Starting January 11, 2024, Sberbank will issue concessional mortgages for apartment purchases only through developers who are accredited by the bank. This position was conveyed to the press service of the organization and reported by TASS. The updated policy specifically affects the programs named Government Support, Family Mortgage, Far East Mortgage, Arctic Mortgage, and IT Mortgage. The bank indicates that joint programs with developers will help preserve preferential rates even as lending terms evolve.
For applications filed before January 10, 2024, customers may still secure a mortgage without the involvement of developer subsidies, maintaining continuity for those who began their home financing under existing terms.
In cases where a developer does not meet the new conditions, a borrower can either obtain a mortgage through the base program or select another housing option from the list of complexes that participate in the subsidy program. All residential complexes associated with the developer subsidy program can be found on the Domklik website. To locate these properties, users should select the filter option that reads Participation in the subsidy program.
At the start of December, Sberbank’s head, German Gref, stated that conditions to increase mortgage availability in the market could emerge within six months. This reflects a broader context in which lenders evaluate how policy changes and market demand influence access to financing for housing.
Meanwhile, discussions in the State Duma touched on the possible introduction of regionally targeted mortgages. Elvira Nabiullina, the head of the Central Bank of Russia, suggested that given the current imbalance in housing construction, there may be a need to adjust mortgage rates based on the region where the loan is issued.
Previous trends show how the cost of mortgages in the Russian Federation has risen, impacting borrower decisions and housing market dynamics. [Citation: Domklik]