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- Giving birth with pleasure: Russia will launch the longest mortgage holidays for families with children
Giving birth with pleasure: Russia will launch the longest mortgage holidays for families with children
At the beginning of the autumn session, the State Duma will start considering a law radically expanding the rights to mortgage holidays for families with children. The new document provides for an increase in the term of mortgage holidays to one and a half years with the appearance of the second and subsequent children — the initiative is aimed at reducing the financial burden on young families, stimulating the birth rate and supporting demographic stability in the country. Details can be found in the Izvestia article.
Matryoshka of Possibilities
Chairman of the State Duma Vyacheslav Volodin said that he had sent a bill to the relevant committee, which deputies would consider as a matter of priority at the beginning of the next session.
— This bill is aimed at solving the important problem of reducing the income of a young family during parental leave for up to one and a half years of one parent, — said Arkady Svistunov, Deputy Chairman of the State Duma Committee on the Financial Market. — The main goal of the draft law is to support the birth of the second and subsequent children, which corresponds to demographic calculations showing the need for large families to overcome the demographic gap.
According to him, the bill has a high chance of approval, as it has been carefully worked out and is aimed at improving the conditions of existing mortgage loans. At the same time, it is expected that this will not be the last bill designed to help young families solve one of the most pressing issues — the purchase of their own housing, Svistunov said.
— The new bill proposes to increase the term of mortgage holidays from the current 6 to 18 months at the birth or adoption of the second and subsequent children: in case of birth — for the period until the child reaches one and a half years, in case of adoption — for 18 months from that date, — said Anatoly Aksakov, Chairman of the State Duma Committee on Financial Market. — For parents of two or more children, the income criterion for vacation is canceled. However, from the seventh to the eighteenth month of the grace period, the lender will be entitled to charge interest, which will need to be paid after the end of the holidays.
Now families can get mortgage holidays for six months if their income dropped by more than 20% at the birth of a child, says Anatoly Nikitin, a deputy of the Moscow Regional Duma and an expert at the Chamber of Commerce and Industry of the Russian Federation. At the same time, according to him, mortgage payments on average exceed 40% of monthly receipts.
According to official statistics, about 10.7 million people in Russia pay mortgage loans. The Family Mortgage program has already helped more than 1.5 million families.
The new support mechanisms will help parents combine professional activities with child rearing more effectively, which is especially important for young families, said Olga Epifanova, Senator and chairman of the Social Democratic Union of Women of Russia.
"This, in turn, can lead to a reduction in anxiety during childbearing planning and strengthen the institution of the family, which will become an important factor in solving the demographic challenges of the state," the Russian senator points out.
Mortgages are becoming more flexible
The key difference between the innovation is the disappearance of the previous strict income requirements: according to the new law, the fact that a child is born is enough for parents.
Anton Palyulin, a specialist at Synergy University, emphasizes that the bill provides borrowers with more flexibility in determining the parameters of the grace period.
— Now they can independently choose the start date of the holidays (but not earlier than two months before applying). The possibility of early termination of the grace period is also being introduced at the initiative of the borrower with mandatory notification to the lender," the specialist notes.
Experts emphasize that the new mechanism will not only reduce the burden on the family budget, but will also give a powerful impetus to improving the living conditions of young Russians. At the same time, as Anatoly Aksakov points out, the mechanism is targeted, it is aimed specifically at families waiting for the next replenishment.
It is obvious that the presented innovation can facilitate the fulfillment of mortgage agreements during one of the most difficult periods for borrowers' families, when one of the parents takes parental leave, emphasizes Olga Staroverova, Professor of the Department of State and Municipal Finance at Plekhanov Russian University of Economics. This will increase housing affordability and reduce the credit burden, she notes.
There is agreement among experts on the strategic objective of the document.
— Today, demographic problems negatively affect the socio-economic development of the country. One of the lowest birth rates is 1.42 children per woman, with the required minimum of 2.1," said Sofya Blagova, an expert at the Institute of International Economic Relations.
Interest and flexibility for families
The mechanism pays special attention to the accrual of interest and its deferral during a difficult period.
—The abolition of strict income reduction requirements and the ability to use vacations upon the birth of a child significantly simplify the procedure and increase the availability of the measure," adds Dmitry Trepolsky, financial analyst and business expert at Pronline.
In addition, according to experts, the new law will increase the number of recipients of support.
— Currently, 39% of Russians surveyed do not plan to have children in the near future due to financial difficulties and housing conditions, - says Olga Staroverova. — The extension of mortgage holidays will create the necessary guarantees for young families.
But even such a large-scale initiative raises questions from experts.
"There is a risk of abuse, and it is important to work out mechanisms to protect against it," warns Dmitry Trepolsky. — Banks may also face an additional burden, which requires the search for compensation measures. The law is an important step, but it does not solve the problem of high housing costs and mortgage affordability in general.
The support of the bill at the highest level and the approval of key experts make the probability of its adoption very high. Against the background of demographic difficulties and the growth of overdue debts, the support of young families is becoming vital.
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