Fund of works: the budget spent 63 billion on preferential mortgages for secondary
The treasury spent 63 billion rubles last year on subsidizing preferential mortgages for secondary housing, Izvestia found out. This is comparable to spending on large federal projects, and spending will continue for the entire duration of the loans — the average term has exceeded 26 years. The share of mortgages issued under government programs for finished goods has already reached a third. This is due to the fact that the authorities have expanded the possibilities for obtaining a family mortgage for secondary housing. The extent to which this measure remains targeted support and whether it carries risks for the budget and inflation is described in the Izvestia article.
How to buy a second home on a preferential mortgage
Banks have received about 210 billion rubles from the state to subsidize preferential mortgages issued in 2025, according to Dom.RF data.
Secondary loans accounted for an average of 30% of all housing loans issued under government programs, according to data from the United Credit Bureau (OKB), which was reviewed by Izvestia. In total, 186,000 concessional loans for ready-made housing in the amount of 1.02 trillion rubles were issued in Russia last year, and this is about one and a half times more than in 2024. As of March 25, the state spent about 63 billion rubles on subsidizing them.
Banks receive monthly compensation from the government for lost income on each concessional loan. For example, for a family mortgage, it is calculated as follows: the level of the key rate (now 15%) + 2 percentage points — 6% (they are paid by the borrower himself).
The amount spent by the authorities only on subsidizing secondary mortgages issued last year is comparable to budget expenditures on federal projects to promote employment (69 billion rubles) and sports development (63 billion rubles) in 2025, according to the Ministry of Finance of the Russian Federation. In addition, it is more than twice the cost of the federal projects "Health and Maternity protection" and "Older generation".
Moreover, the mortgage is issued for a long time — the average term of such a loan, according to Frank RG, has already exceeded 26 years. This means that the government will compensate (or subsidize) the difference between the preferential and market rates at the time of loan issuance throughout this period. New loans will continue to be added to the loans already issued, and as a result, budget expenditures will increase further.
Why a preferential mortgage can be applied for ready-made housing
The issue of preferential mortgages for secondary sale jumped one and a half times last year due to the fact that the conditions were relaxed from April 1, 2025. The family program was allowed to apply for ready—made housing in cities with low construction volumes, where no more than two apartment buildings are being built. Since December last year, the same principle has been extended to Far Eastern and Arctic mortgages at 2%.
The expansion of the program was a response to the situation in regions where new construction is practically non-existent, explained Natalia Bogomolova, director of the NRA Ratings of Financial Institutions.
At the same time, this situation has developed in most regions of the Russian Federation. Right now, a family mortgage for secondary housing can be issued in 891 out of 1.1 thousand Russian cities, said Evgeny Shavnev, CEO of the Flip real estate investment company. And this is precisely due to the fact that there is practically no new housing stock there.
83 out of 89 regions have cities where ready-made housing can be bought with a family mortgage, said Natalia Milchakova, a leading analyst at Freedom Finance Global, meaning the measure has ceased to be a point measure.
— This means that you can buy secondary equipment with state support almost everywhere. If such an opportunity is not available somewhere, it may be due to the fact that the city has not yet been included in the list," the expert explained.
About 80% of clients are currently considering ready-made housing, as it allows them to move in immediately and not spend additional funds, explained Evgeny Shavnev. Savings on repairs can range from 500,000 to 2.5 million rubles, depending on the region and the area of the apartment, which significantly reduces the overall debt burden when applying for a mortgage.
An additional factor was the fact that secondary housing is often cheaper than new buildings of comparable size, Natalia Milchakova added. According to the Central Bank, the price gap for primary and secondary in the Central Federal District has already exceeded 80%, and across Russia it turned out to be above 60%. In many regions, it turned out to be easier to get a family mortgage for secondary housing than for primary housing, which also stimulated demand for ready-made apartments, the expert said.
What are the risks associated with the increase in the issuance of preferential mortgages for secondary
The expansion of the program has really helped to solve the problem of housing affordability for families with children, Evgeny Shavnev emphasized. Previously, in many cities, people could not take advantage of a preferential mortgage at 6%, because there were simply no new buildings nearby. At the same time, the need for better housing conditions persisted, and market mortgages remained unavailable. Now, even after lowering the key interest rate, loans are issued at 20% or higher, which makes monthly payments unaffordable for most borrowers.
From the point of view of the state, we are talking about solving a specific social problem, said Natalia Bogomolova from the NRA. Budget funds are allocated to support families in segments where the market is unable to offer an alternative. However, such a policy requires significant costs, and the expansion of preferential mortgages to the secondary market increases the burden on the budget, which is especially sensitive in conditions of its deficit.
The spread of state programs for secondary housing is already beginning to affect the market, said Maxim Lazovsky, owner of the Lazovsky House construction company. According to him, in conditions of limited supply, part of the government-stimulated demand inevitably transforms into price increases, especially in small towns where the choice of facilities is limited.
An additional risk is associated with the behavior of sellers, Natalia Bogomolova emphasized. Seeing increased interest from buyers with preferential mortgages, they may overestimate the cost, which eventually negates the benefits of a reduced rate. In the long term, this can lead to a decrease in housing affordability, as it already happened in the primary market after the launch of massive preferential mortgages for new buildings during the pandemic.
A sharp increase in prices for secondary housing has not yet been observed, Natalia Milchakova noted. According to the Central Bank of the Russian Federation, in 2025 it rose in price by 3.9%, which turned out to be lower than inflation. In 2026, she estimates that the national average for secondary prices may increase by another 5-8%.
However, the impact of preferential mortgages may not appear immediately, according to Valery Tumin, Director of Russian and CIS Markets at Fam Properties. At the same time, the problem of housing shortage in regions with low construction rates may persist. If demand there is largely blocked by government programs, there is a risk that it will become less profitable for developers to launch new projects that will cost more than ready-made housing for Russians.
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