Nabiullina revealed a way to increase the availability of mortgages

The availability of mortgages in Russia should be increased by targeted measures. A decrease in the interest rate, contrary to market trends, may lead to the risk of a bubble in the financial market. This method, in an interview with RIA Novosti, was revealed by the head of the Central Bank of Russia Elvira Nabiullina.

She emphasized that in 2020 the interest rate on mortgage loans decreased in line with the general decline in the market, as well as the anti-crisis preferential mortgage, which by now has already begun to provoke an increase in house prices.

For borrowers in many regions, the low rate has already been covered by the increased apartment price. Therefore, the availability of mortgages needs to be provided with more targeted measures: support for borrowers in the regions, young families, ” Nabiullina emphasized.

Earlier, the head of the Central Bank said that the preferential mortgage program in Russia was not very much in demand for young families, so it is necessary to expand its criteria and introduce differentiation of the rate, for example, by the number of children. She added that a broader program could be proposed, in particular, to support young professionals.

The launch of preferential mortgages was announced in April 2020. The maximum loan amount is limited: in Moscow and St. Petersburg it is 12 million rubles, in other regions – 6 million rubles. Currently, the program accounts for more than 90 percent of all loans that Russians take to buy housing in new buildings.

Vera Pavlova

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