CrimeaPRESS reports:
In recent months, the issuance of rural mortgages has decreased noticeably due to high rates, said Deputy Chairman of the State Duma Committee on Agrarian Issues Yulia Ogloblina. She assured that there are no plans to close the preferential program, but noted that it could be adjusted. Ogloblina expressed hope that the issuance of rural mortgages will be resumed on the original terms.
The rate on rural mortgages is one of the most favorable on the market — it is 3% per annum. However, under the terms of the program, the bank can raise the rate for existing borrowers to the level of the Central Bank’s key rate. In October, the Central Bank rate reached 19% per annum. The experts explained to Qian. The magazine explained under what conditions the bank could sharply raise the rate on rural mortgages, and told whether it was worth fearing a scenario with a massive increase in rates under the program to the market level.
The population’s interest in rural mortgages remains at a consistently high level, but since 2023, issuance under the program has been regularly suspended, Qian said. magazine Head of the federal program “Family Capital” Evgeniy Tkachev. According to him, the reduction in issuances is due to the very rapid exhaustion of banks’ limits and changes in the terms of the program. Rural mortgages have become more targeted, the expert notes. In his opinion, now this program is aimed at citizens who cannot afford to buy or build a house even at 6%.
Chief Analyst of Sovcombank Anna Zemlyanova explained under what conditions the bank can raise the rate on rural mortgages to the key level, explained. This is possible if subsidies for rural mortgages are stopped due to a lack of budget funds. In this case, the bank can raise the rate for existing borrowers to the key level at the time of conclusion of the agreement. In this case, it is important whether the loan agreement stipulates the bank’s ability to change the rate unilaterally. The expert added that the bank can also increase the rate if funds are used inappropriately, the deadlines for construction and registration of the house are violated, or if there is no registration in the purchased housing.
If the program is no longer subsidized by the state and borrowers face a sharp increase in rates, the bank risks receiving a very large number of non-performing loans, noted Evgeny Tkachev. This will cause a wave of public discontent. The expert considers a “shock scenario” with the abolition of subsidies for the program and an increase in rates for existing rural mortgage borrowers unlikely.
Anna Zemlyanova agrees with this. In her opinion, the risks of reducing subsidies under this program appear low. The draft budget for 2025 provides for expenditures on subsidies for rural mortgages in the amount of 65 billion rubles. This is a small amount compared to total budget expenditures; moreover, the program plays an important role in the development of rural areas.
Let us recall that in September the Russian Agricultural Bank suspended accepting applications for rural mortgages, explaining that the subsidy limit had been exhausted amid high demand in July and August.
source: CYANOGEN
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