The authorities are going to change the conditions for preferential mortgages

The government plans to limit state-supported mortgage lending, which continues to grow at a high pace, despite the increase in the key rate and additional measures by the Central Bank to discourage banks from issuing new loans. As Vedomosti was told by a source familiar with the discussion, we are talking about an increase in the size of the down payment from 15 to 20%, as well as a reduction by 0.5 percentage points (pp) of the maximum subsidy to credit institutions. The information was confirmed by a source close to the government. Another source, in one of the development institutions, is also aware of the discussion of such a change in parameters. Another interlocutor, close to the Cabinet, confirmed plans to fine-tune the conditions for preferential mortgages, but did not specify how this would be done.

“A few months ago, it became generally clear that preferential mortgages had accelerated to such an extent that it was time to squeeze it,” the first source of Vedomosti explained. In his opinion, the key risks are the imbalance of the real estate market and the continuing increase in prices. The task is to bring demand into line with the growth rate of supply. Changing the parameters should help balance the market and reduce the risks of rising prices, which further increased against the backdrop of accelerated mortgage lending in July-August, the source said. At the same time, the delay is at a minimum level, he recalled. In July, the indicator reached a two-year low – 0.4% of the portfolio, follows from the data of the Central Bank.