Now, only those who request amounts from banks of 15 million rubles or more will be able to count on loans with floating rates. If the interest rate increases, the loan term can be extended
On September 1, 2024, a law came into force restricting the issuance of loans to Russians, including mortgages, with a floating interest rate. Now such loans are not given to everyone, but only if a number of conditions are met.
New conditions for the amount of the mortgage loan
According to the new law, a floating-rate mortgage loan will be refused if the amount requested from the bank is less than 200 average monthly wages. We are not talking about the salary of the borrower himself, but about the average salaries either for the region or for Russia as a whole (if for some reason the local authorities do not calculate the average regional salaries). Salary data will be taken not on the day of loan issuance, but for the previous year.
According to Rosstat, the average salary in Russia in 2023 was about 75 thousand rubles per month. That is, it will be impossible to get a floating-rate loan if the amount requested from the bank is less than 15 million rubles, the rest of the details will depend on the region.
If the loan amount is in the range of 200-1000 average salaries, a floating rate can be used. But only if the loan term does not exceed 20 years. The approximate range of such loans at the moment is 15-75 million rubles.
If the loan amount is more than 1000 average salaries, then no restrictions are imposed on the repayment period. This applies to loans from 75 million rubles.
What is a floating loan rate?
Unlike conventional loans, when the rate is fixed for the entire period of the agreement, the interest on a floating-rate loan is dynamic. They depend on external conditions, the essence of which is prescribed in the loan agreement. The variable rate was previously linked to MosPrime, the indicative rate for providing ruble loans on the Moscow money market. Now it is tied to the key rate of the Bank of Russia and the bank rate is added to it, which is 3.50% per annum. It is beneficial for the borrower when the key rate falls, and for the bank when it increases.
What other restrictions are imposed on loans with a floating rate
The bank is obliged to inform the borrower in advance about the change in the rate, as well as provide him with a new payment schedule. The maximum possible bet amount is discussed separately. It can increase, but not by more than a third of the original value, but at the same time not by more than 4 percentage points.
The law also takes into account the situation if, after the rate increase, the borrower will experience financial difficulties with the monthly payment (and it will increase due to the increased rate). In this case, the loan term may be extended, but not more than 25% of what is specified in the original loan agreement, and at the same time not more than four years.
It will be up to the borrower to decide whether to extend the loan term or not. The law gives him three months from the date of the rate change. If the rate decreases (which leads to a decrease in the monthly payment), the loan term cannot be extended.
How will the new law affect the mortgage market
“For a long time, there has been no legal restriction in Russia on the issuance of loans with a floating rate for individuals,” says Ksenia Yakushkina, Director of Bank Ratings at Expert RA agency. — However, in practice, such loans were practically not issued. The reason is that against the background of an ever-changing macroeconomic situation, this would be associated with risks of excessive growth of the debt burden and risks of non-repayment of debt for the general population.”
All major banks surveyed by RBC-Real Estate reported that there is currently no floating-rate mortgage in their line of mortgage loans. Therefore, at the moment, the new law will not be able to influence the mortgage market.
English 
Russian 
German 
Polish