From April 1, 2026, new rules for assessing mortgage borrowers’ income came into effect in Russia. Banks now take into account only officially confirmed earnings, excluding informal inflows, according to RIA Real Estate. Experts warn that as a result, up to one-third of applications may be rejected, primarily from borrowers with “grey” income.

What is changing in Russia’s lending market

Bank account statements

From April 1, 2026, Russia changed the procedure for calculating borrowers’ debt burden, which banks and MFIs use when reviewing loan applications. Bank account statements can now be used only to confirm a limited range of inflows — salaries, pensions, social benefits, and rental income from real estate. All other credits to an account must be supported by additional documents. For example, a borrower may provide certificates confirming income from deposits or securities transactions.

Salaried employees and individual entrepreneurs’ income

Income assessment for salaried clients has also changed. Previously, banks could apply their own models approved by the regulator and consider additional income sources. Such approaches are no longer accepted.

For individual entrepreneurs, separate restrictions have been introduced: they are no longer allowed to use documents they issue to themselves to confirm their own income. They can prove earnings using tax declarations and income-and-expense books.

Simplified approach

A simplified approach remains in place, where a borrower declares income in the application form without providing supporting documents. However, its use will be gradually reduced. From July 1, 2026, a 10% discount will be applied to such income when calculating debt burden, and from July 1, 2027, full exclusion of unverified income is planned.

Outlook for mortgage lending in Russia

Efforts to eliminate “grey salaries” and risks

Head of the National Agency for Real Estate Market Development Kamila Fazlyeva noted that many banks have already started applying the new requirements in practice. She believes that the most significant difficulties may arise for individual entrepreneurs and self-employed individuals who do not fully reflect their income in tax reporting. Overall, the changes aim to improve market transparency and bring income out of the shadow economy.

Mortgage lending expert Yulia Anisimova emphasized that stricter income assessment rules are aimed at reducing the share of risky loans and preventing market overheating. Clients with an unofficial part of income will indeed find it harder to obtain approval, but access to mortgages is not disappearing completely. They can, for example, increase the down payment or bring in a co-borrower.

Improved loan quality

Director of analytics at Ingo Bank Vasily Kutin explained that banks are now required to compare the income declared by a borrower in a 2-NDFL certificate with the average salary level for similar specialists and positions according to Rosstat data, with a 10% adjustment. The lower of the two values is taken into account. This averaging approach may not reflect incomes of professionals whose earnings significantly exceed market averages.

According to the expert, stricter income assessment should improve the quality of new mortgage lending. This is particularly relevant amid a growing share of overdue mortgage debt: as of March 1, 2026, it stood at 1.03% compared to 0.57% a year earlier.

Housing loans will be denied to 25–30% of applicants

Around 25–35% of potential mortgage borrowers who do not receive official salaries and already have debts may fall under the restrictions, believes Irina Nosova from ACRA. This could slow down sales of both new-build and existing housing in 2026. Tatyana Reshetnikova from the real estate agency “Etazhi” adds that there are also requirements for accounting rental income and the borrower’s own earnings. However, there is a chance of a decline in interest rates to 15–16% by the end of the year.

Managing director of the rating agency Expert RA, Yuri Belikov, noted that market development will be constrained by high property prices and increased household indebtedness. In the preferential segment, an additional impact comes from the “one mortgage per family” rule. “Overall, housing affordability in Russia is currently low, and in the medium term there are no drivers that could change this,” he said. At the same time, Natalia Bogomolova, a senior executive at the NRS rating service, believes that by the end of 2026 mortgage issuance will grow by 6–11% compared to 2025 and reach 4.8–5 trillion rubles.

Conclusion

Analysts at International Investment note that the new central bank rules effectively change the logic of the mortgage market: banks are shifting to strictly verified income, while “grey” and indirect earnings are gradually excluded from calculations. This reduces risks for lenders but makes mortgage issuance more selective and formalized.

For investors, this means a shift toward a more predictable but less dynamic market phase. On one hand, banks’ loan portfolio quality should improve, and the likelihood of accumulating problematic debt should decrease. On the other hand, part of housing demand will be constrained, especially among borrowers with unofficial income, which may slow sales and price growth in certain segments of the real estate market. Overall, Russia remains in a risk zone for investment and income generation due to a complex geopolitical situation and internal restrictions.

FAQ: new mortgage rules in Russia (2026)

1. What has changed in mortgage rules in 2026?
From April 2026, Russian banks started considering only officially confirmed income when assessing mortgage applications. Informal income and “grey” earnings are no longer accepted without additional documentation.

2. Which types of income are now taken into account for mortgage approval?
Salaries, pensions, social benefits, and rental income are included in the assessment. All other incoming funds must be supported by official documents or tax records.

3. How do the changes affect self-employed individuals and entrepreneurs?
It has become more difficult for individual entrepreneurs and self-employed workers to confirm income. Documents issued to oneself are no longer accepted — only tax declarations and official accounting records are valid.

4. What happens to unverified income?
From July 1, 2026, banks will apply a 10% discount to such income when calculating debt burden. From 2027, unverified income is expected to be fully excluded from calculations.

5. How much harder is it to get a mortgage now?
Experts estimate that 25–35% of potential borrowers may face rejection, especially those without fully official (“white”) income.

6. Can you still get a mortgage with unofficial income?
Yes, but conditions are stricter. Borrowers can increase the down payment, add a co-borrower, or provide proof of additional income sources.

7. Why are these changes being introduced?
The main goal is to reduce bank risks, lower the share of risky loans, and improve transparency of borrower income.

8. How will this affect the real estate market?
Experts expect more moderate demand, especially in the new-build segment. At the same time, the quality of bank loan portfolios is expected to improve.

9. Will the mortgage market grow or decline?
Forecasts vary: some analysts expect slower demand, while others see moderate growth supported by market stabilization.

10. What will happen to housing affordability?
In the short term, affordability may decrease for some borrowers. In the medium term, the market is expected to become more structured and predictable.