The law of January 1, 2018 on mortgage
In 2017, a real demographic collapse occurred in Russia. According to Rosstat, in the first 9 months of last year alone, the decline in the Russian population was more than 100 thousand people. First of all, the decrease in the number of Russians is due to a reduction in the birth rate, in particular due to housing problems. Compared to 2016, the number of births decreased by more than 11%. At the same time, experts began to predict that the negative trend could continue until 2035. In the current situation, the Russian government decided to increase the level of housing affordability in 2018 by adopting a new law on mortgages.
Subsidized mortgage differs from state support by a certain period of validity. Although the issuance mechanism will be similar to 2015-2017.
Mortgage at 6%
As early as 2017, Prime Minister D. A. Medvedev spoke about possible preferential mortgages at 6-7% per annum. This was made possible for several reasons, namely:
- stabilization of the economic situation in the country;
- projected low inflation (3-4%);
- the mortgage rate reached a minimum and was, according to the Central Bank, almost 10%;
- increased demand for the mortgage product.
At the end of November last year, Vladimir Putin announced the launch of a new program that should help families with children purchase housing. He also instructed the government to develop its goals and approve order.
Government Decree No. 1711 of December 30, 1717, with approved rules for the sale of preferential mortgages was officially published on January 10, 188 on the website of the Cabinet of Ministers. The term of the law is 01/01/18-31.12.22. 600 billion rubles have been financed for the implementation of the project, and according to the Ministry of Construction, 500,000 Russian families will be able to use it.
As a result, the program of preferential subsidies will provide benefits to several parties at once - families that will have the opportunity to purchase their own high-quality housing, banks with the stimulation of the mortgage lending market and housing construction, contributing to its growth.
Completion of mortgages with state support in 2017 could lead to a serious crisis in the construction industry.
Terms and conditions
In accordance with the law on mortgage, from January 1, 2018, families with one child, at the birth of the 2nd or 3rd baby, will be able to take out a loan on concessional terms. As a result, the government will compensate in monetary terms in rubles.banks or the Mortgage Lending Agency lost profits of up to 6%. Income will be equal to the difference between the market rate and 6%. After the grace period expires, the mortgage will be calculated on the basis of the refinancing rate of the Central Bank + 2%. If a financial institution wants to participate in the program, then it is necessary to submit a package of documents and an application to the Ministry of Finance of the Russian Federation.
The very next day after the publication of the law, VTB announced the acceptance of applications for a mortgage of 6%, and after it was joined by Russian Capital Bank and AHML. The application can be submitted through the site, and the mortgage is issued in the offices of partners.
This program includes the following:
- rate (%) - 6;
- the first installment (%) - 20;
- term: the benefit will be valid for the 2nd child of 3 years, on the 3rd - 5 years;
- Max. loan amount (rubles): capital / Moscow Region and St. Petersburg / LO - 8 million, other Russian regions - 3 million;
- types of real estate - the primary market, namely, finished housing with registration of the sale or purchased during the construction with the equity agreement.
The program has a long-term nature and is designed for 5 years.
All families can become participants in a preferential mortgage, regardless of the age of the parents, but with the condition of their Russian citizenship.To do this, you must go to the bank branch with a standard package of documents for obtaining a mortgage and birth certificates of children. A loan at 6% is issued immediately, bypassing any other instance. The borrower must also issue 2 insurance contracts (personal and purchased real estate). In addition, the requirement is strict compliance with the conditions prescribed in the contract.
Additional subtleties of the mortgage
If a family with one / two children has already taken a mortgage on a new building, but there will be a replenishment in it from 01/01/18-31.12.22, then parents have the right to refinance the paid loan, receiving 6% for a period set by the state.
If the subsidy has already been issued, in connection with the appearance of the 2nd child and the 3rd child is born during this period, the law is extended for 5 years from the end of the grace period already received. If the third baby is born at the end of the subsidized period on the second, then the parents will be able to get the benefit again, but already for 5 years from the moment of his birth. In addition, families have the right to invest maternity capital in the mortgage.
This and other programs are designed to help young parents cope with financial difficulties and housing issues, to devote more time to caring for children.This should be an incentive for the birth of children and thus solve the negative demographic situation in Russia.