‘The demand for the IT mortgage is abysmal’

Photo: realnoevremya.ru

A preferential mortgage programme designed deliberately to retain IT specialists in the country was announced in Russia this May. In fact, it started operating in June but hasn’t anyway become popular among techies. As of 25 September, according to Dom.rf, IT mortgages have totalled just 15,2 billion rubles. To compare, the “Putin” preferential mortgage has surpassed 2,4 trillion rubles, the family mortgage has been 1,2 trillion rubles, and even the Far Eastern mortgage has turned out to be more attractive for Russians: loans for 170,4 billion rubles have been granted there.

Moreover, no such mortgage was granted in some Russian regions by early September. For instance, in the Republic of Sakha, Amur and Sakhalin oblasts as well as in Zabaikalsky Krai and Buryatia, the Far Eastern mortgage can explain this. For instance, zero loans are in Crimea, Sevastopol, Altai Krai, Khakassia, Ingushetia, Chechnya and the Republic of Tuva.

The top popular regions expectedly include Moscow, Saint Petersburg and Moscow Oblast. Tatarstan is fifth.

Leading regions in mortgages granted to IT specialists

According to Dom.rf as of 25 September

1,700 IT mortgages at an average rate of 3,92% have been granted in Russia in general. The average first instalment was 18,69%.

According to Dom.rf, Ak Bars Bank from Tatarstan has issued IT mortgages for 36,69 million rubles. As Realnoe Vremya was clarified in the bank’s press service, 198 applications were received and 13 loans were issued in this programme from June to September. The peak of application submittal and loan issue was in June and September. The press service of Ak Bars Bank noted that they fixed a slight decline in demand and the number of applications in this programme at the moment.

The press service of Sberbank didn’t name the total number of IT mortgages issued in Tatarstan noting that their number “stabilised and was about 15 loans a month,” while the greatest demand was at the start of the programme earlier this year.

Managing Director of Mortgage at VTB in Tatarstan Guzel Moiseyeva noted that since the start of the programme VTB has issued Tatarstan IT specialists loans for 270 million rubles and it was popular among banks’ borrowers. Nevertheless, VTB doesn’t reveal the number of loans issued.

Leading banks in loans issued to IT specialists

According to Dom.rf as of 25 September

Ministry for Digital Technology, Communication and Mass Media wants to improve the terms

In mid-August, the Russian Ministry for Digital Technology, Communication and Mass Media cited a petition of representatives of the IT sector and offered to change the terms to get a preferential mortgage. As the press service said, the draft of the bill is already ready but the changes haven’t yet been adopted.

Key parameters offered by the ministry

• A rate of 3% instead of 5% a year;
• It is offered to lower the minimum salary for employees from 150 to 120,000 rubles for million cities (for Moscow given the high salaries, the requirements won’t change — 150,000 rubles) and from 100 to 70,000 rubles for other settlements.

At the same time, a salary not only in the main workplace but also part-time job can be counted if the second company was also authorised in the ministry.

• It is offered to change the age of the borrower “from 22 to 50 years” (instead of “from 22 to 44 years”);
• an IT specialist can work in an authorised company not demanding it to use tax concessions;
• one will have to work in such a company for at least five years since the loan issue date, then employment won’t be checked;
• when quitting the authorised company, the techie will have to find a job during six months (instead of three months like now).

As the ministry assumed, the changes will make the IT mortgage more affordable and allow covering a bigger number of specialists.

“The IT mortgage is needed for those who designed it to tick the box”