Government has additionally allocated 446.9 billion rubles for preferential mortgages

The Russian government will additionally allocate 446.9 billion rubles from the reserve fund to subsidize the interest rate under the Family Mortgage, Far Eastern and Arctic Mortgage, and Preferential Mortgage programs. Prime Minister Mikhail Mishustin signed an order to this effect.

Of the allocated amount, 142 billion rubles will be used to subsidize the Family Mortgage. This will allow the preferential mortgage program, which has a rate of 6% for citizens with children, to continue.

Another 35.1 billion rubles are provided to ensure the Far Eastern and Arctic Mortgage implementation at a preferential 2% rate.

In addition, about 269.8 billion rubles will subsidize the interest rate on previously issued loans under the Preferential Mortgage program.

The Cabinet of Ministers said in a statement that the need to allocate additional funding is related, among other things, to the increase in the Bank of Russia's key rate.