the Average rate on mortgages in Russia have increased in June this year for the first time since April of last year by 0.1 percentage points to 7.5%.
In this outstanding mortgage debt also increased in June, but only slightly — by 0.06% to 66.1 billion rubles, reports PRIME with reference to the materials of the Central Bank of the Russian Federation.
last month, Russian banks have provided customers with 116,42 thousand mortgage loans, which is 36,2% more than in may and 20.8% yoy.
meanwhile, earlier this week, Deputy Finance Minister Alexei Moiseev saw the risk of “pyramid” because of preferential programs on the mortgage. He warned that to extend new mortgage program at 6.5% per annum can be dangerous for the budget, so it should remain only crisis.
Moses believes that the growth of state spending to subsidize interest rates on such loans may create risks for the budget. “A significant expansion of subsidy programs outside the “anticrisis” can become such a pyramid for the budget, because we don’t know what the rate will be in 10-15 years. If the rate is subsidized, it below market, it will not be refinanced, and the life of these loans in fact be more than the [average] seven years which they now live. And it will have the same nominal 20 years, [so] unpredictable budget expenditures in an uncertain future”, — said the Deputy head of the Ministry of Finance.
In late June, the Chairman of the government of the Russian Federation Mikhail Mishustin noted the potential for further declines in mortgage rates in Russia. “In may, according to Bank of Russia, the average interest rate on such loans fell to 7.4%, there is potential for further reduction. This contributes to, including the launch of the program of preferential mortgage at 6.5%,” — said Mishustin, quoted in a press-service of the Cabinet.
in early April, Russian President Vladimir Putin phave erucyl the Bank of Russia for may 1 to submit proposals on improving availability of mortgages. In addition, in particular, the government was instructed to develop measures to improve the investment attractiveness of housing construction projects.
In mid-may at the branch meeting, the President supported the idea to launch a special program of preferential mortgage to “support our citizens and the construction industry”. Putin added that under this program it will be possible to get a mortgage at a rate of 6.5% per annum for the purchase of new housing-class comfort at the price of up to 3 million rubles in the regions and to 8 million roubles in Moscow and St Petersburg. The program of preferential mortgage in the 2020 plan to spend about 6 billion rubles.
23 APR Mishustin approved the program of preferential mortgage at 6.5% per annum. “The rate is not above 6.5% is maintained for the entire term of the loan. The program is distributed on home loans to 8 million roubles in Moscow and St. Petersburg and up to 3 million rubles — in other regions of the country”, — noted in the explanatory Memorandum. In the document it was specified that the reduced mortgage will be valid until November 1, 2020. The difference between market and preferential rate of banks will reimburse the state.
Later Deputy Prime Minister Marat Khusnullin has made it clear that the authorities do not intend to prolong the duration of the program of preferential mortgage at 6.5% per annum after its completion, on 1 November 2020.
let’s Add that the Russian economy in February—March 2020 was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy and collapse in oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Reacting to the situation, the government and the Bank of Russia adopted several packages of measures to support the economy and citizens.
may 11, Putin announced the completion of the may 12 uniform feathersiodine non-working days entered on 30 March in the framework of the fight against COVID-19.
2 Jun Mishustin reported on the nationwide state plan for the recovery of the Russian economy in 2020-2021 years, noting in particular that the cost of the plan will amount to about 5 trillion roubles. June 19, Putin was sent a revised draft of the national plan.