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- Not everyone is at home: family mortgages will be banned from being issued outside the place of registration in 2026.
Not everyone is at home: family mortgages will be banned from being issued outside the place of registration in 2026.
The ban on registration of a family mortgage outside the region of registration of the borrower may start working as early as the first quarter of 2026. Anatoly Aksakov, head of the State Duma Committee on the Financial Market, told Izvestia about this. The initiative will deprive many Russians of the opportunity to move to another city by buying housing on credit. It is also worth noting that three out of four housing loans in the Russian Federation are issued under this state program, which means that a collapse in loans under it may lead to lower real estate prices. How the housing market will react to the ban, if it is introduced, is in the Izvestia article.
Who won't get a family mortgage
A bill banning the registration of a family mortgage for housing not in the region of registration of the borrower may be submitted to parliament for consideration within a month — until the end of the spring session. This was reported to Izvestia by Anatoly Aksakov, head of the State Duma Committee on the Financial Market. According to him, this is an important initiative and it can start working at the beginning of 2026 - already in the first quarter.
This idea was originally proposed by Federation Council Speaker Valentina Matvienko at the end of June. Then she called on Russian Prime Minister Mikhail Mishustin to improve the mechanism for issuing loans on family mortgages.
According to the speaker of the Federation Council, in 2024, more than 50% of mortgages issued under the program were in the capital regions: Moscow, Moscow region, St. Petersburg and Leningrad region. At the same time, more than 40% of citizens who have taken out loans live outside these regions of the Russian Federation. Matvienko recalled that the state program should be available in every region and used to improve housing conditions for families with children.
—The Federation Council advocates for the targeted nature of preferential mortgage programs and for them not to be used for investment purposes," explained economist Andrei Barkhota.
A family mortgage remains the only affordable option for buying real estate for many Russians. For example, by the end of May, the share of this program in disbursements approached 70%. This means that three out of four housing loans in the Russian Federation are issued by families with children.
This situation has developed due to high mortgage market rates — according to recent estimates, they reach an average of 28%. According to the United Credit Bureau (OKB), now the average mortgage bill is 5.7 million rubles, and the average term is 26.5 years. Overpayment of even the most profitable housing loan on the market with a down payment of 20% will be almost fivefold.
"Support in the Federation Council and the State Duma greatly increases the chances of approving a bill on a new ban," said Vladimir Chernov, analyst at Freedom Finance Global.
For the Ministry of Finance, the tightening of family mortgage conditions means lower costs, the expert added. In fact, the state co-finances every third housing loan issued. Optimizing spending in this area could partly help the budget cope with the deficit, which has already reached 3.7 trillion rubles.
Most likely, the Central Bank will not object to the introduction of a ban on family mortgages not at the place of registration, suggested Vladimir Chernov. The initiative does not affect financial stability in any way. Nevertheless, mortgage lending has cooled significantly in recent months and there is simply no need to slow it down further, said Yuri Belikov, Managing director of the Expert RA rating agency.
Izvestia sent requests to the Central Bank, the Ministry of Finance and the Ministry of Construction.
How to apply for a family mortgage without registration
The ban on obtaining a family mortgage outside the place of registration will make it difficult for many Russians to participate in the state program. For example, residents of Moscow will no longer be able to buy an apartment in the Moscow region — and many citizens resort to this option, since housing in the capital is simply not available to them.
This will be a problem primarily for young families who move to large cities for work and stability, concluded Vladimir Chernov. People will have to change their place of registration before buying a home, which is not always possible to do promptly. In addition, the number of gray registration schemes for the family mortgage will grow, said economist Andrei Barkhota.
Registration will be checked according to the Federal Tax Service or the Ministry of Internal Affairs, which is technically quite simple, Vladimir Chernov said. However, any new filters mean bureaucracy and additional risks for banks. This may lead to an increase in the administrative burden on banks, and in the long term, to a decrease in the level of mortgage approval. Izvestia sent a request to representatives of the largest credit organizations of the Russian Federation.
If the initiative is approved, the issuance of family mortgages may decrease by 30%, especially in large cities, concluded Vladimir Chernov. Opportunities for registration in the right place will not be closed, so the drop may be less drastic — within 15%, Andrey Barkhota added.
How will housing prices change
A decrease in demand due to the tightening of the terms of the main government program will almost certainly lead to a decrease in real estate prices, said Vladimir Chernov from Freedom Finance Global. The trend will especially affect comfort-class new buildings, the sales of which are most dependent on preferential mortgages. According to the analyst's calculations, housing prices may decrease by 5-10%.
There are prerequisites for this now, because developers have already faced a reduction in sales and revenue, said Yuri Belikov from Expert RA. This is happening against the background of a decrease in consumer demand. Their decision to buy apartments is influenced by the high key rate of 20%, because it not only makes borrowing more expensive for developers, but also forces their potential customers to spend more money on savings, which further reduces their consumer activity.
In such a situation, the tightening of family mortgage conditions may not have a strong negative impact on developers, believes Yuri Belikov. Moreover, the key rate may be reduced in the first quarter of 2026. According to the forecasts of the Central Bank, the rate next year will be on average at the level of 13-14%. Due to this, the natural and non-preferential demand for real estate may begin to revive.
However, even in this case, the housing market will be dependent on government programs. For example, even in June 2023, when the Central Bank's rate was 7.5%, the share of preferential mortgages in loans still exceeded 50%, according to OKB data.
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