Deputy Prime Minister of the Russian Federation Marat Khusnullin on Saturday, June 5, said that the extension of the preferential mortgage will support high demand in the housing market.
However, in his opinion, the main thing in the updated program is the inclusion in it of families with one child born after January 1, 2018.
“We believe that the decision, which the president announced yesterday, will allow, firstly, to support the great demand, because a large number of people are interested. We raised the interest rate slightly, but reduced the loan amount. But the most important thing is that we have identified an opportunity for families in which a child was born after January 1, 2018, to receive a preferential mortgage at 6%, ”he told the agency TASS…
Khusnullin noted that the analysis of the market situation did not reveal a significant effect of preferential mortgages on the growth of housing prices. The program, according to his forecasts, will not provoke a jump in prices, but will give an additional boost to the industry. At the moment, prices, as noted by the Deputy Prime Minister, are influenced by other factors, including labor migrants, building materials, world prices, etc.
The day before, Russian President Vladimir Putin, during a speech at the St. Petersburg Economic Forum (SPIEF), said that the preferential mortgage program should be extended for a year – until July 1, 2022 – with a rate increase to 7% and a maximum loan amount for all regions of 3 million rubles. …
He stressed that the program of the family preferential mortgage will be extended to families with one child, if he was born after January 1, 2018.
Commenting on the renewal of preferential mortgages, VTB CEO Andrey Kostin on the same day expressed confidence that this would affect the average level of interest rates on the market. However, according to him, the impact will not be critical, and the update of the program will stop the sharp rise in prices in the regions.
At the same time, Khusnullin said that after the extension of the preferential mortgage program, about 200-250 thousand new loans would be issued in the country. In addition, according to him, the extension of mortgages to families with the first child will give an additional 100-120 thousand loans.
The anti-crisis program of preferential mortgages was launched in April 2020. It applies only to new buildings and involves an initial payment of 15%.