Russian Finance Ministry proposed to extend preferential mortgage and triple its volume

The Ministry of Finance of the Russian Federation proposed extending the concessional mortgage program at 6.5% (valid until November 1, 2020) until the end of 2021 and tripling its volume, with an increase from the planned 900 billion to 2.8 trillion rubles; Kommersant studied the department's project. Ministry of Finance experts believe that the increase in funding for the program "will not affect the achievement of other state programs' goals and will help support the construction industry and the availability of mortgages during the pandemic, which will entail favorable socio-economic consequences."

The government recognized the preferential mortgage program as effective, which really supported the industry and consumers: as of October 8, about 0.5 million applications were approved in the country, 224.4 contracts were concluded for 630.8 billion rubles. Preferential mortgages prevented the collapse of the primary housing market and, accordingly, kept the existing housing market from decreasing.