In this article, we will consider the main changes and preferential mortgage programs, which will be relevant in 2024.
Content:
- Mortgage 2024: Forecast on credit rates
- Preferential programs and new mortgage conditions in Russia in 2024
- Review of preferential mortgage programs in 2024
- Young family
- Preferential mortgage for it
- Rural mortgage
- Far Eastern and Arctic mortgages
- Additional mortgage benefits in 2024
Mortgage 2024: Forecast on credit rates
The bet on mortgage loans primarily depends on the key rate of the Central Bank. When it rises, banks increase interest rates on issued loans so as not to work at a loss. This principle works in the other direction: if the key rate is reduced, banks reduce interest rates on all new loans, including mortgage ones.
When in 2023 the central bank raised a key rate from 7.5 to 15%, this made a mortgage more expensive. The average loan rate increased to 16%, although before that it did not exceed 12%.
In September 2023, the Bank of Russia gave a forecast for a key rate for 2024. The report said that it will be from 11.5 to 12.5%. This means that the interest rate on a mortgage will also be reduced to 13-13.5%.
Preferential programs and new mortgage conditions in Russia in 2024
Preferential programs allow Russians to buy housing in a mortgage with a lower interest rate. Due to the growth in mortgage loans and increasing the initial contribution from 15 to 20% in October 2023, the Ministry of Finance proposed increasing financing of preferential programs.
For example, a preferential mortgage program allows you to take a loan for the purchase of an apartment at a rate of up to 8% per annum for any adult citizen of the Russian Federation. Family mortgage allows families from January 1, 2018 to December 31, 2023, the first child was born or there are several children, get housing at a rate of up to 6% per annum. Both of these programs will be valid until July 1, 2024.
The Ministry of Construction advocates their extension, and the Central Bank and the Ministry of Finance are against. They are concerned that with an increase in the interest rate of the Bank of Russia, the gap between conventional rates and preferential programs becomes too large. At the same time, the Ministry of Finance claims that they monitor the situation and are ready to discuss specific support measures as the end of the program approaches.
Review of preferential mortgage programs in 2024
Young family
According to this program, the state provides subsidies to young families to partially repay the mortgage. Families where both spouses are no older than 35 years old can participate in the program. It is important that age meets these requirements not only at the time of registration, but also during the subsidy. For example, if the spouses were 34 years old when registering, and at the time of issuing 36 to them, they cannot participate in the program.
The marriage should be officially registered, and family income meet the requirements for obtaining a mortgage loan. In this case, the family should need to improve housing conditions.
The subsidy will cover 30% of the estimated cost of the mortgage apartment for families without children and 35% if there are at least one child. It is important to take into account that the conditions of the program may differ in different regions where their standards for housing, payment procedure and the amount of subsidies are established.
Preferential mortgage for it
For IT specialists there is a preferential mortgage program with an interest rate of up to 5%. The maximum loan amount depends on the region: up to 15 million rubles for less populated regions and up to 30 million rubles for large cities. The minimum down payment is 20%.
Citizens of Russia from 18 to 50 years old working in IT companies accredited by the Ministry of Cyphra of Russia can participate for at least three months.
For young employees under 35, there are no requirements for the level of salary. For employees from 36 to 50 years old, income conditions are set:
- at least 70 thousand rubles in cities with a population of less than 1 million people;
- At least 150 thousand rubles in Moscow.
Rural mortgage
The program allows you to issue a loan for the purchase of land or building a house on your land. Under this program, you can take a mortgage up to 6 million rubles with a percentage of 3% per year. The initial contribution is at least 10%.
At the same time, each region may have its own rules for issuing a loan. For example, the Rosselkhozbank provides loans up to 5 million rubles for the Leningrad Region and the Far East, and up to 3 million rubles for other regions.
Far Eastern and Arctic mortgages
In remote areas there are additional benefits: the Far Eastern and Arctic mortgages. It can be used not only by the inhabitants of these regions, but also by those who plan to move there. A prerequisite for these benefits is to register in it after the purchase of housing and live there for five years.
Under the Far Eastern mortgage program, young working people under 36 years old can take a loan for buying an apartment or at home at only 2%. At the same time, there are restrictions: a loan is issued only for 20 years and not more than 6 million rubles.
This program can use this program
- spouses up to 36 years old;
- Citizens under 35 years old with children under 18;
- Participants in the Far Eastern Hector program;
- Employees of educational and medical organizations in the Far East with an experience of at least 5 years;
- Migrants from Ukraine or LDNR with Russian citizenship living in the Far East.
The Arctic mortgage is similar to the Far Eastern. Banks provide loans at 2%. The maximum loan term is 20 years, and the initial contribution should be at least 20%. The requirements for the borrower are similar to the Far Eastern, the difference is only in the geoposition. That is, residents of the Arctic regions of certain categories, participants in the Arctic Hectar program, and those who want to move there to permanent residence can be used.
At the same time, the “Arctic mortgage” differs from the “Far Eastern”: there is a restriction on the cost of a square meter of housing. If the price exceeds the average in the region at the time of the transaction, then such housing is not suitable for this program. The cost sets the Ministry of Construction every three months for each area.
Additional mortgage benefits in 2024
|
Type of preferential mortgage |
Features and conditions |
| Mortgage using maternity capital |
|
| Mortgage for large families |
|
Conclusion
The mortgage rate depends on the key rate of the Central Bank. In 2023, the increase in the key rate of the Central Bank from 7.5% to 15% led to an increase in the average mortgage rate of up to 16%. The Bank of Russia forecast for 2024 involves a decrease in the key rate to 11.5–12.5%, which can reduce interest rates on mortgages to 13–13.5%.
In 2024, preferential mortgage programs for certain categories of citizens will operate in Russia. The Young Family program makes it possible to get a subsidy to repay part of the mortgage to spouses under the age of 36. A preferential mortgage for IT specialists makes it possible to take a loan of 5%. The “rural mortgage” program for buying land and building a house allows you to arrange a loan at only 2%.
The Far Eastern and Arctic mortgages provide benefits for residents of remote areas, and those who plan to move there. Social programs also provide for one -time subsidies for large families and youth.
