OREANDA-NEWS. In Russia, the preferential mortgage rate may be reduced from 9% to 7%. This was announced to Izvestia in the State Duma.

“Of course, both Deputy Prime Minister Marat Khusnullin and the construction industry will make efforts to return the preferential mortgage rate for the pre-crisis period to 7% for new buildings,” said Svetlana Razvorotneva, deputy head of the State Duma committee on construction and housing and communal services.

According to her, the reduction of preferential mortgages to 9% had a positive impact on both business and the population. But in order to achieve the necessary results on national projects, the rate must be reduced further. At the same time, some developers provide mortgages below the market, as there are offers for both 7% and 4%.

Experts agreed that a further reduction in interest rates on subsidized mortgages will restore the interest of Russians in this product. At the same time, some market participants warned that sufficiently low rates could lead to a jump in property prices, as was the case in 2020 and 2021. Therefore, the affordability of housing should be determined not only by the mortgage rate, but also by the cost per square meter.

On April 28, the Ministry of Finance developed and submitted to the government a draft law on reducing the preferential mortgage rate for new buildings from 12% to 9% per annum from May 1. The project also provides for the extension of the preferential mortgage program until the end of 2022. The maximum loan amount for Moscow, the Moscow Region, St. Petersburg and the Leningrad Region will be 12 million rubles, for other regions - up to 6 million rubles.