Russia has extended program to help large families pay off their mortgages

The State Duma adopted a law in the second and third readings extending until 2030, the program to help large families pay off their mortgages.

“The head of state set the task so that large families with third or subsequent children could receive a payment from the state of 450 thousand rubles to improve their living conditions. The State Duma is consistently working to expand measures to support families with children. Extending this program for another seven years is an important decision to increase housing affordability for large families,” the parliamentary press service said.

Who can count on support:

Now, parents with a third or subsequent child between January 1, 2019, and December 51, 2025, can count on state help to repay their mortgage. The law extends this period until the end of 2030. In addition, according to the law, loan agreements can be concluded until July 1, 2031.

How they can help:

The state allocates 450,000 rubles for these purposes. This money is used to pay off the principal debt; if it is less than 450,000 rubles, the rest can be used to pay off interest.

Compensation can only be used once and for one loan. But you can add maternity capital and save more than 1 million rubles.

The loan agreement must be concluded for the purchase of:

apartments from the developer or an individual;

housing in a house under construction;

private house;

a plot of land with further construction of a private house;

The last share in the ownership of the property, provided that after the transaction, the buyer becomes the owner of the entire property.

In addition, you can receive a payment if the loan was issued for the construction of a house, the purchase of an unfinished individual housing construction project, or the refinancing of mortgage loans that meet the program's terms. Compensation is also available to citizens who have taken out a mortgage on real estate with permanent improvements or repairs.

According to the new law, housing recognized as unfit for habitation on the date of purchase by the established procedure will be an exception.

Author: Alfiya Agliullina