Loans stretch into the future – Kommersant FM
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The preferential mortgage program for Russians may be extended, this proposal was made by the government. For now it is valid until July 1, 2024. The extension period has not yet been specified. According to Deputy Prime Minister Marat Khusnullin, it is planned to introduce a “cluster approach” to such mortgages. It is expected that this will be affected by the volume of construction of new buildings in different regions.
How justified is this decision? “Kommersant FM” discussed this issue with the president of the Rway group of companies, Alexander Krapin:
“For the last 10 years, mortgages have been an important tool for the development of the housing market in Russia. It is especially important now, when the vast majority of the population does not have the opportunity to buy real estate, and it is precisely the family mortgage with relatively low rates that allows us to solve this issue.
It is estimated that more than 100 million square meters will be built this year. m., and this housing, of course, needs to be implemented. Therefore, the authorities are doing everything right; most likely, they will defend the institution of family mortgages, and it will continue to develop.”
In September, the government increased the down payment on preferential mortgages from 15% to 20%. In addition, the maximum amount of subsidies provided to banks for financing decreased by 0.5%. Because of this, for example, Sberbank increased the down payment by 0.1%, now it is 20.1%.
Despite the changes, the demand for such programs will remain, emphasized Vyacheslav Putilovsky, junior director for banking ratings at Expert RA:
“This reduces in some way the availability of subsidized mortgages and all programs, but not critically. This is a general market trend, given that Sberbank is the largest player.
At the same time, the preferential program is now under threat; it is not very clear in what form it will continue to be maintained, extended, and so on. Therefore, in general, there will still be many people willing to take out loans below the market.
But in general, those who take out mortgages under preferential programs have a significant advantage over those who cannot count on them. First of all, this is a rate that is almost twice, if not three times, lower than the market rate. Therefore, there will certainly be demand.”
Meanwhile, the share of preferential mortgages in the market is almost 90%. Previously, the Ministry of Finance stated that it was going to reduce the figure to 50%. The department and the Central Bank advocated reducing the volume of the program last year. However, it was extended, raising the rate to 8%.
The state support system for the purchase of real estate on the primary market was launched in April 2020. Initially, the authorities stated that the measure would last for one quarter, but since then it has been extended more than once, changing the conditions.
Everything is clear with us – Telegram channel “Kommersant FM”.
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