Banks have lowered mortgage approvals to 49.9 on a record basis%

Russian banks approve less than half of mortgage applications for the purchase of apartments in new buildings. This was reported to Izvestia on April 19 by the federal company Floors.

"The average mortgage loan approval in the primary housing market has decreased over the past six months from 61.5% in November last year to 49.9% in April this year. In the secondary market, on the contrary, it has grown from 61.2% to 63%," says Tatiana Reshetnikova, Deputy head of the mortgage department at the federal company Etagi.

Over the past two years, the approval of loans for the purchase of apartments in new buildings has dropped to such a low level for the first time. Prior to this, a record low was recorded in February 2025, when loan approvals in the primary market decreased to 51.8%, and the highest level was recorded in May 2024 — 65.3%. In the secondary market, the minimum was recorded in March 2024 — 55.2%, and the maximum in January 2026 — 63.7%.

"Mortgage rates in the secondary housing market continue to decline, while buyers are dominated by those who apply for loans with a large down payment, and this increases the approval level. Plus, banks have become more active in competing for such borrowers," the expert continues.

The situation with the approval of loans in the primary housing market, according to Reshetnikova, looks different, as banks are waiting for more lenient conditions on macroprudential risk factors for such loans, which are due to take effect from the beginning of May. This will make such loans more profitable for credit institutions. Another factor in the decline in approval is the reduction in compensation to banks for granting preferential loans since the beginning of the year.

"It makes sense for those who are currently being denied preferential loans by banks to reapply in May, by which time the approval rate should increase. Further postponement of obtaining a preferential loan is a very risky story, as the issue of applying differentiated family mortgage rates is being discussed again," Reshetnikova summed up.

Fund of works: the budget spent 63 billion on preferential mortgages for secondary

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On April 15, it was reported that, as of February 2026, mortgage issuance to residents of the Republic of Ingushetia and the Nenets Autonomous Okrug (AO) increased sharply — almost twice as compared to January. In Ingushetia and Nenets Autonomous District, the volume of mortgage issuance increased by 83%, in the Jewish Autonomous Region — by 55%.