Domclick experts assessed the availability of a family mortgage

Experts from the Domclick service and the Sberbank Financial Analytics Center (CFA) analyzed the dynamics of the share of Russian households eligible for the Family Mortgage program for the purchase of new buildings, taking into account restrictions on the number and age of children.

The highest availability of family mortgages was recorded in the Chechen Republic (47.1%), the Republic of Ingushetia (45.1%) and the Republic of Dagestan (39.3%). The minimum values were recorded in Moscow (7.6%), Volgograd (8.7%) and Tula regions (8.8%).
Analysts also pointed out the risks of reducing the availability of the program. The Ministry of Finance and the State Duma are discussing the transition from a single rate of 6% to a differentiated scale: 12% for the first child, 6% for the second and 4% for the third and subsequent. Domclick estimates that more than 55% of Russian families have one child, and about 2.7 million families who have not yet used the program may lose access to preferential terms.
An increase in the rate to 12% will lead to an increase in monthly payments and debt burden, experts noted. According to Sberbank, about 11.25% of current borrowers would not be able to get a loan at this rate due to exceeding the personal income tax threshold of 80%. As a result, the overall real availability of a family mortgage may decrease from 12.5% to 11.25%.

The program was launched in early 2018. Initially, only families with two or more children could use it, while at least one child had to be born after January 1, 2018. In 2018 and early 2019, only 2% of 66.1 million households met these criteria.

The most noticeable increase in accessibility occurred in 2021, when the preferential rate was extended to families with one child. Then the proportion of eligible households increased to 8.1%. Currently, 12.5% of all households are eligible for the program. The growth was ensured by the expansion of the program to families with two minor children aged 7 to 18 years in 35 regions and small towns with a population of up to 50 thousand people.

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