The State Duma Committee proposed to prohibit taking a preferential mortgage without registration
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The State Duma Committee on Construction and Housing and Communal Services sent a proposal to the Ministry of Construction to tighten the conditions for obtaining preferential mortgages to reduce demand and rise in real estate prices. It may be prohibited to take out a mortgage without registration in the region where you plan to purchase a home.
In the letter from the deputies, excerpts from which are given “News”, it is indicated that a large volume of preferential mortgages is issued in Moscow, St. Petersburg and the cities of the Krasnodar Territory. However, a significant portion of borrowers purchasing real estate in these cities do not live in them and purchase housing for the purpose of investment, thus increasing demand and price, deputies note.
“The more we subsidize mortgages, the more the mortgage bubble grows. In Moscow, St. Petersburg and Sochi the market is already overheated. In these cities, subsidized mortgages are in great demand and lead to rising housing prices,” State Duma deputy Sergei Kolunov, one of the authors of the appeal, told the publication.
In September, the government increased the minimum down payment from 15% to 20% under preferential mortgage programs, which together account for more than half of home loan issuance. In July, the Bank of Russia also made a decision from October 1 increase premiums to risk ratios for mortgage loans. Now in Russia there is a rush demand for mortgages. According to the Ministry of Construction, as a result of government and regulatory measures, the demand for new buildings may decrease by 10–20%.
Read more in the Kommersant article. “No money, no benefits”.
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