90% of housing on the primary market is purchased with a preferential mortgage – Kommersant
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Russians purchase 90% of housing on the primary market using preferential mortgage programs. This was reported by “Izvestia” Finance Minister Anton Siluanov. According to him, the ministry will further develop the availability of housing loans.
“90% of the primary housing market today is purchased using preferential mortgage programs. And this is good, so the Ministry of Finance will continue to deal with issues of mortgage availability and the development of mortgage products,” said Anton Siluanov. He noted that the Ministry of Finance has already adopted a number of programs to support the development of mortgage lending.
“Today, a mortgage is, on the one hand, construction, and on the other hand, the provision of finance so that one can purchase housing in installments, that is, it is a financial service. Therefore, we are interested in people improving their living conditions,” the minister added.
On January 11, the VTB press service reported that in 2023, Russian banks issued mortgages to individuals for a record amount of 7.8 trillion rubles. This is 60% more than in 2022. By the end of 2023, “Family Mortgage” overtook the preferential mortgage lending program: its share in all issuances reached 46% (by number of loans) and 44% (by amount) versus 45% and 43%, respectively, for the preferential program.
Moreover, only for December, according to data DOM.RF, mortgage loans were provided in the amount of 32.3 billion rubles – this exceeds the November figure by 42%. The top 3 regions for issuing mortgages in December included Moscow and the region, Krasnodar Territory, and St. Petersburg.
Read more about the conflict over preferential mortgages in the Kommersant article. “Interest has accrued on benefits”.
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