The price of insurance for mortgage borrowers will not increase due to the cancellation of the preferential program at 8%. On the contrary, policies may become cheaper in 2025. This forecast was given to Gazeta.Ru by Victoria Lessar, Director of Mortgage Insurance Development at Rosgosstrakh Insurance Company.
“Prices have fallen by 15-20% over the past year due to the dumping policy of certain companies. We expect the dumping trend to continue due to the decline in mortgage lending. This will aggravate competition between companies by “luring” clients through discounts. There is no relationship between loan rates and insurance rates. The rate depends on the type of real estate being purchased (apartment or country house), its technical and quality characteristics (apartment in a new monolithic building or an old one with wooden floors),” Lessar said.
She added that in addition to insuring the property, the life and health of the borrower are often insured, so the personal insurance rate will depend on the age (the older the person, the more expensive the insurance) and gender of the borrower (for women, insurance is often cheaper than for men of the same age), the state of his health, profession and professional sports.
Lessar gave an example. Let’s say a family bought a small apartment in New Moscow for 10 million rubles and paid 3 million rubles as a down payment. The cost of insurance will be determined from the remaining debt to the bank – 7 million rubles and the above factors. There is one nuance here – if the house is only under construction, the life and health of the borrower will be insured. When the house is completed, in addition to life insurance, the borrower will be required to insure his home against the risk of damage and loss. If a borrower of 35-40 years old takes out a loan for 7 million rubles to buy a home in New Moscow, the policy will cost about 15 thousand rubles per year.
Preferential mortgages at 8% ceased to be valid in Russia from July 1, 2024.
The consequences of the cancellation of preferential mortgages at 8% were previously named .