As social surveys show, more than 80% of Russian families are ready to consider a mortgage when buying a home. Over a five-year period, approximately 3.9 million families plan to take out a mortgage loan to buy a home, and 5.5 million families can obtain a loan under certain conditions, for example at a preferential interest rate. They are preferential programs that encourage many people to buy a house.
Family mortgage is truly one of the most popular and accessible programs today: this year alone more than 275 thousand families managed to take advantage of it – this is already more than 1.5 times the result of the entire last year.
According to DOM.RF data, more than 750 thousand families have used this application since its launch in 2018.
Today, families with children can get a 6% mortgage for the purchase or construction of a house. The conditions apply to families whose first child was born between January 1, 2018 and December 31, 2023, who have two minor children, and who are raising a child with a disability. Parents of adopted children can also participate in the program.
Other conditions include a 20 percent down payment and a limit on the loan amount. Moscow and Moscow region, St. For St. Petersburg and the Leningrad region, this is 12 million rubles, for other regions it is 6 million rubles. A family mortgage can be taken out to buy a new building, build your own house with the help of a contractor, or buy a plot of land and build a private house on it.
In some cases, a concessional loan may be obtained for secondary use. For example, families with disabled children can buy a second home in an area where there are no houses under construction within the scope of the program. You can also buy an apartment or house on the secondary market using a family mortgage in rural settlements in the Far Eastern Federal District.
Not just mortgage
The government has also prepared several support measures to help families pay their mortgages:
“Since 2019, there has been a program in Russia to help large families pay their mortgages. During this time, almost 600 thousand families benefited from this, some of them were able to fully repay their mortgages ahead of schedule,” noted Mikhail Kovalev, director of the Dom.RF consulting center.
To benefit from this measure, you must apply through the State Services or in person to the bank where the mortgage was issued. This way you can get up to 450 thousand rubles – this is the maximum amount of payments that will be paid to families in which the third or subsequent child is born from January 1, 2019 to December 31, 2023. It is noteworthy that such families still have time to get a mortgage to take advantage of this bonus – the loan can be issued until July 1, 2024.
In addition, in some regions there are additional support measures: for example, in the Primorsky Territory until December 31, 2025 it will be possible to receive a mortgage payment of up to 550 thousand rubles at the birth of a third and subsequent child.
“All federal mortgage programs are combined with other support measures, primarily federal payments,” Kovalev emphasized, adding that tax deductions on the purchase of housing, maternity capital and a program to help large families pay off their mortgages can help pay off mortgages.
Other ways to get additional funds to pay off your mortgage early include a property deduction from the home purchase. Any person who buys or builds housing can use it and return 13% of the cost of the apartment – but not more than 260 thousand rubles. If both spouses pay personal income tax, they can double the payment amount by submitting a simultaneous application to the tax office.
You can also get a deduction from the bank mortgage loan interest. This benefit allows you to return 13% of the amount paid by the taxpayer to the bank in the form of interest. The payment is also limited – the maximum amount is 390 thousand rubles, but it can also be doubled if the spouses participate in the mortgage together. If you have accumulated a sufficient amount of paid interest, it would be more profitable to apply for this deduction closer to the second half of the loan term or earlier.
Families with children can also use maternity capital for early repayment. It can also be used to pay for a down payment on a mortgage, purchase an entire home, and build or rebuild a custom home. Let us remind you that families whose first child was born after January 1, 2020 requested maternity capital in the amount of 586.9 thousand rubles. For the birth of a second or subsequent child after this date, the payment will be 775.6 thousand rubles.
In addition, all preferential mortgage programs are combined with a federal payment of 450 thousand rubles for large families – it can be issued immediately after obtaining a mortgage. You can consult all available support measures on the website or on the helpline.
“You can get advice on preferential mortgages from the website ask.dom.rf. More than 1 million people use the portal every month. Kovalev recalled that the government presented detailed analysis of more than a thousand living situations related to the housing sector, including support measures.