“the Question is, how generally correctly to systematically subsidize this loan product as a mortgage. First, we run the risk of inflating a bubble in this market among the people who are not sufficiently creditworthy to take a mortgage.
According to our estimates, together with the “HOUSE.RF”, not more than 60% of Russians can get a mortgage. It is high, even if the rate is 0%”, – said Moiseev (quoted by “RIA Novosti”). He said that mortgages need to take the borrowers are able to pay for them. Moiseyev also added that subsidizing mortgages can lead to an increase in property prices. According to the Deputy head of the Ministry of Finance, program mortgage at 6.5% “is a bit self-containing”, as a number of banks now own offer even lower rates.
Before 1 November 2020 in Russia it is possible to get a preferential mortgage at 6.5% interest rate when buying a home in the new building. This rate will be in effect for the entire term of the mortgage. According to the original parameters of the program the maximum amount of home loan to Moscow, the Moscow region, St.-Petersburg and Leningrad region amounted to 8 million rubles, and for other regions – 3 million rubles. Later, these amounts increased to 12 million and 6 million, respectively.
Previously, the Finance Ministry noted that the program will expand the ability of citizens to acquire housing in new buildings and will be a great help for those who need to improve their living conditions.
