The Ministry of Finance of the Russian Federation submitted to the government a draft decision containing changes to the preferential mortgage program. This was reported by Interfax Referring to the statement of Deputy Minister Ivan Chebeskov.
According to him, the regulator is concerned that the mortgage portfolio is growing too quickly and its quality is deteriorating. Possible measures include increasing the minimum down payment on concessional loans.
“We are currently discussing changes to various aspects of concessional mortgages in order to limit too rapid growth of the mortgage portfolio. Our portfolio has grown too quickly and at the same time its quality has deteriorated,” explained Chebeskov.
The government has already increased the minimum down payment from 15% to 20% of the housing cost. However, this did not lead to a significant slowdown in issuance due to rising rates on market mortgage programs.
At the end of November, the Central Bank proposed the move. to increase Bringing preferential mortgage rates to market levels.
Early demand for mortgages in the secondary market to start recover from the shock.