"Don't worry yet. Within the framework of the program (at 6.5% - ed.), As of the beginning of September, about 400 billion rubles were issued, with a total limit of 900 billion rubles. This is not so much, given that the entire mortgage loan portfolio of banks is about 8.5 trillion rubles", - Danilov said in an interview with RIA Novosti.
He explained that if the concessional lending program is extended, as well as if the limit is increased, the risks are quite expected.
"Potential risks are associated with the fact that a rapid increase in the volume of loans can lead to an increase in housing prices, creating the risk of overheating", - added the head of the department.
He predicted a drop in demand after the end of the program. Along with this, prices may fall, the expert noted. If by this time the incomes of citizens also decrease, then the credit risks for banks will be able to "significantly increase".
Note that in August, the issuance of mortgage loans broke the record in the entire history of the Russian mortgage market. According to the Central Bank, during the last summer month, loans were issued in the amount of 392.3 billion rubles. The average size of issued mortgage loans, according to the National Bureau of Credit Histories, was 2.66 million rubles.
Many experts believe that the mortgage market has fully recovered from the negative effects of the COVID-19 pandemic. The main reason was the restoration of consumer confidence in Russians and the implementation of a preferential mortgage program for new buildings at 6.5% per annum.