Russian banks are pushing to extend the concessional family mortgage at 6 percent per year, while they call for refinements to how the program is run. This stance was reported by RIA News, which cited its survey of lending institutions.
According to Anton Pavlov, Deputy Chairman of the Board at Absolut Bank, the program could stay as it is but should be broadened. He suggests extending benefits to secondary housing in regions where new construction is scarce, to help families facing housing shortages.
The Ural Reconstruction and Development Bank also advocates tuning the policy to fit current market conditions. One approach could be to set different loan limits by region, reflecting local property values so financing remains accessible where it is most needed.
Today the program features higher loan ceilings in large cities. The maximum loan amount in Moscow and the Moscow region is 12 million rubles, with St. Petersburg and the Leningrad region following closely. In other regions, the cap stands at 6 million rubles. The topic has drawn attention from national leadership, with President Vladimir Putin directing the Ministry of Finance to study expanding the program and adapting its structure to align better with currency realities and regional needs, as reported by government sources.
Former Deputy Minister of Finance Ivan Chebeskov has indicated that Russia will broaden the reach of the concessional family mortgage program, signaling a longer-term commitment to making housing more affordable for families across the country. (Attribution: RIA News)