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Banks were paid extra for the loan
Anticipating the complete exhaustion of the limits of the state family mortgage program (which currently accounts for almost 40% of mortgage loans in the country), the government agreed to increase it by another 350 billion rubles. As a result, the program limit will increase from 5.9 trillion rubles to 6.25 trillion rubles. This is expected to be enough for the remaining two months of 2024.
The government agreed to change the decision to provide a subsidy to the state enterprise DOM.RF to increase the limit for the family mortgage program by 350 billion rubles. Therefore, the Ministry of Finance announced on Thursday that the total limit for the program will increase from 5.9 trillion rubles to 6.25 trillion rubles.
We remind you that we are talking about a program of state subsidies for loans with a preferential interest rate of up to 6%. It should be received by families with two or more minor children, families with one child under the age of seven, and families with a disabled child. • This year, 290 billion rubles were allocated to finance the program, of which 142 billion rubles have been allocated so far. From the government's reserve fund. • 537 billion rubles will be allocated for this program next year, 454 billion rubles in 2026, and 358 billion rubles in 2027.
As reported by DOM.RF, the distribution of allocated amounts between banks has already begun and the issuance of family mortgage loans for new applications will continue. Such an expansion is necessary, since by the end of October the banks had almost exhausted the limits under the program. For example, on Wednesday, Sberbank and VTB announced that they would stop registering family mortgage transactions due to the exhaustion of the limit. Before that, VTB and Alfa-Bank increased the size of the down payment for families under the program.
After the large-scale 8% preferential mortgage policy ceased on July 1 (including the fact that it accelerated the growth of housing prices and inflation), the "family mortgage" has effectively become the main preferential program. Currently, it accounts for 55% of all housing loans issued with state support.
After the program conditions were changed (see Kommersant of July 10) - in particular, the introduction of mandatory requirements for the use of escrow accounts when lending for private housing construction - the volume of issuance decreased somewhat, but after adaptation to the new rules it began to recover.
From January to September, loans worth 1.6 trillion rubles were issued under the "family mortgage" program, which accounted for almost 40% of all loans issued during this period (an additional 5% compared to the same period last year). In September, 200 billion rubles were issued under this program, which is 31% less than last year.
According to the Central Bank's forecasts, by the end of the year the volume of issued loans for "family mortgages" could reach 2.2 trillion rubles, similar to last year's figures.
The particular interest in this program is due to high market interest rates on loans.
The Treasury predicts that the new limits will be sufficient for banks by the end of the year. At the same time, the department reported that it is working with DOM.RF on "creating a more effective mechanism for redistributing limits between banks to quickly respond to situations when individual lenders actively issuing mortgages run out of limits." , while for others a significant number of restrictions remain."