Economist outlines plans to insure housing deposits

In Russia in the spring of 2025 a new type of deposit may appear, which can be used for a down payment on a mortgage or purchase of housing. This was reported by Associate Professor of the Financial University under the Government of the Russian Federation Igor Balynin on Wednesday, December 11.

According to the expert, the bill proposes to insure up to 10 million rubles for this type of deposit, while other deposits insure the amount up to 1.4 million rubles.

"This will act as an additional protection of such funds in case of revocation of the bank's license. Citizens, of course, should be protected, and this point is provided for in the bill," the economist said in a conversation with aif.ru.

He noted that the housing deposit can be replenished, but funds cannot be withdrawn from it. It is assumed that upon early termination of such an agreement, banks will be obliged to return the body of the deposit and interest at the rate of "on demand".

"The possibility to replenish and the impossibility to withdraw funds will also encourage citizens to accumulate a larger amount, as the temptation will not be realized at the first opportunity to spend money on current needs," said Balynin, adding that this instrument will make a positive contribution to solving the housing issue of many citizens.

Balynin noted that deposit rates will be determined by market conditions.

"Perhaps banks will even give the client the right to customize: to increase the deposit rate more, to make the mortgage rate less, or to balance both. This will act as an additional tool to motivate citizens to use the financial instrument proposed by the deputies," he concluded.

Earlier, on October 6, the chairman of the State Duma Committee on Financial Market Anatoly Aksakov said that the law on housing savings deposits will come into force in the spring of 2025, reports 360.ru.

The bill proposes the creation in Russia of a new type of savings instrument - housing savings contract, reports IA Regnum.

Aksakov reminded that thanks to such deposits citizens will be able to accumulate the amount for the down payment on the mortgage, reports NSN. According to the deputy, the increased insurance coverage will remain, which will help to strengthen the confidence of Russians in the instrument. The insurance limit is proposed to be raised to 2 million rubles, RT specifies.

On Wednesday, October 3, the federal company Etazhi told Izvestia that banks again allowed to sell mortgaged apartments with preservation of old loan rates for buyers due to decreased availability of market mortgages.

Tatyana Reshetnikova, deputy head of the company's mortgage department, said that the only difficulty is that not many banks are ready to offer such a real estate purchase option.