What will change in legislation in October

New legislative initiatives that will affect the mortgage market, the self-employed, and small and medium-sized businesses will come into force in October 2025. The central Bank will impose restrictions on the issuance of risky mortgage loans for individual housing construction (IHS), as well as provide credit holidays for entrepreneurs. In addition, the procedures for submitting documents to the tax service are simplified. Mortgages from microfinance organizations Starting from October 22, 2025, microfinance organizations will be able to issue targeted mortgage loans on preferential terms, which will be determined by regional authorities. Mortgages will be provided only by those microfinance organizations that are fully owned by the subjects of the Russian Federation, and only one such organization will operate in each region. Mortgage loans will be available only under government programs such as family, Far Eastern, Arctic, and IT mortgages. The collateral for such loans will be purchased real estate. The Central Bank will monitor the activities of these organizations and set additional requirements. Credit holidays for the self-employed and entrepreneurs Starting from October 1, 2025, small and medium-sized enterprises, as well as the self-employed, will be able to take advantage of credit holidays for up to 6 months. Loan deferrals can be obtained once every five years. The limits for debt freezing are 10 million rubles for the self-employed, 400 million rubles for small businesses, 1 billion rubles for medium-sized businesses and 60 million rubles for microenterprises. Credit holidays will be available only for loans issued after March 1, 2024. Restrictions on risky mortgages on residential housing Starting from October 2025, the central Bank will introduce macroprudential limits on the issuance of mortgage loans for individual housing construction. This is due to an increase in borrowers' creditworthiness: in the second quarter, the share of residential housing mortgages issued to citizens with a debt burden above 80% reached 30%. The new rules will limit the share of risky loans: starting in October, it should not exceed 25% of the total volume of residential housing mortgages issued by the bank during the quarter. Simplification of the submission of documents to the tax service The rules for submitting documents to the Federal Tax Service will change. Most declarations and appeals can be sent online through the electronic services of the Federal Tax Service or a personal account at Gosuslugi, which will eliminate the need for a personal visit to the office. This innovation will simplify the document submission process and reduce the likelihood of errors.