Russia’s government extended soft mortgage program

The preferential mortgage program has been extended for a year and a half until July 1, 2024. Prime Minister Mikhail Mishustin signed the decree, the press service of the government reports.

You can get a preferential mortgage loan of up to 8% per annum for purchasing housing in new buildings, constructing a private house, or purchasing a land plot for its construction. The maximum loan amount at a preferential rate is set in Moscow, St. Petersburg, Moscow, and Leningrad regions, where it is 12 million rubles. For other regions - 6 million rubles. Initial payment - not less than 15%.

So that people are not limited only to these amounts and have more opportunities in choosing to house, from May 1, 2022, the maximum loan amount for a mortgage was increased using a preferential rate to 30 million and 15 million rubles, respectively. At the same time, the state will subsidize 12 million and 6 million rubles, and the rest of the amount can be issued at a market or other subsidized rate.

The new resolution also expanded the terms of the family mortgage program. If earlier families where at least one child was born after January 1, 2018, could participate, now the program is available for families with two children who are not yet 18 years old. At the same time, the dates of their birth no longer matter.

The rate on loan under a family mortgage will remain the same - 6% per annum. The maximum amount of a subsidized loan is similar to the terms of a preferential mortgage (12 million rubles for specific regions and 6 million for the rest).

The change in the parameters of mortgage programs was carried out under the instruction of the President of the Russian Federation at a meeting of the Council for Strategic Development and National Projects on December 15, 2022.

Author: Roman Yakimchuk