Anton Siluanov, who leads Russia’s Ministry of Finance, proposed raising the down payment for concessional mortgages to 30 percent. This was reported by TASS.
Siluanov stressed that the mortgage market is heating up and that discussions about cooling it are ongoing. He said small, carefully considered steps are necessary to prevent the formation of price bubbles and to maintain stable market conditions.
The minister framed the Ministry of Finance as a market regulator that should guide development with deliberate, balanced decisions, avoiding abrupt shifts.
Earlier, preliminary data from the Central Bank indicated that the volume and number of state-supported mortgages in Russia in November showed changes compared with October, with minor increases of 0.6 percent and 0.4 percent respectively.
The Central Bank of the Federal District explained that the planned escalation of the contribution margin to as much as 30 percent is intended to temper the mortgage market and promote more balanced growth in housing prices. Without such moderation, government support might fail to translate into greater housing purchasing power for citizens.
Previously, the Central Bank of the Russian Federation had raised the key rate to 15 percent.