The Russian government has decided to increase the minimum down payment rate for state-backed mortgage programs from 15% to 20%. This information was published resolution Legal information on the internet portal.
The decree dated September 9 came into force on the same day and introduced new conditions for mortgage loans. According to the document, subsidies provided to banks for mortgage financing under government programs are being reduced by 0.5 percentage points.
Earlier, on September 5, Ivan Chebeskov, director of the financial policy department of the Russian Ministry of Finance, said that the government is discussing increasing the minimum down payment for concessional mortgages to 20%.
According to the information in the newspaper”Kommersant“, average interest rates in bank mortgage programs approached 14% per year. In contrast, government-backed concessional mortgage rates are about half of those in banking programs.
Mortgage broker Dmitry Rakuta, formerly at NSN commented The Russian government’s plans to tighten conditions for granting concessional mortgages. According to him, the funds allocated by the Ministry of Finance for these purposes will be exhausted by the end of the year.
Previously Mishustin in the name Avoid excessive optimism.