The Russian authorities have moved to raise the minimum down payment for state-backed mortgage programs from 15% to 20%. This change was outlined in a formal resolution published on an online legal information portal.
The decree, dated September 9, took effect immediately and sets new terms for government-assisted home loans. It also specifies a reduction in subsidies allocated to banks participating in these programs by 0.5 percentage points, affecting the overall cost structure of the schemes.
Earlier in September, a senior official from the Ministry of Finance indicated that the government was considering lifting the minimum down payment for concessional mortgages to 20%, signaling a tighter threshold for eligibility under these programs.
Industry reporting notes that average interest rates on conventional bank mortgage programs hovered near 14% annually, while government-backed concessional loans continued to offer significantly lower rates, roughly half of those charged by banking institutions.
Commentary from a veteran mortgage broker noted that the government’s intent appears to tighten access conditions for concessional mortgages. The broker observed concerns that the financial resources allocated for these programs could be depleted by year-end if the new terms are implemented broadly.
In earlier remarks, a government official urged restraint in public expectations while implementing policy changes, emphasizing careful assessment of market impacts and program sustainability.