In November 2023, buyers of new buildings began to prefer combo mortgages. It consists of a preferential part (up to 12 million rubles of the loan), and issued at the regular rate. ASTERUS analysts tell Izvestia about this.
As a result, the buyer purchases an apartment at a reduced rate: depending on the size of the down payment, it will range from 8 to 11%, experts added. In 2023, monthly mortgage payments increased by almost 60%, analysts calculated. An increase in the key rate to 15% led to an increase in market mortgage rates and an increase in the cost of subsidized mortgages. The availability of purchasing the same apartment in Moscow has changed greatly in 2023, and this was mainly influenced by the change in the key rate of the Central Bank, the company said.
“Market rates are currently prohibitive. Therefore, throughout 2023, subsidized mortgage programs remained with us, the conditions for which banks had to change more than once due to changes in the key rate, but the average rate on the new buildings market remained around 6.3%. Calculations for the same property show that with a subsidized mortgage the purchase was more profitable, despite the rise in price of the lot,” comments ASTERUS commercial director Vera Stefan.
On November 23, large banks told Izvestia that demand for combined mortgages had jumped by a quarter. At Sovcombank and Alfa, the demand for such housing loans increased by 26% in October compared to September, and at Rosbank they took up a quarter of the total volume of issuances under state programs.
According to the terms of preferential mortgages, the state subsidizes banks the difference between the market and reduced rates only for loans up to 12 million rubles in Moscow, St. Petersburg, Moscow and Leningrad regions and up to 6 million in other regions of the Russian Federation. The average cost of a two-room apartment in Moscow is 14.5 million rubles, and a three-room apartment is 19.4 million rubles, said Olesya Dzyuba, head of the analytics department of the Samolet group.