The Central Bank advocated the completion of preferential mortgages in the summer of 2024 – Kommersant
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Chairman of the Bank of Russia Elvira Nabiullina at press conferences said that the massive preferential mortgage should end in the summer of 2024 and will not be renewed. According to her, the regulator will continue to support targeted programs, including family mortgages.
“We have always supported targeted programs, including family mortgages. But it is the government’s prerogative to determine how these preferential programs will be designed,” said Ms. Nabiullina. She noted that the Central Bank will take into account lending volumes when deciding on the key rate.
The head of the Central Bank also stated that the regulator does not support the idea of coordinating decisions on mortgage limits with the Ministry of Construction. According to her, this contradicts the status of the Bank of Russia and its powers within the framework of banking settlement. She also noted that if the decisions proposed by the Central Bank on macroprudential mortgage limits are not supported, the regulator will use allowances.
At the end of December 2023, Deputy Prime Minister Marat Khusnullin announced that the preferential mortgage program would be revised in 2024. It will remain in its current form until July. In his message to the Federal Assembly, President Vladimir Putin proposed extending the Family Mortgage and Preferential Mortgage programs until 2030 (valid until July 1, 2024). March 19 Ministry of Finance developed The draft government resolution on increasing the limits on these programs – “Family Mortgage” is proposed to be increased by 200 billion rubles. (up to 4.84 trillion rubles), “Preferential mortgage” – by 150 billion rubles. (up to 6.19 trillion rubles).
Read more about the situation in the mortgage market in the Kommersant article. “Preferential mortgage will reconsider the parameters”.
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