Central Bank calls for curbing major preferential mortgage programs 6:05 PM

Bulk preferential mortgage programs in Russia should begin to be curtailed. In this respect stated Elvira Nabiullina, Governor of the Bank of Russia, after the regulatory meeting.

“The massive preferential mortgage programs should be phased out. Nabiullina noted that targeted mortgage programs should be established, including the secondary housing market.

In his view, broad mortgage programs should be a temporary measure, although it is a highly effective mechanism in times of crisis.

He added that at the end of last year, housing prices had increased due to the proliferation of developers’ preferential programs.

June 4 President of the International Mortgage and Real Estate Academy Irina Radchenko saidHe said the sharp depreciation of the ruble affected the record level of mortgage loans issued in Russia in May.

Prior to this, the newspaper Izvestiya, referring to the letter from the federal company Etazhi, sent to the regulator, wrote that the Bank of Russia was offered measures to reduce mortgage refusals, in particular, the regulation of the issuance plan. Small loans up to 2 million rubles.

Source: Gazeta


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