The Central Bank of the Russian Federation proposed to the government to once again increase the minimum down payment amount within the framework of preferential mortgage programs in order to cool the housing loan market, Interfax reports.
“We believe and have sent a proposal to the government that it is still necessary to raise the down payment requirement for preferential mortgages, but this is the government’s decision,” said Central Bank Governor Elvira Nabiullina at a press conference on Friday.
She noted that mortgages grew by 4.2% in September. “Such rates can no longer be called simply signs of overheating of the mortgage market. Here we see risks, I have spoken about them many times. And evidence that these risks persist is, among other things, the persistent gap in housing prices in the primary and secondary markets. Therefore, we began to implement measures related to the introduction of macroprudential bonuses from October 1, they are quite serious. We believe that they will affect the volume of lending, especially risky lending,” said the head of the Central Bank.
According to Nabiullina, the increase in the key rate also plays a role in the dynamics of the mortgage market segment, where the Central Bank sees a slowdown in issuances.
Let us remind you that from September 20 of this year, the government increased the minimum down payment for loans issued under preferential lending programs from 15% to 20%.
Source: Rosbalt
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