If the Russian authorities decide to increase the down payment on concessional mortgages from 20% to 30%, this will become a significant obstacle for many Russians. This opinion was expressed by Valery Tumin, director of Russian and CIS markets at fam Properties, in a conversation with socialbites.ca.
He gave an example. The borrower wants to buy an apartment in Moscow for 10 million rubles. Previously, it was necessary to provide a loan of 1.5 million rubles in this amount as a down payment. After increasing it from 15% to 20% – already 2 million rubles. With new restrictions, one person will need at least 3 million rubles. Tumin summarized that 1 million rubles is a noticeable difference even by Moscow standards, let alone the regions.
In September 2023, the Russian government increased the down payment on concessional mortgages from 15% to 20% of the loan amount. In December, the Russian Ministry of Finance proposed increasing this figure again to 30%. The Central Bank also supported this initiative and noted that in this case, state support should be targeted and Russians should be prevented from falling into a debt trap. In November this year, citizens’ overdue debts on housing loans reached approximately 70 billion rubles.
Will preferential mortgages become less accessible to Russians? material “Newspapers.Ru”.
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