Current trends and prospects of development of the Russian mortgage lending market

Mortgage lending is one of the most multifaceted and multidimensional socially significant categories in credit conditions. In this regard, the study of trends in the development of this segment of lending is an important tool in determining the direction of its further effective development. The article assesses the main trends in the development of the Russian mortgage market, including: active modernization of the legal framework, achievement of a historical record in terms of issuance, low mortgage rates, reduction in the total concentration of banks with state participation in the mortgage segment, as well as extension of loan terms. The factors that hinder the development of mortgage lending were identified, as well as ways to reduce their negative impact: additions to the mechanism of mortgage holidays for citizens whose incomes have decreased due to the infectious and crisis economic situation; state subsidies for mortgage rates as a measure to support the level of mortgage issuance and the construction market; development of a mechanism for delaying the formation of loan reserves for borrowers whose financial situation has deteriorated due to the pandemic.