Preferential mortgage loans fell in May for the first time since the beginning of the year

By the end of May, banks issued 8% fewer mortgage loans than a month earlier — 61 thousand loans worth 270 billion rubles, according to OKB data. The decline is primarily due to preferential mortgages. Disbursements under government programs decreased for the first time since the beginning of 2025.

Under an incomplete program: banks may limit the issuance of preferential mortgages

Why did the authorities see such risks and how they could affect the market

This is happening against the background of the refusal of major players from charging commissions from developers, the Finance Ministry told Izvestia earlier. The practice began to withdraw from the market in May 2025. And before that, in the last few years, if a developer wanted to sell housing under a state program, he had to pay an additional 4-10% per annum for each apartment — in fact, to co-finance a preferential loan.

However, the authorities are in no hurry to increase the level of reimbursement for preferential loans, as they already spend a lot of money on them. The share of preferential programs in mortgage loans averaged 80% in May, according to data from the United Credit Bureau (OKB). At the same time, the difference between preferential and market rates reaches 17-21 percentage points, which means that the main debt burden on housing loans in the Russian Federation is now borne by the state.