According to experts, the cancellation of the preferential mortgage program for new buildings from July 1 will lead to an increase in monthly payments for borrowers, as well as stricter requirements for the size of the initial payment and income. Do banks and developers have ways to attract customers in such difficult conditions?
From July 1, the preferential mortgage is canceled. After this date, the monthly mortgage payment for an average apartment in Moscow will increase to 200 thousand rubles, and in the regions — up to 80 thousand rubles, experts estimate. And in order to get a good mortgage loan, incomes should be 1.5-2 times more: about 400 thousand in the capital and 200 thousand in the regions.
An increase in mortgage payments will result in the need to attract co-borrowers, as well as the relevance of a good credit history will increase. Dmitry Rakuta, founder of the Mortgage Brokers Association, real estate expert, comments:
Dmitry Rakuta, founder of the Association of Mortgage Brokers, real estate expert, “In fact, mortgages are now becoming a luxury, because the real incomes of the population are lower than the figures given in statistics and analytics. And in order to take out a mortgage on an apartment or some other real estate object now, you need to have a good income and at the same time a good credit history, and a fairly large initial payment of at least 20%, in some cases from 30%. In some banks, 40-50% approve. Banks try to minimize their risks. Of course, salaries in the amount of 400 thousand for Moscow and 200-250 thousand for the regions are exorbitant amounts against the background of the fact that banks have raised rates after all, and for sure the Central Bank will raise the key rate again at the next meeting. Moreover, banks have additional instructions from the Central Bank to check income more carefully, and in order to generally take out a small amount of mortgage funds, it will be necessary to really have a confirmed good income in addition to what is, perhaps, some current loans, car loans, credit cards — this will be considered additional a burden for the borrower. And banks have no choice but to offer a potential client to add a spouse or third parties to the transaction as co-borrowers in order to increase the chances of obtaining a mortgage loan. After the cancellation of the preferential mortgage, there will be a period of calm in the market from July 1. The banking sector, developers in general, the Ministry of Finance and the Ministry of Construction will monitor the state of the real estate market. Of course, new tools will appear in relation to the primary, developers are already working on their own installment programs for the first three to five years, large developers are now trying to open their own banks and already offer new products as part of opening their own bank. But this is all just a perspective. As for the availability of mortgages, every third borrower will definitely receive either a refusal or additional conditions under which the bank will be able to review and approve a particular loan amount.”
It remains for now, but it is still unclear to what extent, family mortgages, IT mortgages and Far Eastern and Arctic programs. It’s not that small. And in the primary market, where these mortgages operate, they will allow you to keep 60-70% of demand at the moment until July 1, but it will certainly decrease, says Alexey Popov, head of the CIAN analytical center:
Alexey Popov, head of the CIAN analytical center, “Yes, there will be a decrease in demand, but on a two- to three-month scale, the market is gradually adapting to the new reality. Yes, there will be fewer transactions than in 2023 than there were in the successful months of 2024, but we are not talking about a drop at times, we are talking, rather, about a decrease of tens of percent. The supply price in Moscow within the old borders is now approaching 400 thousand per square meter, and in principle, the dynamics throughout 2024 was quite restrained. That is, developers indexed something, but new products were not released at the highest prices, not as at the prices of 2023, there were discounts, promotions, that is, this balanced the situation plus or minus. In May-June, there is a certain price spike, but this always happens when there is a rush of demand, when the number of transactions at the moment increases greatly, then developers in their dynamic pricing models index prices more actively, well, they sort out cheaper lots, more expensive ones remain, this trend is really evident.”
The program was launched in April 2020 as an anti-crisis measure to support the construction industry in the pandemic. Initially, the interest rate on a preferential mortgage was 6.5%, and the program itself was calculated until November 20. Later, the program was extended several times, and the main parameters changed. Since December 2023, the amount of the down payment has been increased from 20% to 30%, and the maximum loan amount for Moscow, the Moscow region, St. Petersburg and the Leningrad Region has decreased from 12 million to 6 million rubles.
See also:
Perfume with tomato flavor. Is it worth a try?
How to make a modern corn business?
How long does it take to walk in the forest to benefit from it?
How did the love of jellyfish bring an American a fortune?
What kind of pet can bring in millions?
Mobile gas station: a business idea for the lazy
Thus, for the metropolitan regions, due to high prices for new buildings, the program has become almost irrelevant.
English 
Russian 
German 
Polish