The Russian government has decided to increase the minimum down payment for mortgage programs with state support to 20% of the cost of housing. The resolution on this is published on the official Internet portal of legal information.
In addition, the authorities plan to reduce by 0.5 percentage points the maximum amount of subsidies to banks lending under state programs. The document was signed by Prime Minister Mikhail Mishustin and will enter into force on September 20, writes TASS.
At the beginning of the month, the head of the financial policy department of the Ministry of Finance, Ivan Chebeskov, announced the plans of the Cabinet of Ministers to revise the parameters of preferential mortgages. According to him, the initiative will make the mechanism for issuing subsidized housing loans "more stable in the future."
Recall that today in Russia in the housing market there are several credit programs with state support. The most popular of them are preferential and family mortgages.
Under the terms of preferential mortgages, all residents of the country can apply for a loan for the purchase of real estate at a reduced rate of 8% per annum. As part of a family mortgage, Russians with one child born since 2018, as well as parents who have at least two children under the age of 18, have the opportunity to take out a loan at 6% (5% for the Far Eastern Federal District).
Both programs provide for the issuance of a loan for the purchase of finished housing from a developer or an apartment in a house under construction, for the construction of a private house on their own or under a contract agreement, as well as for the purchase of land for the construction of cottages, cottages or townhouses. At the same time, a family mortgage allows residents of the Far Eastern Federal District to buy a secondary property.
You can take 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. Citizens can also take loans in the amount of up to 30 million and 15 million rubles, respectively, but the subsidized rate will apply only to amounts up to 12 million and 6 million.
"For example, if you want to take out 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 preferential rate of 6%, and another 4 million rubles at a rate on market terms (today it is about 14%. - RT)," the company explained.
Under both programs, the reduced interest rate is valid for the entire term of the loan, and the difference between the market and subsidized rates is reimbursed to banks by the state. In turn, the minimum down payment on preferential and family mortgages is now 15% of the cost of housing.
- RIA Novosti
- © Nina Zotina
According to preliminary estimates, in August, the volume of mortgages with state support in Russia reached a record 450 billion rubles. This is more than half of the total amount of all housing loans taken in the country (800 billion rubles), as evidenced by the materials of the Central Bank and VTB.
In part, such a rush demand for preferential mortgages, experts of the Central Bank associate with the tightening of market conditions for loans. Recall that in mid-August, against the backdrop of the weakening of the ruble and accelerating inflation, the Central Bank raised the key rate from 8.5 to 12% per annum. Following the decision of the regulator, Russian financial institutions began to raise interest on loans.
Moreover, on September 15, the Bank of Russia may again raise the key rate, as previously stated by Deputy Chairman of the Central Bank Alexei Zabotkin. In this case, market interest on mortgages will increase further, and the demand for preferential programs will grow even more, experts do not exclude. As a result, the country's leadership decided to introduce protective measures in the field of lending and thereby weed out unreliable borrowers and avoid overheating of the market.
"The initiative is designed to improve the quality of banks' mortgage portfolios in terms of risks. The number of borrowers taking out a mortgage with a down payment below 20% is very significant in state programs. Today there are about half of them. Of course, the approved measure will cool the market - and quite significantly. Demand may decrease by 20-30% or even more, "Dmitry Safronov, head of the Mortgage direction at Compare, told RT.
A similar point of view was expressed by the vice-president of the Russian Guild of Realtors Konstantin Aprelev. According to him, banks will comply with the order of the Cabinet of Ministers without fail, which will slow down the growth in the number of non-performing loans. As a result, it will be possible to prevent the formation of a bubble in the market, the expert believes.
"Of course, the decision will reduce the demand for mortgages and, in some way, reduce the affordability of housing. However, there are certain advantages for borrowers. With a larger down payment, you can reduce the monthly payment or loan term, although this money, of course, still needs to be saved. In addition, if demand decreases, then according to the law of the market, the price also falls. In our case, the rate of price growth should first slow down, and after the autumn traditional revival in the market, prices may begin to adjust downward, "the RT interlocutor concluded.