Russians are no longer able to afford the amount of a loan under the preferential mortgage program

By early December, the average check on the preferential mortgage exceeded the maximum of 6 million rubles, according to the data of the United Credit Bureau (UCB). Under the terms of the most massive state program for families with children, it is this amount of credit - 6 million rubles - the limit for all regions except Moscow, St. Petersburg, Moscow and Leningrad regions (here the limit is 12 million). Loans for housing with state support more and more often "do not fit" within the established limits, said experts interviewed by Izvestia.

It's gotten to the point of outrage: the market supported the abolition of limits on family mortgages

How this will affect the affordability of the program and how much of the budget will have to be allocated to it

The excess part has to be issued at market rates - this is called a combo-mortgage. Now they can exceed 30%. At the same time, Izvestia reported that market participants may additionally inflate them. According to the Deputy Minister of Finance of Russia Ivan Chebeskov, part of the loan without state support can be issued at a rate of 100%.

It is important that the borrower first makes a down payment of 20% and only then makes a loan within the threshold established by the program. In the calculation of the average check the down payment is not taken into account - so the average cost of housing, executed in the mortgage by early December, is not less than 7.5 million rubles.

Exceeding the check over the limits of state programs once again confirms that housing prices in Russia are growing at an accelerated rate, overtaking the average inflation in the country, said economist Andrei Barkhota. The cost per square meter has increased by 15-25% this year, and the affordability of housing has decreased even more, given the sharp rise in interest rates on loans.

The cost of a decent one-room apartment in a new building even in regions outside the capitals is already beyond 6 million rubles, confirmed the leading analyst of Freedom Finance Global Natalia Milchakova. Since the beginning of 2024, new housing in major cities has risen in price by 6-8%.

Read more in the exclusive material of Izvestia:

Panel ceiling: Russians are no longer able to afford the amount of the loan under the preferential mortgage program