The Board of Directors of the Bank of Russia decided from October 10, 2024 to March 31, 2025 not to limit the full cost of a mortgage loan for the construction or purchase of housing, as well as land for banks. This is stated in the press service of the regulator.
At the same time, the Central Bank is considering the possibility of not limiting the full cost of a mortgage loan on a permanent basis.
The decision to lift the restriction on the full cost of a mortgage loan will allow banks to reflect in mortgage rates the latest changes in the situation in the main segments of the financial market, including those that have developed under the influence of decisions on the key rate, without the risk of violating the requirements of the law on the maximum level of the UCS, the Central Bank emphasizes.
Thus, according to the regulator, it will remain possible for borrowers to obtain mortgage loans — albeit at higher rates, but without additional overestimation of the cost of housing.
For other products of credit institutions and all loans from microfinance organizations, consumer credit cooperatives and pawnshops, the UCS restriction remains.