Putin instructed to reduce down payment on mortgages for families with children

Russian President Vladimir Putin instructed the Government to prepare proposals to reduce the down payment on a housing loan for families with children using the maternity capital.

The corresponding order is posted on the Kremlin website. The deadline is May 20.

“The Government of the Russian Federation should submit proposals on reducing the minimum down payment to 15% when providing families with children loans for the purchase (construction) of housing using funds from maternity (family) capital,” it is stated on the Kremlin website.

On March 6, during a meeting between the President and representatives of the public in the Ivanovo region, one of the participants noted that despite the favorable mortgage conditions for families with children, not everyone could use such a measure due to the size of the down payment set by banks. The head of state then promised to give the Government a corresponding order.