Limit to obtain a mortgage vacation raised

Prime Minister of Russia Mikhail Mishustin raised the limit on coronavirus mortgage vacations for St. Petersburg up to 3 million rubles.

A mortgage is the main driver of the construction sector. More than half of transactions in the primary real estate market of St. Petersburg with the participation of borrowed funds. In this regard, the authorities traditionally with the onset of the crisis, given this area special attention. So, in 2015, the government launched a program of subsidizing the interest rates. According to the head of the analytical center of the HOUSE.Of the Russian Federation Mikhail Goldberg, this actually saved the market in the face of rising mortgage rates to 15-17%.

With the beginning of a new crisis 2020, which was caused by padamya coronavirus and the collapse in oil prices, the Russian government launched a program to provide mortgage holidays. To qualify for a deferment might those citizens whose housing loan does not exceed 1.5 million rubles. According to the National credit Bureau, under this condition approached only 32.4% of borrowers.

According to the NBCH, the average size of the existing mortgage loan in the country is in the area of 2.2 million rubles. In Moscow, the average is 4.84 million rubles, in St. Petersburg 2.85 million RUB.

On Friday, the Cabinet approved the increase of the upper limit of loans to obtain a vacation. So, according to the new size will vary depending on the region: in Moscow up to 4 million rubles, in St. Petersburg – up to 3 million rubles.

The main parameters of the break:

The postponement is not more than 6 months;

– You must confirm a decrease in income;

– Penalties and interest for late payment will not be levied;

– You may apply up to 30 September 2020;

– Vacation credit is not free. Banks will continue to charge interest on the mortgage.

If the borrower does not fall under the scope of this program, he may apply to the Bank for loan restructuring.

In the savings Bank specify that after a change in the terms of the credit agreement, may increase the total cost of credit and overpayment interest (with an increase in the term of the loan and receipt of the grace period in the payment of principal).

Financial institutions have noted the wave of complaints about mortgage break. VTB Bank said about 70 thousand applications for the various loans during the first week.

Source bkn.ru