The Ministry of Finance is discussing increasing compensation to banks under preferential mortgage programs. Grants could return to their previous level, the sources said.
Subscribe to RB.RU on Telegram
As financial market sources told RBC, the department agreed to increase the level of compensation under preferential mortgage programs after July 1.
Previously, until the end of 2023, compensation to banks was calculated as the difference between the key rate increased by 2 percentage points and the preferential program rate. However, since the beginning of this year, the premium has decreased from 2 percentage points to 1.5.
As a result, leading Russian banks, such as VTB and Sberbank, announced the unprofitability of issuing preferential mortgages under the new conditions.
To compensate for the lack of profitability, banks began to grant preferential mortgage loans only if the developer subsidized the interest rate. This mechanism was criticized by the Central Bank.
“These conversations (about changing the calculation formula) are ongoing, the probability of implementation is high and we really hope for it. It is still unclear exactly how our spread will increase,” said one of the publication’s interlocutors.
Another source indicated that the Ministry of Finance generally agrees to return the differential to the level of 2 percentage points for all programs.
“It is very likely that this decision will be made. Obviously, 1.5 percentage points were missing; Any more primitive calculation leads to that result,” explains the interlocutor.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
