Overpayment for a one-bedroom apartment with the cancellation of a preferential mortgage will increase by 10.7 million rubles. On July 1, a preferential mortgage for new buildings at 8% was completed. Now you can apply for a loan for housing under construction at market rates. The editorial board of RBC-Real Estate found out how much mortgage overpayment will increase with the cancellation of the program in megacities
The overpayment on the mortgage for a typical one-room apartment in a new building in million-plus cities after the transition from preferential rates to market rates for different loan terms will increase by 3.19–3.65 times. In monetary terms, the overpayment for the same apartment will increase by the amount from 4.28 million to 10.71 million rubles. Such calculations were made by CIAN analysts at the request of RBC-Real Estate.
As they thought
Experts calculated the overpayment on the mortgage for a typical one-room apartment in the cities of millions, excluding Moscow and St. Petersburg, since there the average price of a one-bedroom apartment is above the limit on a preferential mortgage of 6 million rubles. The average cost of a one-room apartment with an area of 37 sq. m. m in megacities amounted to 5.55 million rubles. For this property, analysts calculated an overpayment on a preferential mortgage at 8% per annum, which ended on July 1, as well as at the average market rate for new buildings — 18.3% (according to Dom.Russian Federation”, at the beginning of July). For the calculation, the first payment was taken at the level of 30% (this was the requirement of the preferential program), as well as different loan terms — 15, 25 and 30 years.
Overpayment for different mortgage terms
With a 15-year loan term, the payment in megacities for a typical one—bedroom apartment at a preferential rate of 8% per annum was 39.7 thousand rubles, and the overpayment was 1.61 million rubles. With the transition to market rates (18.3%), the monthly payment increases to 63.5 thousand rubles, and the amount of overpayment increases by 4.28 million rubles, to 5.89 million rubles, or 3.65 times.
The monthly payment for a one—bedroom apartment at a preferential rate with a loan term of 25 years was 30.8 thousand rubles, and the amount of overpayment on the mortgage was 3.7 million rubles. The same apartment for a mortgage at market rates already costs 59.2 thousand rubles per month, and the overpayment on it reaches 12.21 million rubles. Thus, the overpayment increases by 3.3 times, or by 8.51 million rubles.
At a discounted rate, the monthly payment for the same apartment, but for a period of 30 years, was even lower — 28.9 thousand rubles, but the overpayment amount was higher — 4.88 million rubles. According to market rates, the overpayment for the same apartment will amount to 15.59 million rubles, which is 3.19 times, or 10.71 million rubles, more than for a mortgage with state support.
Photo: RBC
Formally, the increase in mortgage overpayments for a one-room apartment in new buildings in million-plus cities (excluding Moscow and St. Petersburg) after the transition to market rates has more than tripled, the head of CIAN notes.Analysts” Alexey Popov. But in reality, much will depend on when the Central Bank rate starts to decrease and on what terms such loans will be refinanced. Therefore, the final overpayment may be less, he did not rule out.
Since July 1, 2024, the preferential mortgage program with state support for new buildings at 8% (“State Support 2020”) has stopped working in Russia. Demand is expected to decrease in the primary market, and the monthly payment on market mortgages in cities with millions of residents will be almost twice as much as on preferential ones. According to the calculations of RBC-Real Estate, in order to approve a mortgage loan at rates from 18%, the recommended salary in Moscow should be at least 233.9 thousand, in St. Petersburg – at least 164.8 thousand, and in all other regions an average income of 77.6 thousand will be required.
Before the end of the program, the demand for preferential mortgages increased sharply. According to analysts at Sberbank’s Domclick, demand for preferential mortgage programs increased to a record level of 63.2% in May. By April, the indicator had added 10 percentage points, analysts said, noting that demand growth was especially noticeable in regions that traditionally lead in mortgage demand. So, in Moscow, the share of preferential mortgages in Savings loans amounted to 75% (+15 percentage points per month), in St. Petersburg – 76% (+11 percentage points), in the Krasnodar Territory — 74% (+11 percentage points), in the Tyumen region — 72% (+8 percentage points), in the Moscow region — 68% (+8 percentage points).
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