In Russia, they plan to launch housing deposits starting in 2025. The deposits will be opened for a period of more than one year and the funds will be insured for 10 million rubles instead of the usual 1.4 million rubles. The bill in this regard was supported by the government and the Central Bank, and the corresponding committee of the State Duma expects its approval this year, as reported by Izvestia.
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The new tool will allow Russians to save money to buy homes. The deposit money can only be used to repay the real estate loan.
Market participants are already preparing to launch a new instrument. The yield on these deposits may be higher than that of regular deposits and the rate of mortgage approvals will increase, banks expect.
Freedom Finance Global analyst Vladimir Chernov suggested that the interest on housing deposits could be higher than on standard products by about 0.5-1.5%.
- Starting March 1, 2024, the Bank of Russia has introduced new rules for mortgage lending, which will affect both the primary and secondary residential real estate market. Now interest rates will directly depend on the amount of the down payment and the availability of other loans by borrowers. According to the regulator, the changes should slow the growth of mortgage loans to prevent citizens who already have loans from participating in the process.
Author:
Karina Pardaeva
Source: RB
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