In Russia, about 240 thousand families have taken out housing loans since the start of 2024. This was disclosed in a media interview conducted by TASS with Vitaly Mutko, the chief executive of DOM.RF.
According to Mutko, roughly 240 thousand family mortgage loans worth more than 1.3 trillion rubles have been issued so far this year. He noted that the bulk of these loans were issued during the March to June period when demand was most concentrated. The trend highlights how seasonal factors can influence mortgage activity even within a programmable policy framework.
In July, the Ministry of Finance extended the family mortgage program with new terms through 2030. Under the updated rules, families with at least two children, one of whom is under six, qualify for the special loan at interest rates capped around 6 percent. The policy shift coincided with a reported 22 percent drop in program demand, suggesting borrowers reevaluated incentives or affordability considerations in light of the new conditions.
On August 6, the president of Russia, Vladimir Putin, directed the government and the central bank to examine the effects of the family mortgage on the domestic credit market. The aim is to determine whether adjustments are needed to the program’s conditions and to monitor potential spillover into broader lending patterns. Dozens of departments were asked to consider proposals should changes prove necessary.
Analysts and observers are evaluating how the end of preferential mortgage terms might reshape housing markets in major cities and rural areas alike. While the policy provided a bridge for many households, questions persist about long-term impacts on home prices, credit risk, and regional affordability. This ongoing discussion reflects the broader balancing act governments face when using targeted subsidies to stimulate home ownership while maintaining financial stability across the system. [citation: Source: TASS interview with Vitaly Mutko and subsequent government statements]