The Central Bank has developed measures to limit high-risk mortgages on new buildings

The Central Bank of Russia will increase the burden on banks that issue mortgages at low rates as part of partnership programs with developers. This became known on February 17 from draft instruction Central Bank.

It is expected that higher risk ratios may be applied to such loan offers. The document mentions the detailed characteristics of loans for the calculation of surcharges.

“Credit organizations will be required to apply premiums to risk ratios in relation to loans for housing purchased under an agreement on participation in shared construction, including within a year after its commissioning,” explained in Central Bank.

In addition, the document clarifies the conditions under which premiums are not applied to risk ratios in relation to mortgages issued under state support programs: the current criterion (debt burden ratio no more than 60%) is supplemented with a requirement for a minimum down payment (at least 30%).

Last week, the head of the Central Bank, Elvira Nabiullina, said that the Central Bank is recording the emergence of new schemes for developers with cashback when buying apartments on a mortgage and is ready to take action.

At the end of last year, Nabiullina announced that the regulator advocated that mortgage programs from developers be reduced, and subsequently completely completed.

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