The features of mortgage lending in Russia in the context of the COVID-19 pandemic

Abstract

Abstract The article examines the main aspects of mortgage lending in the Russian Federation in the context of the COVID-19 pandemic. One of the main directions to fight the COVID-19 pandemic in Russia, as well as almost all over the world, is the introduction of a self-isolation regime. Such decision has led to the fact that in 2020 in the Russian economy in almost all sectors, the reduction in indicators was recorded. The construction industry has become an exception have kept economic performance at the same level. This was made possible through the growth of mortgage lending carried out by commercial banks. The article analyzes the current volume of mortgage loans in Russia. The authors have identified a number of scenarios for the development of the Russian mortgage market developed by experts in the field of economics, and at the moment they have also underlined the main problem in the area. The essence and conditions of mortgage loans as well as the terms of their validity in the context of epidemic were studied. The article has considered the preferential mortgage program approved by the Russian government, which had become the main source of a mortgage bubble. The main conditions and requirements of the program were analyzed. The main reasons having led to emergence of the mortgage bubble in the Russian financial market were identified and analyzed. In addition, the article provides a forecast for the development of mortgage lending in the context of the COVID-19 pandemic.