“Without leaving the cash register”

Over the past few years, the main driver of the housing market has been preferential mortgages. As Our Version has said more than once, it was she who drove up prices and provided excess income to developers and bankers, which they apparently do not intend to part with.

In July of this year, preferential and family mortgages expire. The Ministry of Finance has already stated that rates on the latter should increase to at least 12%, and the overall share of preferential mortgage programs should decrease from the current 90% to 20-25%. All this could put an end to the excess profits of developers and bankers, and at the same time provoke some reduction in prices.

But in fact this will not happen. An alternative to preferential mortgages may be savings and loan banks, which the main “supervisor” of the construction industry, Deputy Prime Minister, has already begun to advertise Marat Khusnullin.

The mechanism of a savings and loan is not very different from a loan. It is assumed that a potential home buyer will open a special bank account into which he undertakes to deposit funds. The bank will begin to charge interest on them, and after a certain amount has accumulated in the account (for example, 40–50% of the cost of the apartment), the bank will issue the missing part of the money as a loan.

By the way, last year a similar program called “Teleport” was launched by the Samolet company. True, it never became widespread – only 500 people used “Teleport”. Experts then called the lack of insurance of funds an obvious drawback of the program.
On a federal scale, the implementation of this project may turn out to be even more unprofitable.

This means that we can assume that we will once again be talking about state subsidies, only served under a different sauce.