The State Duma does not see the point in preferential mortgages at 3% per annum

According to the text of the bill, the product could be used by borrowers who have no more than 36 square meters of total housing area per person, calculated for him and each family member living with him, or no more than 64 square meters for single people.

The government’s response to the initiative states that the extension of preferential mortgage lending to the secondary housing market and a reduction in the interest rate on mortgage loans for all categories of citizens without a corresponding simultaneous increase in the volume of the housing stock will lead to a significant increase in demand for real estate and an increase in housing prices.

Mortgage lending expert Yulia Anisimova, in a conversation with a Tsian.Zhurnal correspondent, suggested that the initiative was rejected due to too much burden on the budget.

After all, the state would have to compensate banks for lost interest,” the speaker explained.

The conditions that were announced in the initiative are contrary to the market and do not take into account the experience of past years, says investment expert, head of the federal program “Family Capital” Evgeny Tkachev.

Preferential mortgage lending at such a low rate for secondary housing would have a detrimental effect on the market for new buildings. Here we will automatically reduce the launch of new projects for sale and the commissioning of housing in general. And if this happens, there will be personnel cuts, and quite a large number of people will lose their jobs. That is, the first risk of introducing such a mortgage is the destabilization of markets among themselvessaid the specialist.

Also, in his opinion, such a program would accelerate the cost of housing in both the primary and secondary markets.

Again we get a disservice to the buyer when we wanted the best, but got it as always. Plus, too many people would fall under this program; it is not targeted or targeted. And I think it would be difficult to find money in the budget for the implementation of this program. Mortgages at 3% would lead to a wave of new investment deals. And the state in this case would finance the investment activities of individuals. This is also unacceptable,” summed up Evgeny Tkachev.

source: TASS