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- Beyond the difference: can the new idea of a family mortgage change the housing market
Beyond the difference: can the new idea of a family mortgage change the housing market
The Russian government is considering a new initiative to differentiate the family mortgage rate depending on the region of residence and the number of children in the family. This measure is aimed at supporting large families and increasing housing affordability in small towns and villages. In addition, a possible reduction in rates for certain categories may encourage young parents to improve housing conditions and increase overall demand for mortgages, according to the Ministry of Construction and the Ministry of Finance. Izvestia discussed the nuances of this innovation with experts.
Save and increase: the task of a new mortgage
The key task of the reform is not to reduce the volume of mortgage loans, but to expand them in order to support young families, said Deputy Prime Minister Marat Khusnullin. He stressed that the initiative would be accepted only if it would contribute to an increase in mortgage transactions.
"If this decision leads to lower mortgages, it will be bad. If this decision leads to an additional increase in mortgages and opportunities for young families to improve their living conditions, then, of course, we can support such a decision," the Deputy Prime Minister's office quoted him as saying.
According to State Duma Deputy Sergei Pakhomov, a reduction in monthly payments is possible if two factors are taken into account — the number of children in the family and the type of settlement, which will allow targeted support for large families and residents of small towns and villages. In his opinion, the differentiated rate should also take into account the regional income level:
— A reduction in the payment could be possible with a combination of two factors: This is the number of children and the type of settlement... In small towns and rural areas, rates can also be reduced," he told Izvestia.
As support measures, Pakhomov suggests developing the secondary housing market in small towns, stimulating mortgage loans for individual housing construction and taking into account regional peculiarities to retain the population.
— There is no one solution here. If we are talking about improving housing conditions, and not about increasing the pace of construction, then it would be logical to look towards allowing the purchase of second homes in cities where there are no new buildings, for example, — says the parliamentarian. — By the way, this would indirectly encourage new construction projects.
It would also be possible to stimulate residential housing through preferential loans using escrow accounts, the source believes. At the same time, it is important to take into account regional peculiarities where it is necessary to reduce the outflow of residents.
Anton Glushkov, President of the National Association of Builders (NOSTROI), identifies large families and residents of settlements with limited market offers as the main categories for receiving a differentiated rate.
— The project is being developed to provide assistance to large families and families with children living in settlements where there are fewer opportunities to improve living conditions due to the limited number of offers. Accordingly, it will be possible to reduce the differentiated rate for these categories of citizens," he explains.
According to him, given the limited number of offers and low purchasing power, the differentiated rate will be lowered, which will make mortgages more affordable for citizens and thereby improve the opportunities for buying a home.
Izvestia sent inquiries about the parameters of the changes to the offices of Deputy Prime Ministers Tatyana Golikova and Marat Khusnullin, as well as to the press services of the Ministry of Construction, the Ministry of Finance and Dom.RF.
Legal restrictions and budget issues
State Duma deputy Anatoly Aksakov draws attention to the fact that the changes will not apply to mortgage loans already taken out due to legal factors and additional budgetary difficulties.
— Firstly, in the event of a reduction in the rate (compared to the current 6% for all) for some categories of borrowers (for example, those living in small towns or with many children), significant additional budget expenditures may be required to subsidize interest rates for previously taken out family mortgages, — he lists. — Secondly, on the other hand, an increase in the rate for existing mortgage agreements (for example, for metropolitan regions) is legally impossible.
According to the parliamentarian, the subsidy mechanism should be worked out more carefully, and the changes should only affect new mortgage transactions. This will help maintain stability for current family mortgage holders and control budget expenditures.
Housing affordability in regions with low purchasing power
Viktor Taygunov, head of the Mortgage Profit online service, believes that reducing the financial burden on families in small towns and villages is an important factor in improving the quality of life, but notes that this alone is not enough.
— If we talk about the well-being of families with children, of course, extending a family mortgage to one already taken out will reduce the financial burden on such families. For many, this can be an incentive for planning and having children," he is sure.
First of all, in his opinion, it is necessary to work out support measures for needy families with lower incomes.
The Federation Council also agrees with this. Senator Olga Epifanova believes that this measure can significantly help low-income families.
"A family mortgage is the key to reducing the financial burden for families with children," she says. — This is a real incentive for planning and having babies. In the light of the demographic plans of the state, this will have a great effect.
Ruslan Syrtsov, a real estate expert, emphasizes that a differentiated rate will be useful only if it applies to the secondary market, which is scarce in small towns, while he warns of the danger of contrasting large and small towns.
Yaroslav Gutnov from the development company SIS Development doubts the effectiveness of the chosen strategy to maintain life in less prosperous regions.
"Attempts to keep young people in depressed regions with cheap loans are unlikely to succeed," he notes.
Who gets the benefit
Experts believe that the main beneficiaries of the benefits will remain the same: families with children under six, large families and families with disabled children. MP Sergey Pakhomov proposes to expand the category of recipients.
"The circle of recipients could include families with children under 6 years old, large families, families with a disabled child, families with two children from 7 to 17 years old, young families under 25 years old," he lists.
Yaroslav Gutnov supports the expansion of benefits for families with children under 14 years of age.
Problems of loan approval for families with unstable incomes
Nadezhda Kosareva from the Institute of Economics of the City explains that banks should not accept increased credit risk without government guarantees and the rules for assessing solvency remain the same.
"In any case, the bank cannot and should not assume additional credit risk on a family mortgage in the absence of government guarantees for such preferential loans," the source said.
In her opinion, the lowest family mortgage rate can be set for families with, for example, three or more children, while living in cramped housing conditions and having an income that allows them to take out a mortgage only on low (subsidized) terms. bids.
Larisa Maslyukova from Granel Group of Companies recalls that families with unstable or informal incomes are generally considered more risky by banks.
At the same time, according to experts interviewed by the publication, only additional financial tools are not enough to improve the housing situation of low-income families. Yulia Maksimovich, Chairman of the mortgage Committee of the Russian Guild of Realtors, notes that low financial literacy leads to problems and loss of housing, emphasizing the importance of educational work.
— Borrowers often do not seek help and wait until it "resolves itself", which leads to the loss of real estate. We need to take measures on financial literacy of the population," she notes.
Program prospects and market forecasts
Alexander Popov, CEO of the Plus Group and president of the Russian Union of Real Estate Market Participants, believes that reducing the rate by 1-2 percentage points will result in significant savings that can change the decision to buy a home.
— Differentiation of family mortgages is a way to reconfigure the subsidy so that it goes to where sales are hardest: to large families and regions with low purchasing power. A reduction of 1-2 percentage points for such borrowers will result in savings of several thousand rubles per month, and they can become decisive in choosing between "taking now" and "waiting," the expert explains.
However, Mila Ryabova from Tera IT Distributor warns that the effect of reducing payments will only work if housing price growth is controlled, especially in regions with low rates.
— The monthly payment will actually become less, only if the state ensures control over the cost per square meter. The rates should be minimal, perhaps 2-3%. Only such a decisive step can shift demand from overheated megacities and give people a real opportunity to buy housing in their small homeland, and not just create the illusion of accessibility, she is sure.
With a positive development, Larisa Maslyukova from Granel Group estimates a 20% increase in demand in the real estate market. Yulia Maksimovich adds that, given the size of the country, the level of income and the cost of housing, it is necessary to maintain a balance and revise local programs, taking into account regional specifics for certain categories.
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