Preferential mortgages thrown a year

The provision of preferential mortgages will be extended for another year – until July 1, 2022 – but with an increase in the rate from 6.5% to 7% and a reduction in the credit limit. President Vladimir Putin proposed to extend the program in all regions on Friday, speaking at a plenary session of the St. Petersburg International Economic Forum (SPIEF). At the same time, he proposed expanding another preferential program – a family mortgage at 6%, extending its effect to families and with one child.

The preferential mortgage program, introduced as part of anti-crisis support against the backdrop of a pandemic, Vladimir Putin proposed to extend for another year – until July 1, 2022. As follows from his speech, the program will operate on slightly different conditions – the rate will be increased to 7%, and the cost of housing that can be purchased using such a loan will be limited to 3 million rubles. in all regions.

Speech by Vladimir Putin at SPIEF-2021. the main thing

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As a reminder, at the end of April 2020, as a measure to support the demand for housing (it was then that its input dropped dramatically) and to increase its availability, a home purchase lending program was launched at just 6.5% per annum. Initially, it was calculated until November 1, 2020, but in the end it was extended until July 1, 2021. Loans can be obtained for the purchase of housing worth up to 12 million rubles. in Moscow and the Moscow region, in St. Petersburg and the Leningrad region, up to 6 million rubles. – in other regions.

By mid-April of this year, about 450 thousand loans were issued for 1.3 trillion rubles. As the Deputy Prime Minister of the Russian Federation Marat Khusnullin reported, out of 82 million sq. m of housing commissioned in 2020, 18 million sq. m fell on this program. Concessional mortgages led to a significant increase in the volume of housing lending – as a result, in some regions, demand exceeded supply, and thus the program contributed to the rise in housing prices.

Citizens are increasingly taking out a loan for the first installment on a mortgage

In this regard, the further fate of the preferential mortgage became the subject of discussion – the authorities discussed the likelihood of extending it only in some regions where demand support is more necessary (for example, in the Far East). In particular, the Central Bank insisted on such a selective approach, noting the risks of market overheating as a result of the program. The Ministry of Construction, however, reported that almost all regions sent applications with a request to preserve the program to support housing construction. “It is impossible to abruptly cut it off, to curtail it abruptly – we must take into account the important role played by preferential mortgages in the current conditions, in the current situation for solving the housing problems of our citizens and for the development of the construction industry,” the president explained.

As the head of VTB Andrey Kostin noted, changing the maximum loan amount is a step to support citizens who really need to preserve the program.

According to his estimates, for loans with an amount of up to 3 million rubles. accounts for more than half of the mortgages issued under the state program – in Moscow, St. Petersburg and the regions, only 11% meet this criterion. “It is important that the new terms of preferential mortgages will help stop the sharp rise in real estate prices in certain regions,” the banker said.

Rush demand for mortgages is replaced by problems with loan payments

At the same time, another preferential program, the so-called family mortgage, is expanding. Such loans are provided at 6% to families in which a second or subsequent child was born after January 1, 2018 and until the end of 2022. This year, its action was extended to individual housing construction – before that, the program allowed the purchase of only apartments in new buildings (for the capital region up to 12 million rubles, and for St. Petersburg and the region – up to 6 million rubles). Since 2018, when the program was launched, 135,000 families have bought apartments with the help of preferential mortgages. Now, as Vladimir Putin said, it is proposed to extend it to families in which the first child was born after January 1, 2018.

Evgeniya Kryuchkova