The government is going to cancel preferential mortgages in three months

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The government is going to cancel preferential mortgages in three months
The government is going to cancel preferential mortgages in three months
16 September, 14:36EconomyPhoto: Соцсети
Experts believe that without preferential mortgages, the population does not have many opportunities to improve their living conditions.

Preferential mortgages may soon end, said Russian Deputy Finance Minister Alexei Moiseev. He recalled that the program to subsidize the mortgage rate ends in 3 months, so it makes no sense to discuss reducing the preferential rate below 7%: “There are three months left, why reduce?”

At the same time, he noted that the Ministry of Construction has a different position regarding the completion of the program. The Ministry of Construction intends to lobby the issue of continuing the program to support the housing market in Russia until the end of this year, although the end of the preferential rate was already announced in the State Duma and in the Accounts Chamber. Recently, the head of DOM.RF, Vitaly Mutko, spoke https://www.interfax.ru/russia/857208 that “preferential mortgages are countermeasures for a crisis period,” and they need to be canceled at some point. Then the MMI channel stated that “preferential mortgages are a recipe for disaster” in an environment where housing starts are falling.

On Friday, the Bank of Russia is highly likely to continue the course of easing monetary policy and reduce the key rate by 0.5 percentage points to 7.5% per annum .

But the abolition of the state program is not a problem, analysts of the Dvizh pro nedvizh channel believe. First, there are many specialized mortgages: from family to IT. Secondly, the developers themselves are happy to subsidize the rate even below 7%, just to save sales.

But the experts of the Bla-bla-nomika channel believe that even if there are problems on the housing supply side, why not help developers solve them:

“In particular, this concerns access to soft loans, infrastructure development at the expense of the budget, liberalization of municipal borrowing, further reduction of administrative barriers, assistance with reorientation to new suppliers of materials, equipment and machinery, which cannot yet be replaced by domestic counterparts.

In addition, special programs and special conditions are needed for small towns and remote regions where new housing is practically not being built, otherwise how to keep the young population there? And if support from the state is significant, then the rise in housing prices will be easier to keep under control.

Real incomes of citizens are falling, and the current crisis is unlikely to be resolved in the near future, therefore, without preferential mortgages, the population does not have many opportunities to improve their living conditions. And this is not about the fact that people are "mad with fat" and frantically invest their savings in square meters - such a minority. We need to think that the construction of new modern housing will replace the old and dilapidated housing stock, which is quite a lot in our country, and at the same time will give impetus to the development of related sectors of the economy..."

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