MOSCOW, Dec 28 (PRIME) -- The central bank has proposed to allow people to receive beneficial mortgage only once in a lifetime in order to prevent investment demand for housing driving the prices higher, Financial Stability Department Director Yelizaveta Danilova told news daily Izvestiya in an interview released on Wednesday.
"We have been always speaking about the need to make the program more targeted. In order to raise its target orientation, we have to envisage a one-time use of beneficial mortgage,” Danilova said.
“That would allow us to prevent additional investment demand, when people take several loans and invest in real estate. As a result, the prices rise and affordability of housing for the citizens falls."
The bank sent the proposal to the government earlier in December to forbid uniting the mortgage programs of real estate developers with the state program of beneficial mortgage. The central bank plans to raise the reserve requirements for banks, while they provide mortgage under the programs of developers in January–March, Danilova said.
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