The conditions of an IT mortgage may worsen

The Cabinet of Ministers is discussing reducing the maximum loan amount under this program by half, RBC reports. And the largest banks have suspended the issuance of another program — for families with children. It will be extended, but the new parameters are still unknown. Earlier this week, the most massive mortgage program with state support of up to 8% per annum ended. It will definitely not be extended

Now you can borrow up to 18 million rubles on an IT mortgage at 5% per annum. By adding 4.5 million, which is the minimum contribution of 20%, you can find budget-class housing in new buildings in the capital. Two or even three. Which, apparently, Moscow IT specialists are doing. According to a source in the Ministry of Finance, “now 40% of IT mortgages are issued in Moscow, which is wrong.” Therefore, the reduction of the loan amount under this program by half is being discussed. To reduce the attractiveness of IT mortgages in the capitals.

But it is far from a fact that after these changes, such loans will become more active in the regions. Deputy Finance Minister Ivan Chebeskov confirmed to RBC that a reduction in the maximum loan amount for an IT mortgage is being discussed. As well as other options, including changing the bid. Probably, we are talking about her promotion. However, the official did not disclose the details.

All the experts interviewed by Business FM believe that the mortgage program for IT specialists, launched in 2022, will no longer be the same. The analyst of “Banks” tells about how it can change.” Inna Soldatenkova:

Inna Soldatenkova is an analyst at Banks.” “Here, in my opinion, it would still be logical to correctly transfer it to an address format and lay down such criteria, according to which it could be used by those employees of IT companies who really need to increase housing affordability. That is, so that it is not taken for investment purposes, as additional housing and considered only in such a way that, most likely, by analogy with other programs, it can be traced here. That is, either this is when an employee needs to increase the quadrature in connection with the expansion of the family, or when he does not have a place to live, then he can take it. And it would be good to generally establish a link so that employers somehow verify the need to use the program.”

With another state program, a family mortgage, everything is also unclear. It was supposed to end on July 1, but in the spring the president instructed to extend the validity of the family mortgage until 2030. The new program parameters are still unknown. It is also unclear when it will be restarted. And many banks have suspended the issuance of family mortgages in anticipation of a government decree on its extension and new limits. At the same time, according to TASS, some banks continue to accept applications. Probably to keep potential customers.

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On July 1, the other most massive mortgage lending program with state support ended — the one where a loan could be taken at 8% per annum. According to some estimates, preferential programs accounted for up to 70% of the volume of new disbursements. That is, they were very popular. The reasons are clear. Given the high Central Bank rate, which is kept at 16% and which the regulator intends to raise even higher, few people can afford a regular mortgage. RBC Real Estate calculated that after the cancellation of the preferential mortgage, a salary of almost 240 thousand rubles is needed to approve a loan for the purchase of housing in Moscow.

Dmitry Rakuta, founder of the Mortgage Brokers Association and real estate expert, talks about why the authorities are reducing subsidies for preferential programs:

Dmitry Rakuta, founder of the Association of Mortgage Brokers, real estate expert, “The issue of curtailing preferential programs has been maturing for several years. After all, preferential programs, as originally planned, were a temporary measure to support developers. But, unfortunately, cheap mortgages greatly accelerate prices per square meter. If we abruptly curtail and limit both the IT mortgage and the programs that we have left, including family mortgages, it will be a definite shock for the real estate market. The period of formation and adaptation of the market can be long.”

It is possible that preferential mortgages have dispersed housing prices, but there will be no reverse effect from the curtailment of state support programs. And developers are preparing for the worst. Grigory Dlugi, Director of Development at Galaxy Group, continues:

Grigory Dlugi, Director of Development at Galaxy Group, “Taking into account the inflationary burden, the price per square meter is not falling, but is growing. Additionally, the high rate of project financing also affects the cost for developers. Accordingly, it is simply not possible to significantly lower the price, because those projects that were taken from rental financing this year on the terms offered by banks are forced to keep prices: if they lower prices, they will actually work at zero or minus. Therefore, we do not expect a price reduction. At the same time, we see a downward trend in the number of transactions on the market. More apartments will compete for fewer buyers.”

The country’s largest bank believes that the market will need at least a year to recover after the cancellation of mass preferential mortgages. This was stated at the financial congress of the Central Bank by the first deputy chairman of Sberbank Kirill Tsarev. Perhaps today this forecast can be called optimistic.

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