Funds for preferential mortgage used by 90%

Banks used the funds of the preferential mortgage program for 90%, the DOM.RF, the project operator, told Izvestia.

“Within the framework of the program“ Preferential mortgages at a rate of no more than 7%, ”lenders have already used about 90% of the planned limit. DOM RF is the operator of this program and is implementing it, we control the use of limits by banks, the current dynamics of their sample corresponds to the forecast indicators, ”Vitaly Nasonov, director of the State Programs in the Housing Sector, told Izvestia.

The share of preferential mortgage state programs in the total volume of lending for the purchase of apartments in new buildings steadily exceeds 80%, he said.
As previously reported, the total limit to banks under the preferential mortgage program for new buildings is 2.08 trillion rubles.

Preferential mortgages for new buildings at 6.5% were launched in mid-April 2020 as an anti-crisis measure. From July 1, 2021, the authorities extended the program for another year, but changed the conditions: the rate was increased from 6.5% to 7%, the maximum loan amount was set at 3 million rubles for all regions. Prior to that, in Moscow, St. Petersburg, Moscow and Leningrad regions, the credit limit was 12 million rubles, in other regions – 6 million.

As previously reported, the total funding limit under the concessional mortgage program for new buildings is 2.08 trillion rubles. That is, over the 17 months of the measure, 90% of the funds were selected for it, and for 9.5 months until July 1, 2022, a tenth part remained.

The demand for preferential mortgages fell with an increase in the rate to 7% and a decrease in the loan limit to 3 million rubles, noted in DOM.RF. However, interest in such loans is still high, said participants in the real estate market. Therefore, it is possible that the funding limit for this measure will need to be further increased, developers and bankers believe.

Read more in the exclusive material from Izvestia:

“Credit circumstances: funds for preferential mortgages used by 90%”

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