In March, mortgage issuance fell by almost 40 percent compared to the same month last year.
According to Izvestia, by the end of the month, banks issued 126 thousand mortgage loans worth 500 billion rubles. These figures are 39 and 36% lower than in the same period in 2023.
“The slowdown in mortgage issuance was influenced by the measures taken by the Bank of Russia and the government to cool the market, including the gradual tightening of macroprudential regulation and conditions of preferential mortgage programs,” the Central Bank’s press service reported.
The Central Bank also introduced additional allowances for banks to the risk coefficients for mortgages with a down payment of less than 30% — in 2023, this figure was 10%. That is, it has become unprofitable for financial organizations to issue loans to people with small savings.
Earlier, the Free Press wrote that the share of preferential mortgages in the primary market may decrease to 25 percent.
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