Due to the exhaustion of IT mortgage limits, VTB will suspend issuing loans under the program
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Due to the exhaustion of IT mortgage limits, VTB will suspend issuing loans under the program from April 3. The bank claims that other credit institutions have also set limits. The Ministry of Digital Development promises to increase the total limit of the program to 700 billion rubles in April, specifying that since the start of the program in May 2022, 56.6 thousand loans worth 500 billion rubles have been issued for IT mortgages.
From April 3 VTB (MOEX: VTBR) suspends the issuance of preferential loans under the IT mortgage program due to the exhaustion of limits, reported TASS with reference to the bank’s press service. VTB explained that they are awaiting “the government’s decision on the further development of IT mortgages” and with an increase in funding they will take part in the new distribution of funds. “The program has proven itself to be an effective tool for targeted support of information technology workers,” the bank said.
Shortly after VTB’s statement, the Ministry of Digital Development in its Telegram channel announced, that the draft resolution on increasing the general limit on IT mortgages to 700 billion rubles. agreed by the Ministry of Finance and submitted to the government.
“Already in April, DOM.RF will distribute additional limits between banks and bring financing to them,” the ministry assured.
In February, against the backdrop of banks tightening lending conditions under preferential programs, the Ministry of Digital Development already talked about plans to increase the IT mortgage limit to 700 billion rubles. The ministry clarified to Kommersant that since May 2022, banks have received 183.5 thousand applications from IT specialists, 56.6 thousand mortgage loans worth 500 billion rubles have been issued.
“Bank DOM.RF issues IT mortgages without changing the conditions,” says the bank’s press service. “In total, since its launch in 2022, more than 8.5 thousand loans worth 84.6 billion rubles have been issued. Since the beginning of 2024, DOM.RF Bank has issued 3.7 thousand IT mortgage loans in an amount exceeding 36 billion rubles.”
Sberbank declined to comment.
VTB told Kommersant that since the start of work on IT mortgages, 11 thousand clients have received loans, the total volume of transactions “approached 108 billion rubles.” In the first quarter of 2024, more than 3.2 thousand borrowers received IT mortgages from VTB, the total volume of transactions exceeded 30 billion rubles.
“In terms of volume and quantity, this significantly exceeds the results for the first three months of last year. Compared to the fourth quarter of 2023, demand for the program in our bank increased by about a quarter,” VTB reported. The bank attributes the dynamics, among other things, to the exhaustion of other players’ limits.
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