Family mortgage extended until 2030

The Russian Ministry of Finance reported that family mortgages at a rate of 6% for purchasing an apartment in a new building or constructing an individual residential building have been extended until 2030.

The program applies to families with children with at least one child under six. The rate under the program will be 6%, including for residents of the Far East.

The loan amount is up to 12 million rubles for residents of Moscow and the Moscow region, as well as St. Petersburg and the Leningrad region. For other areas, it is up to 6 million rubles. The down payment is 20%.

Upon the birth of a child, you can refinance a previously issued loan.

In addition, family mortgages for new buildings can be obtained by:

- families living in small towns of up to 50 thousand people and having two minor children;

- families living in regions with low construction volumes or living in areas with individual development programs with two minor children;

- families with a disabled child.

As noted by the Ministry of Finance of the Russian Federation, this category of citizens can construct or purchase an individual house throughout Russia, but only within the framework of 214-FZ or a contract agreement and necessarily with the opening of an escrow account.

“Our task is to support citizens who need improved housing conditions, primarily families with small children. It is important to prevent further distortions in the mortgage market. Therefore, reducing the overall impact of preferential programs on the mortgage market is necessary. This can be achieved through targeted and social targeting of support measures,” emphasized Russian Finance Minister Anton Siluanov.

You can only apply for one preferential loan—previously issued preferential mortgage loans are considered.

Author: Galina Bakhshieva