Year-on-year, this indicator increased by 14 percentage points, the Central Bank calculated. Among the main reasons is the extension of the loan term in order to reduce the monthly payment
Almost half of the mortgage loans (48%) that Russians took out in the first half of 2024 are issued for a repayment period that will be reached by borrowers aged 65 or older. Over the year, this figure increased by 14 percentage points. At the same time, the share of those who pay off their mortgage no earlier than they turn 60 years old increased. It is 67% (+15 percentage points per year). Such information is contained in the analytical report of the Central Bank, which was reviewed by the editorial board.
Photo: Bank of Russia
One of the reasons is the stricter conditions for issuing mortgages (high rates on market programs and restrictions on preferential programs). In order to reduce the monthly financial burden on servicing loans, they are taken for longer periods. Loans for the purchase of housing are increasingly issued for a maximum period of 25-31 years, the Central Bank calculated. The share of loans with such maturities increased by 6.8 percentage points over the annual period. The Central Bank considers this a risk factor.
At the same time, the number of borrowers under the age of 35 who took out mortgages increased by about 8 percentage points over the year, according to the study. Among the mortgages issued in the second quarter of 2024:
The second reason, which lengthens the terms of mortgage loans, is related to the availability of other loans from mortgage lenders. Funds are also needed to fulfill financial obligations under other loans. Therefore, in order to meet the bank’s income requirements in the presence of other loans and take out a mortgage for exactly the amount required to buy a home, extend the term of the mortgage loan.
According to the Central Bank, on average, there are two loans for each mortgage borrower (the second can be any, not necessarily mortgage). The number of those who have at least one unsecured loan in addition to a mortgage has increased by 38% in two years, the study says. And the proportion of those who have only one mortgage, on the contrary, is decreasing.
The following patterns are noted in the materials of the Central Bank:
A total of 10.7 million Russians now have mortgage loans. In the annual period, their number increased by 0.7 million people, and in the two—year period – by 1.6 million people, the Central Bank estimated.
In the third quarter of 2024, the amount of the borrower’s family income recommended for servicing a mortgage reached 103.2 thousand rubles per month, an increase of 1.5%. According to analysts from the National Bureau of Credit Histories (NBKI), the highest indicator of recommended family income required for comfortable mortgage servicing is in Moscow — 223.9 thousand rubles.
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