The Central Bank began receiving complaints about banks' violation of the mortgage standard.

The central bank has already begun receiving complaints from borrowers about banks that do not comply with the mortgage standard (it has imposed a ban on high-risk schemes), but so far they are isolated, the regulator's press service told Izvestia.

It's not for you to lend: the financial authorities do not intend to expand the family mortgage

Why simplification of conditions can only lead to higher housing prices

"In the mortgage standard, we described high-risk mortgage schemes and the consequences for consumers that these schemes can lead to. If a person is not satisfied with the conditions that the bank offers him, and he sees in them a violation of his rights, he can complain to the Bank of Russia," the regulator's press service reminded Izvestia.

In particular, the press service of the regulator reported, citizens signal that the bank charges the seller (developer) for setting a reduced interest rate under the mortgage loan agreement, despite the fact that this leads to an increase in the cost of purchased housing.

The Central Bank explained that the mortgage standard, with the exception of its individual provisions, which are formulated as recommendations, is mandatory for banks. In particular, it is prohibited to receive remuneration from developers for reducing the loan rate, if this leads to an increase in the cost of purchased real estate, to charge remuneration from the borrower for reducing the loan rate.

"Those banks that do not comply with the mandatory provisions of the mortgage standard will be subject to the measures provided for in the supervisory standard, which comes into force on April 1. These measures include posting information about violators on the regulator's website. This way, borrowers will be able to take this information into account when choosing a bank for a mortgage," the Central Bank stressed.

The mortgage standard was adopted at the request of the Central Bank last year and became effective on January 1, 2025. He fixed the rules for issuing housing loans and limited risky schemes. Thus, banks are recommended to have uniform mortgage terms: a term of no more than 30 years and an initial payment of at least 20% of the cost of housing. It is also supposed to limit high-risk schemes: reducing interest by increasing the cost of housing, mortgages with cashback, payment via letter of credit (not covered by the insurance system) under long-term loan agreements bypassing escrow accounts (they guarantee that the shareholder will not lose money if the developer is unable to rent the house). Banks are also required to describe in detail to the borrower all the risks and conditions associated with the transaction before signing the agreement.

Read more in the exclusive Izvestia article:

Submit the scheme: the Central Bank announced complaints about banks' violation of the mortgage standard