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Crisis due to preferential mortgages allowed in the Accounts Chamber
The Accounts Chamber of the Russian Federation admitted the emergence of a crisis due to preferential mortgages. The accelerated growth of mortgage lending may lead to a decrease in the affordability of housing.
This is stated in report Accounts Chamber. The document indicates that the higher debt burden of the private sector increases the likelihood of crises. At the end of 2020, the volume of mortgages issued amounted to 4,3 trillion rubles, which became an absolute record in the history of housing lending. This was facilitated by state preferential programs and a decrease in interest rates on loans.
The department proposed to issue mortgages only to those who really need, and also to adjust the preferential program when it is extended after July 1. The Accounts Chamber recommends allowing Russians to use the program only once.
The Bank of Russia stands for termination of preferential mortgages at 6,5%... Otherwise, the mortgage will lose its socially oriented character. The head of the Central Bank Elvira Nabiullina believes that the need to extend the preferential mortgage is only in 24 regions of Russia. The Far East is not on this list.
О possible crisis Alexander Danilov, Director of the Banking Supervision Department of the Central Bank, also spoke on the mortgage market last year.