Family mortgage issuance in the Russian Federation increased by 70% last year, said Vitaly Mutko, director general of DOM.RF, during his working meeting with Russian President Vladimir Putin. This was because the program was expanded to include families with two children. In this respect Wrote TASS.
“… In 2022, 70% increase in family mortgages as we extend the family mortgage (to families with two young children – TASS note) on your instruction. Preferential mortgage – 160 thousand rubles – is already catching up. [кредитов] given,” Mutko said.
23 March 2023 DOM.RF press service knowledgeableFamily mortgages of up to 6% since its launch in January 2018 have already been used by more than 500,000 Russian families. Most often, the “Family Mortgage” is located in the Moscow region, Moscow, St. Petersburg, the Krasnodar Territory and the Tyumen Territory.
Today, the share of Family Mortgage in payments under preferential programs is over 48% in terms of the number of loans and more than 47% in terms of amount (in 2022 – 35% and 36%, respectively). Banks offer rates lower than the officially set limit under the program – up to 6%. The weighted average interest rate under the program of the 15 largest mortgage banks was 5.59%.
The “Family Mortgage” on behalf of the President of the Russian Federation has been extended until July 1, 2024, and has also been extended to families with at least two children under the age of 18 (previously only families with children born after 2018 could participate in the program). According to DOM.RF, the change in terms will bring an additional 30,000 credits per year. In 2023, approximately 165 thousand families will be able to use the program.