Banks will be able to issue IT mortgages without restrictions

The authorities have lifted the limits on the volume of loans issued under the preferential program. From May 1 to October 31, banks will be given increased subsidies for expenses related to the program

Photo: Valery Sergeev/Lori Photobank

The Ministry of Digital Development, together with the government, decided to cancel the limits on the volume of preferential IT mortgages issued. "Previously, due to the high popularity of the program, banks quickly used up the established limits and were forced to suspend issuing loans. A separate government decision was required to continue work. Now there will be no more such pauses," the Ministry of Digital Development explained.

In addition, from May 1 to October 31, banks will be given increased subsidies for expenses related to program support. This will help reduce the additional financial burden for borrowers, such as reducing payments on bank commissions.

The preferential mortgage program for employees of Russian IT companies is valid until 2030. The maximum loan amount for all regions participating in the program is up to 9 million rubles inclusive. But this amount can be increased to 18 million rubles by adding the IT mortgage to the amount borrowed at the market rate. Vyacheslav Putilovsky, Junior Director for Bank Ratings at Expert RA, comments:

Vyacheslav Putilovsky, Junior Director for Bank Ratings at Expert RA

In early April, the Ministry of Digital Development denied the information that banks were raising rates on IT mortgages to 15%. “Rates remain at the same level — a maximum of 6%. No changes are planned,” the ministry said. In 2024, mortgage conditions became stricter: the rate and the size of the down payment were increased, and the maximum loan amount was halved. Companies from Moscow and St. Petersburg were excluded from the program.

Currently, the abolition of limits will have virtually no impact on the market, since IT mortgage issuances have fallen several times due to the tightening of conditions for obtaining them, says Dmitry Rakuta, founder of the Association of Mortgage Brokers and real estate expert:

Dmitry Rakuta founder of the Association of Mortgage Brokers, real estate expert

According to the Ministry of Digital Development, more than 83.5 thousand preferential mortgages have been issued to date. It is expected that by the end of this year the number of borrowers who have used the program will be 8 thousand more.