More than two and a half thousand construction firms have joined the Sber program to offer concessional mortgage support to developers issuing housing loans under the subsidies framework. The initiative underscores Sberbank’s Domklik division commitment to widening access to affordable financing for housing projects across the market.
When the program began amid a tougher lending climate in 2022, higher interest rates and a shift away from older loan terms left many builders seeking stability. During that period, Sberbank kept a narrow window open for socially vulnerable borrowers, extending loan availability by a limited margin. The intention was to prevent a total halt in financing and to preserve momentum for essential housing starts.
In the current year, the lender has reaffirmed its responsibility by continuing to offer loans on the previous terms where possible, aligning with government subsidies designed to sustain access to credit for developers and their buyers. Early results from the January period show that a large share of loans issued carried government support, indicating the ongoing relevance of the older terms within the subsidy framework.
Officials note that market volatility tends to spur adjustments. To mitigate disruption, the bank allowed customers and partners to proceed with contracts under the old terms while deferring certain disbursements to a later date, emphasizing practical action alongside public commitments to social responsibility.
Representatives highlight that the strategy has produced tangible results, with a significant number of agreements signed with developers who have begun operating within the subsidy program. This activity reflects a selective but deliberate push to sustain liquidity in the housing sector without sacrificing the affordability goals of the subsidies.
Looking at the broader picture, the new process has led to a daily scale of nearly one billion in subsidized lending activity by the end of January. Market analysts see a range of potential outcomes depending on regulatory actions and the evolution of subsidy usage, with pessimistic projections suggesting a sizable reduction and optimistic scenarios pointing to a more moderate decline. The ultimate volume will depend on regulator guidance and ongoing market response in the coming weeks.
Earlier in 2023, certain government adjustments reduced the compensation available to creditors under concessional mortgage schemes. Those changes impacted profitability by a small margin, highlighting the delicate balance between government support and lender margins. In parallel, the central bank raised reserve requirements, which led to a notable rise in capital allocated to mortgage lending and a modest squeeze on lender margins—factors that influence the pricing and availability of credit for developers.
To prevent a tightening of credit during periods of policy adjustment, Sberbank consulted with developers and, at their request, introduced concessional mortgage subsidies. This collaborative approach aimed to maintain lending continuity while honoring the subsidies’ objectives and ensuring developers could sustain project pipelines and housing supply for buyers who rely on government support.