How will mortgage payments grow in megacities with the abolition of the preferential program

Mortgage payments in megacities will increase by 2.25 times with the cancellation of the preferential program on July 1, the preferential mortgage on new buildings expires at 8%. We calculated how much the mortgage payment for a one-room apartment in a new building in million-plus cities will increase after the transition to market rates

The mortgage payment for a one-room apartment after the completion of the preferential program for new buildings at 8% in million-plus cities will increase by an average of 2.25 times. Such data was provided by CIAN analysts at the request of RBC-Real Estate.

As they thought

For calculations, analysts took the average cost of a one-room apartment with an area of 37 sq. m. m in new buildings in million-plus cities. To calculate the average mortgage payment, a loan term of 25 years was taken, the minimum down payment was 30% (the requirement of the preferential program). For these introductory payments, the average mortgage payment was calculated on preferential terms (at a rate of 8%) and on market terms (at a rate of 18% per annum). According to “Dom.The Russian Federation”, in mid-June, the average market mortgage rate for new buildings exceeded 18% per annum. The experts also took into account the limit on the maximum amount of a preferential loan — 6 million rubles.

Payments on preferential mortgages in millions

According to CIAN calculations, at a discounted rate, the monthly payment for a one-room apartment in megacities varies from 24.1 thousand to 46.8 thousand rubles. The smallest payment for a one-bedroom apartment on preferential terms was recorded in Samara (24.1 thousand rubles), Voronezh (24.3 thousand rubles) and Volgograd (26.1 thousand rubles). The most expensive preferential mortgage will cost residents of Kazan (46.8 thousand rubles), Nizhny Novgorod (40.6 thousand rubles) and Krasnodar (36.8 thousand rubles).

In Moscow, due to restrictions on the size of the loan and the high cost of new buildings, with a down payment of 30%, it will not be possible to take out a preferential mortgage for a one-bedroom apartment at an average price. According to analysts, in the capital it amounts to 13.17 million rubles. With a contribution of 30% (3.95 million rubles) a mortgage loan of 9.22 million rubles will be required. But on a preferential mortgage, you can take only 6 million rubles. To fit into the terms of the program, the borrower will have to make a larger down payment (7.17 million rubles) or look for a more budget option.

In St. Petersburg, the borrower will also not fit into the terms of the program. Although in this case, he will go beyond the maximum loan amount by only 350 thousand rubles. In St. Petersburg, the average cost of a one-bedroom apartment is 9.08 million rubles, with a minimum contribution of 30% (2.72 million rubles). a loan of 6.35 million rubles is required. You can also increase the down payment or find a more budget option.

With a mortgage loan amount of 6 million rubles and taking into account a larger down payment, the payment for a one-bedroom apartment in Moscow and St. Petersburg will be the same and will amount to 48 thousand rubles.

“In general, in all millionaires, with the exception of metropolitan regions, a typical one-bedroom apartment in a new building is noticeably cheaper than 8.6 million rubles. — the amount at which the six-million limit is fully used for a 30% contribution. In Moscow and St. Petersburg, an average one-bedroom apartment does not fit such requirements, but some cheaper ones do,” explained the head of CIAN.Analysts” Alexey Popov.