Nabiullina allowed the share of preferential mortgages to fall to 20-30%

This is possible after the completion of a massive preferential mortgage on new buildings and the transition to targeted programs

The share of preferential mortgages in total loans may decrease from 75% in March to 20-30% after the transition from mass to targeted state support programs. This point of view was expressed at a press conference by the head of the Central Bank, Elvira Nabiullina.

“If we talk about preferential mortgages, there are many questions about it, our main goal is to make a market mortgage available to everyone. And for this, the share of preferential mortgages should be lower, much lower. Because for those who have the opportunity to get a mortgage at preferential rates, all other borrowers pay a higher rate. Therefore, in our opinion, it can only be addressable, and not unaddressed,” Elvira Nabiullina said.

The head of the Central Bank stressed that the current decision on the key rate was made based on the fact that a wide non-targeted preferential mortgage will be completed within the stipulated time (we are talking about a preferential mortgage for new buildings at 8%, which is valid until July 1. — Ed.). If this had not been planned, the regulator would have had to pursue a more stringent policy, Elvira Nabiullina explained.

“But still, we believe that if there is an increase in the targeting of mortgages, which is currently being discussed, specific parameters are being discussed, they have not yet been adopted, then this may reduce the share of preferential loans from the current 75% in March to 20-30%. Therefore, our estimates here coincide with those of the Ministry of Finance,” the head of the Bank of Russia added.

In February, it became known about the plans of the Ministry of Finance to reduce the share of preferential mortgage programs in the primary housing market to 25%. Then it was about 90%. It was reported that the ministry is developing proposals for future mortgage programs with state support. The Agency focuses on a comprehensive system in which benefits should be provided to families and representatives of targeted professions. The criteria, according to the sources, should be such that the total share of programs at preferential rates does not exceed 25% in disbursements in the primary housing market.

Источник