Russian banks recorded a 10% drop in demand for preferential mortgages

In Russia, demand for preferential mortgages fell by 10%. About it report Izvestia with reference to large banks.

According to Gazprombank, requests for preferential programs have decreased by 10% since the beginning of October compared to September. The popularity of “Family Mortgage” is declining most noticeably. They explained that this is due to an increase in the minimum down payment and an increase in rates against the backdrop of an increase in the Central Bank’s key rate to 15%.

Absolut Bank also noted a 10% decrease in demand for preferential mortgages. IN VTB They did not give specific figures, but stated that from October 1 to October 24, clients submitted fewer applications and conducted fewer transactions than during the same period in September. The largest drop is observed among preferential programs, the bank added.

Rosbank said that the volume of all housing loans issued in the first three weeks of October was more than 25% lower than in the same period in September. Chief Analyst of Mortgage Products Department “Rosbank Home” Irina Babina clarified that as of October 25, the bank issued 1,600 loans under state programs worth 8.8 billion rubles, which is 20% and 19% less than the figure for the same period in September, respectively.

The slowdown in distributions under preferential programs was confirmed by the head of the corporation’s analytical center “Dom.RF» Mikhail Goldberg. He explained that this is due to the modification of conditions for programs with state support and tightening of regulation by the Central Bank. In particular, we are talking about increasing premiums from October 1 when issuing loans for new buildings with a low down payment and a high debt load.

At the same time, the deputy chairman of the bank’s board “Dom.RF» Alexey Kosyakov said that the demand for preferential mortgages in October remained as high as in September. As of October 23, 2,800 loans worth 15 billion rubles had been issued, he specified.

Sovcombank recorded a 9% increase in interest in preferential programs. Promsvyazbank and the Crimean RNKB also announced stable interest in preferential mortgages.

On October 27, the Board of Directors of the Bank of Russia for the fourth time in a row raised the key rate – immediately by 2 percentage points to 15%. The Central Bank explained the need to tighten monetary policy by the strengthening of current inflationary pressure and the fact that it is higher than the regulator’s expectations.

In addition, in mid-September the government increased the minimum down payment on a preferential mortgage from 15 to 20%. In addition, the maximum amount of subsidies to credit institutions was reduced by 0.5 percentage points.