Increasing the preferential mortgage down payment to 30% may be beneficial for buyers as it will stabilize apartment prices. This is about RuNews24 said Gevorg Mirzayan, Associate Professor of the Department of Political Science at the Financial University affiliated with the Government of the Russian Federation.
According to him, the increased demand for concessional mortgages with a small down payment has led to an increase in prices of primary housing.
“But in theory everything should be exactly the opposite; the primary one should cost less, because it still needs repairs, etc. And this is not a normal situation. “Therefore, in principle, increasing the starting threshold will reduce the demand for concessional housing loans and increase people’s financial discipline,” he said.
He added that it would be more appropriate to extend concessional mortgages to secondary residences so that developers do not “profit” from the operation of this program.
December 7, Head of the Russian Ministry of Finance Anton Siluanov statedHe said the ministry proposes to increase the down payment on concessional mortgages to 30%. He emphasized that the Ministry sees that mortgages are heating up, everyone is talking about it, so “it is necessary to take small measures” to cool things down so that “bubbles” do not emerge.
Previously at the Central Bank appreciated Dynamics of preferential mortgages in Russia in November.