The Ministry of Labor called the share of families unable to take even a preferential mortgage
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According to the most optimistic estimates, at least 40% of Russian families cannot afford any mortgage, even a preferential one, Olga Batalina, First Deputy Minister of Labor and Social Protection, said on the sidelines of the Eastern Economic Forum (WEF).
“Of course, mortgage lending is a way to improve living conditions, and it is very comfortable and understandable for a number of families, especially if we have preferential family mortgages, rural mortgages, Far Eastern mortgages … But even according to the most optimistic estimates, at least 40% of families are unable to obtain any mortgage, quotes her RIA Novosti.
The official also added that mortgages in some cases can be a deterrent to fertility.
The government launched a preferential mortgage program for new buildings for all citizens in April 2020. It was planned to end it on November 1 of the same year, but then it was extended several times, most recently until the end of 2022. Initially, the mortgage rate under the program was 6.5 %, from July 2021 it rose to 7%, in March 2022 – to 12%, but already from May 1 it dropped to 9%, and from June 22 – again to 7%. The maximum loan amount at a preferential rate in Moscow, St. Petersburg, Moscow and Leningrad regions is 12 million rubles, for other regions – 6 million rubles.
There are also several other mortgage programs in Russia, under which the state subsidizes the rate from the federal budget: family (6% per annum), for IT specialists (5%), rural (3%) and Far Eastern (2%).
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