Starting next year, the Bank of Russia will tighten the requirements for mortgages, where the borrower pays a reduced rate for the first year or two, after which the monthly payment increases sharply. The regulator believes that such programs distort the true cost of the loan and inflate the price of the apartment. The bank compensates the interest not received during the grace period with a fee from the developer, which in turn includes these expenses in the cost of the housing. As a result, the buyer actually pays a rate discount through the higher apartment price. Another risk arises after the end of the grace period: the payment may increase sharply, for example when moving from a rate of 5% to 18%. At the same time, because of the inflated price of the apartment, the debt may be higher than its market value, which makes it difficult to sell housing and refinance the loan. The central bank plans to increase the reserves for mortgage banks, where payments increase by more than 20% per year, and to limit the maximum grace period to three years. According to market participants, such requirements will actually make such programs significantly less profitable for the banks.