The Russian government intends to extend the term of the family mortgage after July 1, 2024. This was announced on Wednesday, September 20, by Deputy Chairman of the Cabinet of Ministers Marat Khusnullin.
"In addition to the economic factor, there is the main social factor that families with children can improve their living conditions. Of course, we will extend it, "RIA Novosti quotes the words of the Deputy Prime Minister.
Recall that the program of preferential mortgages for Russians with children was launched back in 2018. Since then, more than 620,<> families have taken advantage of its conditions, according to DOM.RF. According to experts, the initiative not only helped many citizens to solve the housing problem, but also created the prerequisites for improving the demographic situation.
"Among mortgage borrowers, the birth rate in 2022 was twice as high as the national average ... In many ways, its action (family mortgage. - RT) contributed to the birth of more than 600 thousand children in the country. In total, loans totaling 2.4 trillion rubles were issued for the "family", the organization's study says.
According to the current terms of the family mortgage, Russians with one child born since 2018, as well as parents who have at least two children under the age of 18, can apply for a loan for the purchase of real estate at a reduced rate of 1% per annum until July 2024, 6. Moreover, residents of the Far Eastern Federal District have the opportunity to take such a loan at 5%.
The program provides for the issuance of a loan for the purchase of finished housing from a developer or an apartment in a facility under construction, for the construction of a private house on its 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, the initiative allows families from the Far Eastern Federal District to take the secondary.
You can apply for a preferential loan 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)," explained DOM.RF.
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It is noteworthy that the banks themselves often provide such loans at a lower interest rate than indicated in the program. For example, in the 20 largest credit institutions in Russia, it is now possible to issue a family mortgage at an average of 5.52% per annum, and in some cases at 5%.
The reduced interest rate is valid for the entire term of the loan, and the difference between the market and preferential rates is reimbursed to banks by the state. In turn, the minimum down payment is 20% of the cost of housing.
"Today, family mortgages can also be used in remote regions where multi-storey construction is not carried out, including for the purchase of housing in the secondary market. The program can be combined with other measures of state support: maternity capital, tax deductions, payment to large families to repay the loan, "Mikhail Goldberg, head of the DOM.RF analytical center, noted earlier.
Credit Renewal
A possible extension of the program after July 1, 2024 can not only have a positive impact on citizens, but also on the real estate market as a whole. This point of view was expressed in an interview with RT by the vice-president of the Russian Guild of Realtors Konstantin Aprelev.
"Family mortgages occupy a significant share among all subsidized programs operating in Russia today. Any such initiatives help Russians improve their living conditions and at the same time spur demand in the market, which encourages developers to implement new construction projects. It is good that families with children receive such support from the state," Aprelev stressed.
In the UK "Alfa Capital" RT said that in the current conditions of rising real estate prices and high interest rates, family mortgages remain the most attractive and affordable option for buying a home for most young families.
"At the same time, given that recently the authorities decided to raise the minimum down payment on preferential mortgage loans from 15 to 20%, family mortgages will attract even more attention from consumers. This is positive for both developers and banks," the organization added.
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As Valery Tumin, director of the Russian and CIS markets at fam Properties, told RT, today the real estate market in the country is growing steadily, including because the population seeks to invest their savings in housing. At the same time, for those who do not have a large amount of free cash available, it is preferential mortgages that come to the rescue, the specialist added.
However, according to him, at the moment some borrowers are abusing state support. In this regard, the conditions of subsidized programs may be revised in the foreseeable future, the expert did not rule out.
"Solving social issues of citizens is one of the main tasks of the state. At the same time, we should not forget about those who are trying to benefit and profit for themselves. Such people take out preferential mortgages in regions where they themselves do not live, and thus simply invest money. Opportunities for such fraud should be excluded, therefore, probably, preferential mortgage programs will still be adjusted, "Tumin added.