Research Center

Implementation of the state program of subsidizing interest rates on mortgage loans for the purchase of new housing provides a significant support for the mortgage market. The program also contributes to lower rates on loans for the purchase of new housing by 1.5-2.5 percentage points. Active reduction of interest rates by the main participants of the mortgage market facilitates increasing the affordability of mortgages for Russian citizens and growth of public demand for mortgage loans.

Mortgage Market Overviews


About AHML

Agency for Housing Mortgage Lending (AHML) has been established in 1997 by the resolution of the Government of the Russian Federation . For the purposes of implementation of the state policy in the housing market the Unified Development Institute in the Housing Sector has been established in 2015 based on AHML.

Updated AHML has all mechanisms required for the full cycle of support of the Russian housing sector: starting with the provision of land resources and promotion of housing construction and ending with the formation of solvent demand for housing.

Efforts of the Agency are aimed at further development of the mortgage market, development and implementation of the regulations to help enhance investment appeal of the housing sector, development of the market of mortgage-backed securities, provision of sustainable, liquid, competitive and innovative housing market.

Priorities of the agency are: risk mitigation in the housing and mortgage markets, promotion of affordable housing development, creation of financing mechanisms for engineering infrastructure facilities, implementation of anti-recessionary measures in the housing and mortgage markets.

Mortgage-Backed Securities

One of the key objectives of AHML is creation of a liquid market for mortgage-backed securities:

  • Development of new mechanisms for securitization of mortgage assets
  • Issuing mortgage bonds using the best international practices
  • Analysis of the mortgage collateral of securities
  • Methodological support of market participants in the issue of mortgage-backed securities


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