Since July 1 of this year, changes have come into force in the Russian mortgage market: two important housing purchase programs, which are covered by state support, are now operating with new conditions.
Mortgage at a preferential 7% rate
In the spring of 2020, as an anti-crisis measure, a program of preferential mortgages with a rate of 6.5% without the possibility of refinancing was launched. At the same time, it is allowed to purchase only real estate in a new building.
Now, from July 1, the rate will increase and will already be 7%, that is, the mortgage will be less profitable.
Another important point. Previously, the maximum credit limit was determined by the region-it was 12 million for Moscow and the Northern Capital, as well as the Moscow and Leningrad regions. And for all other regions of Russia, the maximum amount was estimated at 6 million. Now the limit of the issued funds has significantly decreased — up to 3 million rubles, regardless of the location of the apartment. It is obvious that in large cities, reducing the maximum size of the mortgage makes it, in fact, inaccessible if we are talking about borrowers who do not have significant savings. For example, in Moscow, a three-million loan will be enough for a family that wants to move from a two-room apartment to a three-room apartment (approximately at the price of 7 and, accordingly, 10 million rubles). But not having the initial square meters, but only having a minimum amount of 15% of the cost of the desired housing (this is how much the initial mortgage payment is), it is very problematic to buy a house in a large city. You can only count on a small-sized apartment on the outskirts, and then at the stage of the excavation. With the same monetary limit, borrowers had significantly more opportunities.
As before, citizenship of the Russian Federation remains a mandatory condition for obtaining a preferential mortgage, but the presence of children and marital status still do not matter.
Family mortgage for families with one child
Also, since July 1, the family mortgage program has changed, which has a rate of 6%. If previously only families with two or more children could count on such a loan, now those who have only one child have also received this right.
The mandatory condition is that he was born after 2018.
It is important that borrowers can not only get a mortgage, but also refinance the one that they took before the new preferential conditions appeared.
The specified program in the new conditions does not provide for a reduction in the limit. For Moscow, St. Petersburg and the corresponding regions, the maximum loan amount is still 12 million rubles, for other regions it is 6 million.
The change will undoubtedly please families with an only child, who previously could only count on a preferential 7% mortgage.
They receive not only a more favorable rate, but also have the right to count on a high credit limit.