The volume of mortgage loans issued under the preferential program “State Support 2020” has decreased by half after changing its conditions, said during a press conference the Chairman of the Bank of Russia Elvira Nabiullina.
The program was launched in April last year and made it possible to issue a loan for the purchase of housing in a new building at a fixed rate of up to 6.5% per annum. The maximum loan amount was RUB 6 million. for all regions of the country, except for Moscow, St. Petersburg and their regions, where the indicator reached 12 million rubles. After the growth rates of this type of lending began to rapidly increase and the mortgage market experienced overheating, the government changed the terms of the program. Since July, the rate has been raised to 7% per annum, and the loan amount has been reduced to 3 million for all constituent entities of Russia.
“After changing the terms of the preferential mortgage, we see some changes. Not much time has passed: these changes took effect on July 1. The data for the first two weeks show that under the concessional mortgage program, which was 6.5%, and now 7%, issuances have fallen by about half. New loans have fallen by half, because part of those loans, the issuance of which would have been eligible for benefits earlier, can go under market rates, into an expanded program for family mortgages, ”Nabiullina said.
Earlier, VTB analysts reported that before the change in the preferential mortgage program – in the second half of June – the demand for it increased by 1.5 times compared to the first two weeks of the month. Thus, the bank issued 2,000 loans for a total amount of 8.6 billion rubles. after 1400 loans for 5.5 billion rubles. in the previous period.
Also, after the announcement of the change in the conditions of the preferential program, analysts of the service for real estate search “Cyan” considered that now Russians will be able to purchase only 19% of apartments on the primary market in cities with a population of over 500,000 people, keeping the minimum initial payment. So, in fact, residents of Moscow and Sochi will no longer be able to take advantage of the support measure. In St. Petersburg, the share of housing available under the program has decreased from 87 to 5%.
.