Updating the terms of family mortgages will reduce demand for housing

The updated terms of family mortgages will lead to a reduction in the issuance of loans and a decrease in demand for primary housing. In Moscow and St. Petersburg, the credit burden for families with one child may increase by about 40 percent, Dmitry Proskurin, commercial director of the Metrium company, told the Moscow agency.

According to him, almost two-thirds of potential participants in the program are families with one child, another 15-20 percent are families with two children. After changing the conditions, the monthly payment for these categories of borrowers will increase by 20-40 percent, which will limit their ability to purchase new buildings.

For large families, conditions have remained virtually unchanged, but their market share is small. In addition, compact apartments, which are most often presented in new residential complexes, are not suitable for families with three children.

In the regions, the maximum loan term was limited to 15 years. For families with one child, the rate increased to 10 percent per annum, and the limit was six million rubles. For families with two children, the rate was set at eight percent, the credit limit was eight million rubles.

In Moscow and St. Petersburg, the rate for families with one child increased to 12 percent per annum, while the limit remained at 12 million rubles. As a result, the loan burden for such borrowers will increase by approximately 40 percent, and for families with two children, the monthly payment will increase by approximately 30 percent.