The Russian government’s building block will propose extending the family mortgage program after July 1, 2024. This was stated by Deputy Prime Minister Marat Khusnullin. This was reported by RIA News.
“In addition to the economic factor, there is another fundamental social factor: the ability to improve the living conditions of families with children. Of course, we will extend this,” the Deputy Prime Minister emphasized.
Chief Analyst of Sovcombank Natalya Vashchelyuk said “socialbites.ca” says that the marginal rate of a family mortgage is 6%. He explained that the key remained unchanged after the interest rate was increased.
The family mortgage program has been operating in Russia since 2018. It allows Russians to get home loans at reduced interest rates. According to the operator of the Dom.RF program, approximately 240 thousand families will use the program in this and future years. More than 400 thousand families used it during the entire period of the application. Such a loan is available not only to parents with one or more children born after January 1, 2018, but also to families with at least two children under the age of 18. The maximum loan amount at 6% in Moscow and the Moscow region, St. Petersburg and Leningrad region reaches 12 million rubles, and in other regions up to 6 million. If you need a larger amount, you can withdraw it. Moscow and Moscow region, St. Loan of 30 million rubles in St. Petersburg and Leningrad region, and 15 million rubles in other regions. However, a loan above the preferential limit is given at a market interest rate.
Family mortgages have become the most popular preferential program among Russians in the housing loan market, Dom.RF reported in May.
Previously, the Russian government harshly augmented Limits of preferential mortgage programs.