Family preferential mortgage extended for six years: Putin ordered help for families

Expert Krichevsky: “The demand for the program will be very decent at least in the next two years”

The family mortgage program in Russia will be extended until 2030 while maintaining the basic parameters, Vladimir Putin said in his Address to the Federal Assembly. Previously, experts emphasized the need to review the program to improve the targeting of support. However, judging by the wording of the head of state, the family mortgage will not be transformed. MK found out whether the president’s order will help families with children acquire their own housing.

Currently in Russia there is a family mortgage until July 1, 2024. Vladimir Putin proposed extending the family mortgage program while maintaining the basic parameters until 2030. For families with children under 6 years of age, a preferential rate of 6% will remain.

Meanwhile, according to the Central Bank, the issuance of mortgages with state support in January compared to December decreased from 655 billion rubles. up to 189 billion rubles. In particular, for family mortgages, issuances decreased from 284 billion rubles. up to 102 billion rubles.

An independent expert on the real estate market, author of the economic telegram channel Alexey Krichevsky spoke about the future of the MK preferential program.

“This decision was definitely predictable, because the extension was announced by Putin back in early February. Therefore, the extension of this program until 2030 did not come as a surprise; on the contrary, a certain guideline appeared for young families, an opportunity to plan the future more calmly. And the demand for the program at least in the next two years will be very decent, since this will soon be the only opportunity to buy a new building with a good mortgage interest rate. Another question is what the program will look like in the coming months. A very logical and correct step would be to limit its use to once per child and with the obligatory improvement of conditions, that is, room conditions. In other words, families with one child can take out such a loan for a two-room apartment, with two – for three rubles, and so on. And at the same time, it will be necessary to work out opportunities for large families, since in current new buildings, apartments with a large number of rooms are something out of the ordinary; the focus has shifted too much to revenue from small-sized apartments.

There are virtually no opponents of this program in power now. In addition, it cannot be said that this will be as strong a driver of price growth for new buildings as a simple preferential mortgage for new buildings, especially if we keep in mind the possible restrictions in the form of one loan per child. So everyone will benefit to a certain extent. Young families will have the opportunity to take out a mortgage at an adequate interest rate, banks will continue to receive money from the budget for issuing such loans, developers will retain a small share of demand and it will be a little easier to get off the “budget needle.”