reduction.

“The cycle of rate cuts is likely close to completion.

There are many signs that current inflationary pressures are fading.

Under these conditions, we consider it expedient to remain in the zone of neutral policy,” Elvira Nabiullina, Chairman of the Bank of Russia, said on September 16.

Traditionally, Russian banks closely monitor changes in the key rate and, based on decisions made by the regulator, independently determine the level of long-term interest on loans, including mortgages.

Although the Central Bank is no longer going to reduce its rate at the same rate as in recent months, experts still do not exclude that housing loans may become a little cheaper.

“The Central Bank rate has been decreasing for several months already, which in general is beneficial for the economy and, in particular, for mortgage lending.

Banks, of course, are interested in attracting customers, so a smooth adjustment of rates for banking products can still happen in the foreseeable future, ”said Pavel Sigal, First Vice President of the all-Russian public organization of small and medium-sized businesses Support of Russia, in an interview with RT.

According to DOM.RF, today the average market rate on mortgage loans for new buildings in the 20 largest Russian banks is 10.06%, and for secondary housing - 10.19% per annum.

Experts do not exclude that in the near future the figure may fall below 10%.

“Reducing the key rate is always positive for the mortgage market.

Most likely, banks will continue to gradually reduce market rates for housing loans.

Given the current key rate of 7.5%, it can be assumed that by the end of the year, mortgage interest will cease to be double-digit and return to the level of 9.5%, including the secondary market, ”Irina Radchenko, vice president of the International Academy of Mortgage and Real Estate, told RT .

preferential treatment

According to the latest estimates of the Central Bank, in July 91.6 thousand housing loans were issued in Russia for a total of 341.6 billion rubles.

Compared to June, the indicator increased by 40% in quantitative terms and by 35% in monetary terms.

The mortgage market is recovering moderately after a sharp collapse in the spring.

In addition to reducing the key rate of the Central Bank, this is largely facilitated by the preferential state programs operating in Russia, Pavel Sigal noted.

“We can say that the mortgage market has recovered to its natural seasonal values ​​in most regions.

The state program of preferential mortgage lending also does not lose popularity, steadily giving a considerable share in the overall statistics on mortgage lending, ”the source of RT emphasized.

Recall that until the end of 2022, all Russians can get a loan to buy real estate at a reduced rate of 7% per annum.

In addition, until the end of 2023, families with one child or more, born from January 1, 2018 to December 31, 2022, have the opportunity to apply for a mortgage at 6% per annum (5% for the Far Eastern Federal District when a child is born from January 1 2019).

Under both programs, money can be used to buy finished housing from a developer or an apartment in a house under construction, to build a private house on your own or under a contract, as well as to purchase a land plot for the construction of summer cottages, cottages or townhouses.

At the same time, a family mortgage also allows residents of the Far Eastern Federal District to buy a secondary property.

You can get a preferential or family mortgage when buying real estate worth up to 12 million rubles in the Moscow and St. Petersburg agglomerations and up to 6 million rubles in other regions of the country.

At the same time, citizens can take loans in the amount of up to 30 million and 15 million rubles, respectively, however, the subsidized rate will only apply to amounts up to 12 million and 6 million.

“For example, if you want to take a loan (under the family mortgage program in the region. -

RT

) in the amount of 10 million rubles for 20 years, then you can get 6 million rubles at a rate of 6%, and another 4 million rubles at a rate on market conditions ", - explained in" DOM.RF ".

It is curious that the banks themselves often issue such loans at a lower interest rate than indicated in the programs.

So, now you can get a preferential mortgage at an average of 6.64%, and a family one at 5.63% per annum.

  • Gettyimages.ru

  • © Westend61

Also in Russia, a rural mortgage operates on an indefinite basis.

As part of the initiative, banks issue loans at a reduced rate of 0.1 to 3% per annum to those who want to buy ready-made or build new housing in rural areas.

In the Leningrad Region, the Yamalo-Nenets Autonomous Okrug and the Far Eastern Federal District, the maximum amount of such a loan is 5 million rubles, and in other regions of the country - 3 million.

Moreover, in early September, Russian President Vladimir Putin instructed to extend the Far Eastern mortgage program until at least 2030.

The initiative allows residents of the Far Eastern Federal District to obtain a housing loan at 2% per annum in the amount of no more than 6 million rubles.

Along with this, until the end of 2024, Russian IT workers can take out a mortgage at 5% per annum.

To obtain such a loan in regions with a population of less than 1 million people, the income of a specialist must exceed 100 thousand rubles per month, and in larger subjects of the Russian Federation - 150 thousand rubles.

In the first case, the maximum loan amount will be 9 million rubles, and in the second - 18 million.

It should be noted that under the terms of programs with state support, a reduced interest rate will be valid for the entire term of the loan.

The difference between the market and preferential rates is reimbursed by the state to banks.

Zero mark

In addition to existing preferential programs, mortgages from developers at rates close to zero have begun to gain popularity in Russia today.

Meanwhile, the Central Bank considers this type of lending risky and is going to limit it.

“This (near-zero rates. -

RT

) is purely a marketing ploy, and very often associated with the fact that people buy an apartment at an inflated cost.

And then, at the expense of this inflated cost, the developer shares some kind of compensation with the bank one-time.

We will now take measures, because this is largely misleading borrowers, ”Elvira Nabiullina said last week.

  • RIA News

  • © Press Service of the Bank of Russia

As Artyom Deev, head of the analytical department at AMarkets, told RT, today the Russian real estate market is experiencing an increase in supply, while sales remain relatively low.

Under these conditions, developers are trying to further stimulate demand and negotiate with banks to reduce rates for a separate fee to credit institutions.

“You have to understand that loans for illiquid apartments are mainly issued at near-zero rates.

At the same time, the cost of such objects is overestimated, and if in the future the borrower wants to sell the purchased property, he will have to do it at the market price, and he will be in the red,” Deev explained.

A similar point of view is shared by Irina Radchenko.

According to her, the cost per square meter in such loan agreements includes all the costs of the bank and the developer.

Against this background, in the end, such loans may turn out to be less profitable compared to mortgages on market terms.

“In this situation, it makes sense to inquire about the price for similar real estate on the secondary market and calculate the cost of a mortgage on this object at a market rate.

With a high degree of probability, the second option will be cheaper and the payment will be more profitable, as well as the overpayment.

It is worth carefully reading the contract, comparing several offers on the market and not succumbing to the manipulations of marketers, ”concluded Radchenko.