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- Fathers and Benefits: who can benefit from maintaining the terms of the family mortgage
Fathers and Benefits: who can benefit from maintaining the terms of the family mortgage
Couples with one or even two children can benefit from postponing the terms of the family mortgage, Izvestia found out. The authorities did not announce the new rules until the last moment and eventually postponed the adjustment date from July 1 to October 1. Many Russians, who would have been caught off guard by the changes, got three months to get a loan at a discounted rate. The authorities may soften the final terms of the program, but it is already clear that it is likely to become less accessible to small families. How to get approval for a mortgage application is in the Izvestia article.
Who should get a family mortgage before October 1
The authorities postponed the change in the terms of the family mortgage from July to October 1. This was announced by the Ministry of Finance the day before the expected program adjustment.
At the same time, last week the government decided on new conditions for the family mortgage, said Nikita Stasishin, Deputy Minister of Construction. On behalf of the Cabinet of Ministers, the changes were supposed to come into force on July 1, 2026 — the accuracy of this deadline was confirmed by representatives of departments close to the discussion.
The change in conditions was postponed in order to study public sentiment and adjust the state program more precisely, said Natalia Milchakova, a leading analyst at Freedom Global. That is why it is still impossible to say exactly how tough the final adjustments will be.
It is possible that the decision was influenced by the reaction of the lobby of developers, for whom the tightening of family mortgages would mean a decrease in demand for new buildings. After the news about the postponement of the changes appeared, the shares of individual market players jumped by 15% at the moment.
Izvestia previously wrote about the parameters of the family mortgage, which were sent to banks to prepare for the restart of the program. The document was under approval by the government.
Here are the main changes in the family mortgage that were expected by July 1:
- The rates were planned to be linked to the number of children and the region of purchase of housing. In Moscow, St. Petersburg, Moscow and Leningrad regions, they could range from 12% for families with one child to 4% for families with five or more children. In other regions, the rates were supposed to be set 2 percentage points lower, in the range from 10 to 2%.
- The maximum loan amount could range from 12 million to 18 million rubles in the capital regions and from 6 million to 10 million rubles in other regions, depending on the number of children in the family.
- The preferential rate was planned to be limited to 15 years, after which it was to be calculated using the formula "key rate plus 2-2.5 percentage points."
- The 6% rate was proposed to be maintained for loans with a down payment of more than 50%.
- As new children were born, the mortgage rate could automatically decrease.
There is a possibility that the final conditions will be softened. However, it is already obvious that a family mortgage may become much less affordable for families with one child. Their share today reaches about 60%, and about a third more falls on families with two children, said Andrey Fatnev, commercial director of the developer "Lingonberry" in Moscow and the Moscow region. In general, conditions may deteriorate significantly for almost half of the potential recipients of a family mortgage, added Yaroslav Gutnov, founder of SIS Development. That is why such families should hurry to apply for a loan, said Tatiana Reshetnikova, deputy head of the mortgage department of Floors.
Banks carefully ensure that no more than half of the borrower's income is spent on debt servicing. The restrictions of the Central Bank do not allow them to excessively increase the debt burden of citizens. In practice, this means that only half of mortgage applications are approved today. An increase in the rate in such a situation may simply cut off some Russians from the opportunity to get a family mortgage.
At first glance, it is more profitable for families with three or more children to wait for new conditions, but the situation is not so clear, said Dmitry Proskurin, Commercial director of Metrium. According to him, a loan at 6% for 30 years will be more affordable for many than a mortgage at 4% for 15 years.
For example, a mortgage for 10 million rubles at 6% for 30 years assumes a monthly payment of about 60 thousand rubles, while at 4% for 15 years it will amount to about 74 thousand rubles. Some borrowers may fail to meet the banks' debt requirements, having been refused a shorter loan.
However, the overpayment on a mortgage with a lower rate will be significantly lower, so in the long run, low interest in the short term remains a more profitable option.
In addition, large families who want to purchase more spacious housing can wait with the purchase. In the new conditions, higher limits may appear for them — up to 18 million rubles in the capital regions and up to 10 million rubles in other regions.
How to increase the chances of loan approval
The key factor for mortgage approval now remains the share of income that the family is willing to use for payments. The PSB clarified that it should not exceed half of the family's total earnings per month.
Since February 1, both parents are required to act as co-borrowers on the family mortgage, so the bank will take into account their total income, said Yulia Maksimovich, chairman of the committee of the Russian Guild of Realtors on mortgages. At the same time, the existing debts of the second borrower may also influence the bank's decision.
That is why it is important to close unused credit cards and installments in advance before applying, Tatiana Reshetnikova emphasized. It is better to do this in advance so that the information can be updated in the credit bureaus.
It is also important to confirm the official income, Yulia Maksimovich noted. This is especially true for individual entrepreneurs and the self-employed.
Banks are still cautious about clients for whom a family mortgage will be the first loan in their lives, Tatiana Reshetnikova emphasized. It is better for such borrowers to contact credit institutions that are more loyal to this category of customers first, so as not to worsen their rating by rejections.
If one bank refuses to issue a loan, it is worth requesting an explanation of the reasons and only then submitting a new application, says Dmitry Proskurin, commercial director of Metrium. This will avoid repeating previous mistakes.
It usually takes four to five weeks from the moment the application is submitted to the completion of the transaction, and against the background of high demand, the time frame may increase, the expert added. Therefore, families who want to take advantage of the current terms of the program should not delay the purchase.
What will happen to housing prices
In June, banks actually recorded an increase in demand for family mortgages. This was reported in the press service of VTB and Absolut Bank. The number of applications for the program increased by 62%, said the Deputy Chairman of the Board of Dom Bank.Russian Federation" by Alexey Kosyakov.
At the same time, housing prices have not yet shown signs of accelerated growth, said Tatiana Reshetnikova from Floors. The average price per square meter in the primary market in Russia decreased by 0.1% over the month, while in cities with a population of one million it increased by only 0.7%. Moreover, the actual transaction prices are often even reduced due to discounts, promotions and special offers from developers.
Many developers have faced difficulties — up to 40% of companies may not make a profit by the end of the year, Yulia Maksimovich emphasized. This keeps prices down rather than pushing them up.
The official prices of developers are not the final amount of the deal, the expert emphasized. Many discounts are not publicly available and can only be accessed through realtors, and the difference sometimes reaches millions of rubles.
Demand for valuable properties remains high, but in general, developers have become much more accommodating and are ready to provide discounts of 15-20% of the original price, said Rigina Gordeeva, founder of the Bezfilter real estate agency.
At the same time, it is important for customers to distinguish between real and promotional discounts, the expert said. Sometimes an object without a declared promotion can be purchased cheaper than an apartment with a loudly announced discount.
In general, customers should not hesitate to negotiate additional discounts or bonuses, concluded Yaroslav Gutnov. Many developers today are ready to meet their clients halfway, especially against the background of uncertainty surrounding the future conditions of the family mortgage.
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