The decision of the Russian Ministry of Finance to tighten the conditions for issuing concessional mortgages will deprive the country’s housing market of 25% to 30% of potential buyers. This was stated by experts from CIANAnalytics, according to reports RBC.
Experts note that the initiative will lead to a reduction in the selection of new buildings complying with the program conditions in regions of Russia where the maximum loan size is 12 million rubles. Analysts in Moscow, Moscow region and St. The share of affordable first-class apartments in St. Petersburg will also decrease by 40 percentage points or more, he notes. In the Leningrad region, new rules may exclude 16 percent of objects.
CIAN notes that in some regions of the Russian Federation the selection of suitable apartments will officially increase by 10 percentage points with an increase in the down payment and the total loan amount, but the actual availability of apartments in new buildings will decrease.
Alexey Popov, head of CIAN.Analytics, explained that increasing the concessional mortgage down payment to 30% is critical for many borrowers. Also, according to him, opportunities to use combined mortgages will decrease, and banks will begin to evaluate borrowers more carefully.
Before that, the head of the Ministry of Finance of the Russian Federation, Anton Siluanov, said that the ministry offered to upgrade Down payment for preferential mortgage is up to 30%.
It was previously reported that there were young teachers in the Vologda region. They will give Funds for mortgage down payment.