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- Fifteen-year capital: the authorities will limit the term of the preferential rate on the family mortgage
Fifteen-year capital: the authorities will limit the term of the preferential rate on the family mortgage
They want to reduce the validity period of the preferential rate on a family mortgage to 15 years. This follows from the document sent to the banks, which Izvestia has. After this period, it will rise to the market level linked to the key one. According to the updated state program, the conditions for housing loans will depend on the region of housing purchase and the number of children in the family: the rate can vary from 2% to 12% per annum and decrease as children are born. The new conditions will start working on July 1. They may deprive 3 million Russians of affordable mortgages, slow down the pace of housing commissioning and at the same time reduce the growth in real estate prices. Izvestia dealt with the basic conditions of the updated family mortgage.
How long will the preferential family mortgage rate last?
The authorities will tighten the conditions for a family mortgage: they want to limit the validity period of the preferential rate to 15 years. This follows from the draft rules, according to which banks will receive compensation for lost income on housing loans for families with children. Izvestia has the document, and two sources in the banking market have confirmed its authenticity.
Currently, financial organizations issue family mortgages at 6% per annum, but market rates on housing loans are much higher than this level. The authorities reimburse banks for lost income on such loans with budget money. The amount of this compensation is calculated according to the formula "key +3.5%". At the current rate, this is about 17.75%, from which 6% is deducted, which is paid by the borrower himself.
According to the new rules, banks will receive such compensation for no more than 15 years from the date of conclusion of the family mortgage agreement starting from July 1, 2026, a source confirmed to Izvestia. The preferential rate will be able to be maintained only during this period — then the Ministry of Finance will stop subsidizing it, and financial organizations will have to raise it to the market level. In this case, after 15 years, the payment for Russians will increase dramatically.
In this case, the annual percentage will be calculated using the formula "key + 2 percentage points", for loans for ordinary housing and "key + 2.5 percentage points", for loans for individual residential construction (IHS), follows from the document. For example, if you take out a family mortgage under the new terms, then after 15 years, if the key one is at a neutral level of 7.5-8%, the loan rate will be set at 9.5-10%, depending on the type of housing.
The rate under the preferential program will increase sharply for borrowers who have not registered at their place of residence within 271 days after registering a family mortgage. It can be raised to the level of "key + 3-3.5%". Previously, such requirements were only for Far Eastern and Arctic mortgages.
In addition, starting from July 1, it is planned to significantly reduce the amount of compensation to banks for family mortgages. According to the document, it will be calculated according to the formula "key rate +2 percentage points" (or +2.5 percentage points for individual housing construction). Thus, the amount of the subsidy will be reduced by almost half — until July 1, it is 3.5 percentage points. This means a decrease in the profitability of such loans for banks, which may lead to stricter selection of borrowers and stricter conditions for approving applications.
The revision of the draft rules for reimbursing banks for lost income on family mortgages is under approval by the federal executive authorities, a source in the industry told Izvestia.
The press service of the Ministry of Finance and the Ministry of Construction told Izvestia that the program parameters are under development.
At the same time, Nikita Stasishin, Deputy Minister of Construction, previously stressed that the government's financial block had already reached a consensus on new conditions for this program.
What will be the main terms of the renewed family mortgage
The rates under the state program will vary depending on the number of children in the family and the region of the Russian Federation where housing will be purchased, the document says. In the capital regions (Moscow, St. Petersburg, Moscow and Leningrad regions), they will amount to 12% for families with one child, 10% for two children, 8% for three, 6% for four and 4% for families with five or more children. In other regions, rates will be 2 percentage points lower, in the range of 2-10%.
An important point is that the previous conditions on the family mortgage (the rate of 6%) will be left for loans for which the borrower immediately paid half the cost of the apartment. In this case, neither the number of children nor the region will affect the bid.
It follows from the document that the maximum loan amount will also depend on the number of children.:
- for metropolitan regions — no more than 12 million rubles for families with one child, up to 15 million for families with two children, and up to 18 million for families with three or more children;
- for other subjects of the Russian Federation — no more than 6 million rubles for families with one child, up to 8 million with two children and up to 10 million with three or more.
The maximum loan size does not take into account the amount of the initial payment. For example, if a family with one child in Moscow can immediately deposit 20% of the housing price, then a preferential loan can be taken for an apartment worth 14.4 million rubles. And if you manage to pay 30% initially, then under preferential terms, the family will be able to apply for an apartment loan for 17.6 million rubles.
Also, starting from February 1, 2026, there is a rule according to which both parents must be registered as co-borrowers.
The family mortgage rate will also decrease as the family expands. According to the document, after confirming the appearance of the second or subsequent children, the loan terms must be recalculated.
Deputy Finance Minister Ivan Chebeskov previously told Izvestia about the development of such a mechanism.
Why do the authorities want to shorten the term of the preferential rate
Currently, government programs account for the bulk of mortgage disbursements. According to Dom.Russia", in May, Russians issued housing loans worth 332 billion rubles, of which about 55% were on preferential terms. And most of them are for family mortgages.
Subsidizing rates creates a significant burden on the budget, said Natalia Bogomolova, director of NRA Ratings of financial institutions. This is due to the fact that the government compensates banks for the difference between preferential and market rates, which is now significant.
At the current level, the treasury is essentially taking on two-thirds of the interest burden on most housing loans.
Currently, the average mortgage term exceeds 26 years, according to data from Frank RG. The government will compensate for the difference in rates on already issued family mortgages for decades — this is a serious long-term burden on the budget.
In 2025, the cost of preferential mortgage programs reached about 2 trillion rubles, which was a historic high, Natalia Bogomolova added. In 2026-2028, about 1.8 trillion rubles have been allocated for the family program alone. At the same time, the actual expenses are already exceeding the planned targets.
At the same time, the budget deficit for the first five months of 2026 amounted to about 6 trillion rubles, although the Ministry of Finance planned it at 3.786 trillion for the year. Against this background, the authorities are trying to reduce government spending.
In addition, the massive preferential mortgage artificially accelerates the demand for real estate, which accelerates the growth in value. The Central Bank has repeatedly pointed out this problem. According to the regulator, the price gap in the primary and secondary markets has reached 90% in Central Russia.
How will the changes affect the availability of a family mortgage
The new family mortgage model makes expenses more predictable for the budget, but borrowers face additional risks associated with the end of the grace period, said Freedom Global analyst Vladimir Chernov. It will still be possible to formally apply for a loan for a period of more than 15 years, but uncertainty for consumers is increasing.
According to the Izvestia source in the banking market, a loan for the same housing will become noticeably less affordable after the program conditions change. Reducing the term from an average of 26 years to 15 years can increase the monthly payment by about a third, and taking into account the increase in the rate to 12% in some cases — almost twice.
— People will understand that after 15 years the payment can grow significantly, and the bank will assess the debt burden more harshly. Some borrowers will not receive approval, some will postpone the purchase, and some will rent an apartment cheaper or smaller in size, — said Vladimir Chernov.
The opportunity to extend the loan term helps to reduce the monthly payment, said Anton Pavlov, Deputy Chairman of the Board of Absolut Bank. This is why many borrowers meet their debt requirements and receive approval from banks.
Currently, the Central Bank has restrictions on issuing mortgages to customers who spend more than half of their income on debt servicing. If you apply for a loan for a longer period of time with a change in terms after 15 years, this will dramatically increase the payment in the future. Moreover, its size may depend on the Central Bank's rate in 15 years, and it is impossible to predict it with accuracy.
— The demand for a family mortgage may decrease significantly, — concluded Anton Pavlov.
At the same time, banks expect a gradual increase in the share of market programs. VTB predicts that starting in July, this indicator for mortgages without government support will consistently exceed 50% of monthly disbursements.
However, market-based programs are still inaccessible to most Russians. According to data from banks' websites, the rates on such loans reach 19-20% per annum. Earlier, Izvestia wrote that basic mortgage products are actually inaccessible to more than 80% of citizens. After the introduction of differentiated rates, about 3 million families with one child may actually lose the right to a preferential mortgage.
The housing market is already facing a slowdown in demand, said Evgeny Shavnev, CEO of Flip. An additional tightening of the family mortgage conditions can strengthen this trend.
With the new parameters, sales of new buildings may fall, especially in the mass segment, where demand largely depends on preferential programs, Vladimir Chernov is sure. Developers will have to provide discounts more actively, and in general, the growth in real estate prices may slow down, he believes. At the same time, according to Valeria Popova, senior analyst at the Rikom-Trust investment company, in the next two to three years this may lead to a slowdown in the pace of new housing construction.
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