The popularity of IT mortgages continues to grow: if in 2022 up to 500 transactions were issued monthly, then in 2023 — already up to 2-3 thousand. The share of IT mortgages in the total number of issues also increased and reached 2 –3%. The reason for the rapid growth is the consistent easing of the program conditions. Experts from the Domklik Analytical Center studied how the portrait of the borrower changed.
Transformation of IT mortgages
The preferential IT mortgage program started in May 2022 year for Russians officially working in an organization that operates in the field of information technology and is accredited by the Ministry of Digital Development of Russia. Since then, the terms of the program have changed twice — in January and September 2023.
In January 2023IT mortgages became available to employees of all accredited IT companies, and not just those that received tax breaks.
The minimum monthly income of the borrower was reduced from 150 thousand to 120 thousand rubles. in cities with a population of over a million (except Moscow) and from 100 thousand to 70 thousand rubles. in other settlements. Income began to take into account the total salary from the main place of work and part-time work (also in an accredited IT company).
The minimum age of the borrower was reduced from 22 to 18 years, and the maximum was increased from 44 to 50 years inclusive.
The employee must now be employed in an accredited IT company for at least five years, not the entire loan repayment period. If an employee leaves earlier, the program will continue to operate for another six months, not three months.
And from September 2023 borrowers under 35 years of age inclusive are not required to minimum income level.
How the portrait of an IT mortgage borrower has changed in the primary market
Over the past year and a half, the portrait of an IT mortgage borrower on the primary market has changed significantly. Although male borrowers continue to close more deals, the share of women increased by almost 10% to 31.1%. The average consumer has become younger from 33 to 32 years old. The easing of requirements for the minimum level of monthly income of borrowers led to the fact that the median income of the borrower decreased from 210 thousand to 170 thousand rubles, and the loan amount — from 8 million to 7.7 million rubles. The initial payment was reduced from 3 million to 2.4 million rubles, and the monthly payment — from 47.6 thousand to 42.3 thousand rubles. In addition, the median loan term increased by four years and reached 27 years.
Alexey Leipi, director of the Domklik division of Sberbank:
“The gradual easing of conditions for IT mortgages made it possible to increase the number of borrowers under the program many times over. If before the first expansion the monthly number of issues did not exceed 500 pieces, then since February 2023 the level of demand almost never fell below 1 thousand pieces. And after the second expansion of the program, the number of transactions remained stable at the level of 2.5–3 thousand units per month.
Moreover, the change in requirements for borrowers made it possible to attract new categories of specialists. We note a significant increase in the share of women borrowers, as well as an influx of young people.”
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