The volume of mortgages in Russia increased by 40%

The volume of mortgage loans issued in Russia at the end of October increased by 40% compared to the same period in 2017. This was reported by RBC with reference to data from the state company Dom.rf (formerly AHML).

Between January and October, housing loans worth about 2.37 trillion rubles were issued in Russia. At the same time, 55% of transactions in new buildings and 46% of transactions in the secondary market were concluded with mortgages. At the end of the year, mortgage issuance volumes will increase to 3 trillion rubles, analysts believe.

The report also notes that the mortgage portfolio of Russian banks reached 6.2 trillion rubles by the beginning of September this year, having increased by 24% over the year. Overdue debt 90 days or more is 1.89% - this figure continues to decline.

The Ministry of Construction intends to develop a new program for subsidizing mortgages

Meanwhile, the head of the Ministry of Construction of the Russian Federation, Vladimir Yakushev, said that the department intends to propose a new program for subsidizing mortgages, RIA Novosti reports.

According to him, the goals for the development of mortgages and the construction industry as a whole are ambitious, and in the difficult situation that has developed in the market, it is worth supporting. “We will propose launching a product to subsidize mortgages. Today the Ministry of Construction has such proposals,” Yakushev said.

Let us recall that at the end of October it was reported that the average size of a mortgage loan in the Russian Federation in the third quarter of 2018 increased by 10.2% compared to the same period last year and amounted to 2.19 million rubles. One of the reasons for the increase in the average size of a mortgage loan in the first nine months of 2018 is that banks reduced the amount of the down payment on a mortgage.

Earlier, NBKI analysts came to the conclusion that the recommended amount of a borrower’s monthly family income, necessary for comfortable servicing of an average mortgage loan in the Russian Federation, increased from March to October 2018 by 8.7%, from 64.7 to 70.3 thousand. rubles