The Ministry of Finance did not rule out an increase in the down payment on preferential mortgages

The Russian government is discussing changes to the preferential mortgage program. Including the initial payment can be increased up to 20%. This was announced by the director of the financial policy department of the Ministry of Finance Ivan Chebeskov.

“Well, indeed, now they are discussing an increase in the down payment, a change in the so-called “margin” of banks. This is the additive that is added to the formula, which is then used when calculating what should be subsidized by the bank,” said Mr. Chebeskov on the sidelines of the Digital Finance: New Economic Reality forum (quoted from “RIA News”).

Journalists asked him how much it is planned to increase the down payment. “Up to 20%, this is being discussed now,” he said.

Ivan Chebeskov added that the government is now discussing changes in the short term. At the same time, according to him, the authorities are also thinking about how to make the preferential mortgage mechanism more stable. “Because if the rate falls sharply, then it is unprofitable for banks – then it will be necessary to change it again. This is more likely due to a sharp increase in the key rate,” he said.

On the eve of Vedomosti reportedthat the authorities are planning to limit mortgage lending with state support. Among other things, an increase in the down payment from 15% to 20% and a reduction by 0.5 percentage points of the maximum amount of subsidies to credit institutions are being discussed.

“Kommersant” wrote that the average rates on mortgage programs of banks came close to 14% per annum. Rates on preferential mortgages subsidized by the state are about half those on banking programs.

More details – in the material “Kommersant” “Mortgage built on interest”.

Olesya Pavlenko