The Ministry of Finance presented the government with a draft resolution with new conditions for preferential mortgages, according to Interfax. In this way the agency wants to reduce the risk of overheating of the real estate loan market.
What does the Ministry of Finance offer?
- Increase the down payment to 30%. In September, the authorities already increased its size from 15% to 20%;
- reduce the minimum loan amount for Moscow, St. Petersburg, the Leningrad Region and the Moscow Region from 12 million rubles to 6 million rubles;
- reduce by 0.5 percentage points the maximum amount of subsidies received by banks that provide loans under government programs;
- limit the possibility of obtaining several mortgage loans at the same time within the framework of preferential programs;
- introduce restrictions on the size of the borrower’s maximum debt load and income requirements for citizens who have access to preferential mortgage loans.
The preferential mortgage program will be valid until July 1, 2024. The rate does not exceed 8%. According to the Central Bank, in October credit institutions slowed the growth of the mortgage portfolio from 4.2% to 2.9%. At the same time, the Central Bank considers that this figure remains high.
The regulator also calculated the number of citizens who have three or more loans. In July there were 11.2 million people. At the same time, about 6% of borrowers take out loans to make a down payment on a mortgage.
Author:
Natalia Gormaleva
Source: RB
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