Sovcombank raised the down payment on preferential mortgages to 50% | December 7, 2023

Sovcombank increased the minimum down payment for all mortgage lending programs with state support from 20% to 50%, as follows from the information on the bank’s website. Such programs include “Far Eastern Mortgage”, “Mortgage for IT Specialists”, “Mortgage with State Support for Families with Children” and “New Building with State Support 2020”.

Farnk Media sent a request to Sovcombank.

In early December, it was reported that the government was considering measures to increase the down payment for preferential and family mortgage programs in order to “regulate the volume of such loans.” Later it became known that Ministry of Finance may introduce a number of restrictions for obtaining preferential mortgage programs, including reducing the loan size to 6 million rubles, a ban on the borrower receiving several preferential mortgage loans.

From September 20, the government increased the minimum down payment requirement for a mortgage with state support from 15% to 20%. At the end of October, the head of the Central Bank, Elvira Nabiullina, announced that the regulator had sent a proposal to the Cabinet of Ministers to do this again. Before this, she stated that the Central Bank would continue to tighten the requirements for mortgages issued to banks.

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