Credit deal: getting a family mortgage will become easier
Russia will soften the conditions for preferential mortgages. After changes in the terms of reimbursement under the state programs, which were approved by the Ministry of Finance, large banks will be able to reduce the down payment and generally increase the issuance of family and Far Eastern mortgages, reported "Izvestia" in the largest credit institutions. In a positive scenario, new financial institutions may even join the program, and interest rates will drop. Such measures are designed to support demand for real estate. Why the Ministry of Finance decided to increase support for banks and how it will affect customers and the economy - in the material "Izvestia".
Banks will improve conditions for family mortgages
Theconditions of registration of preferential mortgage in Russia will improve, predict the largest credit organizations. This will be possible because the Ministry of Finance since February decided to change the terms of compensation for banks.
The fact that market players give, for example, family mortgage at a preferential rate of 6%, and the state returns them the lost income. Previously, the amount of compensation was calculated according to the formula: the key rate (now 21%) + 2 p. p. (23%), and then 6% was deducted from this amount, which is paid by the borrower himself, not the budget. For the Far East mortgage the amount of compensation over the key rate was 1.5 p. p. at a rate for the client of 2%.
As a result, the benefit to the bank from issuing such loans was not so great, for comparison: the market mortgage rates are now approaching 30%.
This week, the Ministry of Finance raised the amount of reimbursement for family and concessional mortgages to 3 p. p. for all concessional loans issued from February 7 to August 6, 2025. Loans for the construction of a private house have become even more favorable - there the state is ready to reimburse 3.5 p. p. to the level of the key. That is, these products will become more profitable for the financial institution.
Family mortgage up to 6% per annum is available to families with children under the age of six, as well as families raising a minor child with a disability. In the spring of 2024, the state program was extended until 2030.
Before that, banks issued family mortgages with zero or negative returns, so they had to reduce participation in the program, said a representative of Absolut Bank. Some players increased the minimum size of the down payment on the family mortgage, recalled Freedom Finance Global analyst Vladimir Chernov. Some increased it to 50% - while most of them start from 30%, although the program allows a minimum of 20%.
In addition, some market participants tried to issue new loans only to payroll clients, added Dmitry Gritskevich, manager for the analysis of banking and financial markets PSB.
- After the increase in reimbursement, we should expect that most banks in the market will return to the usual conditions for mortgage programs, which will stimulate the issuance of mortgages, - he stressed.
Changes of the Ministry of Finance, indeed, will help to increase the profitability of government mortgage programs, said the director of the division "Domklik" Sberbank Alexei Leipi. Credit organizations will be able to approve a greater number of housing loans thanks to the support of the budget, according to Sovcombank.
Family and Far Eastern mortgages will become more affordable, the conditions for them will soften - all this will eventually increase the issuance, believe also in PSB, Absolut Bank and Bank Novikom. However, the mentioned credit organizations did not inform about their plans to change their own terms of lending. How exactly the rules in the market may soften, they also did not disclose.
How the terms of family mortgage will change
Thegrowth of profitability of preferential mortgages may push banks to cancel restrictions, said economist Andrei Barkhota. Down payments will fall into the range of 30-40%, which will lead to an increase in the share of approvals on applications by 5-9%. At the same time, the annual growth rate of loans may increase by 15-25%.
In addition, since the beginning of 2024, the major banks have imposed fees on developers because of the fall in profitability of preferential mortgages, recalled the analyst of FG "Finam" Igor Dodonov. Financial institutions agreed to issue new loans under government programs only for those who were willing to jointly subsidize the client loan. This practice worked throughout 2024, and the amount of the commission was built into the cost of housing.
The decision of the Ministry of Finance is aimed, among other things, at eliminating additional commissions that banks set for developers, confirmed the head of the Analytical Center "Dom.RF" Mikhail Goldberg. As a result, the cost of housing may decrease slightly.
In addition, the growing attractiveness of family mortgage for banks will attract new organizations to its issuance, added Ivan Uklein, senior director of bank ratings "Expert RA". For example, we can expect more regional banks to join the program. They will try to attract clients more actively, so their conditions may be better.
To make the program more attractive to customers, banks may even reduce rates on family mortgages by 0.5 p. p. - up to 5.5%, according to economist Alexei Krichevsky.
How favorable mortgage affects the economy
The growth of mortgage issuance will support the demand for housing in the population, increase sales and income of developers, but will push real estate prices up, says Vladimir Chernov from Freedom Finance Global. According to his forecasts, at the end of the year they will grow by at least 5%.
Nevertheless, preferential mortgages are the main driver of the real estate market now, when loan rates are at a barrier level, said economist Alexei Krichevsky. The authorities understand that in order to solve the problem of housing affordability it is important to motivate banks to intensify the issuance of state programs. It is also necessary to support real estate developers, because this industry is facing problems due to low sales. It is not for nothing that at the end of last year the authorities spoke about the need for a moratorium on bankruptcies of developers.
At the same time, the additional support from the Ministry of Finance will be valid only for six months - until August 2025, economist Andrei Barkhota reminded. Such terms may indicate that the Ministry does not expect the key rate to decrease before this period, which means that attracting deposits will remain expensive for banks.
On the other hand, the Ministry of Finance may not be interested in spending too much on the budget. Funding will be based on the budgeted funds for the program, the press service of the ministry said. That is, there are no plans to allocate additional money to compensate the banks over and above those already budgeted.
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