Recent data from DOM.RF indicate a notable uptick in family mortgage issuance within the Russian Federation, driven by a policy expansion that now includes households with two young children. This shift, highlighted during a working meeting with President Vladimir Putin, reflects a broader strategy to support family growth and homeownership. The surge in demand is linked to the program’s widened eligibility and persistent government advocacy for accessible mortgage options, with coverage confirmed by state information agencies. [Source: TASS]
During a 2022 briefing, Vitaly Mutko, the director general of DOM.RF, explained that extending the family mortgage to families with two underage children contributed to a 70 percent rise in issuance. He noted that a preferential mortgage allowance of 160 thousand rubles has been progressively gaining traction as part of the overall incentive framework, with loans being issued under this enhanced program. These insights were reported in correspondence with presidential directives and followed up by official channels. [Source: TASS]
Since its inception in January 2018, the Family Mortgage program has supported more than half a million Russian families, offering rates up to 6 percent. The geographic concentration of activity remains strong in the Moscow region, the city of Moscow, St. Petersburg, the Krasnodar Territory, and the Tyumen region, where the majority of beneficiaries have taken advantage of the program. The program’s penetration into major metropolitan areas underscores its role in stimulating home purchases among urban households. [Source: DOM.RF press service]
As of the latest reporting, the Family Mortgage share within all preferential housing programs stands above 48 percent by loan count and nearly 47 percent by total loan amount for 2022, marking a shift from 2021 figures of 35 percent and 36 percent respectively. Banks have been offering rates below the official program cap, with some institutions pricing loans under 6 percent. The weighted average rate among the top fifteen mortgage lenders hovered around 5.59 percent. The government has renewed the Family Mortgage initiative through July 1, 2024, broadening eligibility to families with at least two children under 18 and projecting an additional 30,000 credits per year. Projections for 2023 indicate that roughly 165 thousand families will be able to participate. [Source: DOM.RF, government announcements]