Analyst Dolgov reported what income a Russian family needs to confirm for a bank to issue a mortgage
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New home lending rules have thrown the lion’s share of potential buyers overboard
Mortgages will become available only to families with a confirmed income of 150 thousand rubles for each spouse. Even under preferential programs, the payment for a one-room apartment or a Euro-bedroom apartment with a minimum area in residential complexes of the mass segment will be approximately 130 thousand rubles per month. This was stated by the co-founder of the real estate brokerage agency DOLGOV PRO, Mikhail Dolgov.
Due to increased requirements for borrowers, the level of issuance of preferential mortgages will begin to fall throughout 2024, the expert says. Potential home buyers have a high chance of loan approval only if the confirmed income of each spouse is at least 150 thousand rubles per month, that is, 300 thousand per family.
For a significant portion of buyers, a serious obstacle will be the rising cost per square meter and a decrease in the supply of new buildings by 10-15% by December.
“An increase in the down payment on a preferential mortgage and the key rate, an increase in prices for apartments in new buildings in the mass segment will lead to a significant increase in the monthly loan payment,” comments Mikhail Dolgov. – The buyer’s profile will be adjusted towards young and able-bodied people with higher education, working in IT companies, banking, development, and large agro-industrial holdings. Mostly these will be Russians aged 27 to 40 years.
From December 23, 2023, the Russian government changed the conditions for issuing preferential mortgages. The down payment increased to 30%; the maximum loan amount became the same for all subjects – 6 million rubles (previously in Moscow, St. Petersburg, Moscow and Leningrad regions it was 12 million); increased requirements for borrowers, including their income and collateral. In January, large banks announced that they would only issue mortgages for the purchase of apartments from partner developers.
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