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Some IT specialists in Russia are willing to change not only their jobs but also their cities to gain access to preferential mortgages. The program remains one of the few viable options for young and childless professionals to purchase housing.
The preferential mortgage program for IT specialists will remain in effect in 2025, despite tightened terms. Unlike the initial version, the interest rate is now 6%, and residents of Moscow and St. Petersburg are excluded. Nevertheless, interest in the program remains stable, and some Russians are willing to take significant steps to purchase a home on favorable terms.
IT and more
As a survey conducted by the financial marketplace Vyberu.ru among three thousand residents of cities with over a million residents showed, the program is perceived not as a niche, but as one of the few accessible, real alternatives on the mortgage market.
Twenty percent of respondents admitted they had previously considered taking advantage of this opportunity but decided against it, primarily because they were planning to purchase housing in Moscow or St. Petersburg, where the subsidy no longer applies. However, 7% of respondents, on the contrary, are willing to leave these cities to buy housing at a preferential rate in another region.
Interest in the program is also growing among those not directly involved in IT. 12% of survey respondents said they work in other industries but plan to join an accredited IT company to gain access to the benefit. Importantly, the program is open not only to programmers and developers, but to any employees of accredited organizations—from office managers to designers and accountants.
A program that few people know about
The problem, as is often the case, is awareness. Fourteen percent of respondents learned from the survey that the program was available and accessible to more than just IT specialists. Moreover, half of them (51%) expressed interest and intended to explore the possibility of participating.
Furthermore, Russians continue to show a strong interest in financial instruments that allow them to save or preserve assets amidst instability. Some respondents are considering not only mortgages but also personal savings accounts as an alternative amid subdued income growth and rising prices.
But there is also a large group of those who are not interested in the program for quite rational reasons:
- 18% are not ready to take out a mortgage even at reduced rates due to general financial instability;
- 34% prefer other programs, such as family or rural mortgages;
- 21% do not work in accredited companies and do not plan to change jobs;
- Another 27% already own their own home and see no point in a new mortgage.
"The mortgage for IT workers remains essentially the only program designed for urban singles without children. The terms are similar to family mortgages, but the audience is broader. The fact that people are willing to change professions or cities for the benefit is a strong indicator of its popularity," notes Anna Romanenko, Director of Communications at the financial marketplace Vyberu.ru.
Premiums are being reduced: mortgages may become more affordable
Amid strong demand, the Central Bank announced a reduction in mortgage risk surcharges for borrowers with a debt burden of up to 70% and a down payment above 20%. Effective March 1, 2025, the surcharges will be reduced from 1.5 to 0.5 percentage points, making mortgage approval more likely for many applicants.
