Authorities allowed preferential mortgages in the secondary housing market

The government does not exclude the spread of preferential mortgages to the secondary housing market, Deputy Prime Minister Marat Khusnullin told RBC.This can happen when sales of apartments in new buildings slow down.

Measures to support the housing market can be extended to the secondary real estate market. Deputy Prime Minister Marat Khusnullin spoke about this in an interview with RBC. This can happen if the government, based on the results of market monitoring, sees that the existing support measures are not enough.

The Deputy Prime Minister recalled that the primary and secondary real estate markets are interconnected, because people often buy apartments in new buildings, selling other real estate.

According to Khusnullin, last year the initial payment for the purchase of apartments in new buildings across the country averaged 27%. This means that people mainly improved their living conditions, for example, they sold a one-room apartment and bought a two-room apartment. “Of course, when there is no market mortgage in the secondary market today, this will slow down the primary market as well. We clearly understand this,” he says.

Will buying an apartment save money during high inflation Pro

Now preferential mortgage programs are valid only for the purchase of apartments in new buildings. This week, President Vladimir Putin proposed cutting the rate on the preferential mortgage program from 12% to 9% and extending it until the end of 2022. This program was launched in the spring of 2020, the rate for it and the limits for issuing loans have changed several times. In addition, Russia has a family mortgage program at 6%, which families with a child can take. At the same time, the minimum mortgage rates in the secondary market in the largest banks as of April 1, according to Frank RG, ranged from 13.8 to 27.6%.

Favorable course inFavorable exchange rate at VTB officesThe larger the amount, the greater the benefit.More than 1,000 branches across the countryPreliminary calculation onlineconverter