Deputy Prime Minister Khusnullin proposed to raise interest rates on preferred mortgages to 12 percent
Since April 1, Russia has proposed raising the rate on preferred mortgages from 7 to 12 percent, as well as raising the maximum loan amount. This has been announced by Deputy Prime Minister Marat Khusnullin, reports RIA Novosti.
“We have a preferential mortgage program for loans up to 3 million at a rate of 7% until July 1. Now we believe that the time has come to change the parameters, to return to how they were before. Namely, to increase the rate to 12%, in the current circumstances, this is a good rate,” said the deputy prime minister.
In addition to the new rate, Khusnullin proposed to raise the limits on loans in Moscow, the Moscow region, St. Petersburg and the Leningrad region to 12 million rubles, and in regions with cheaper housing – to 6 million rubles.
The deputy chairman believes that it is possible to support the sector in this way at the end of 2022 and not to reduce mortgage lending. According to Khusnullin, the initiative has already been agreed with the Bank of Russia and the Ministry of Finance, and if supported by the president, it will come into effect in early April.
The Deputy Prime Minister urged that existing rates be maintained under the rural, Far East and family mortgage programs – such loans will continue to be provided at 3, 2 and 6 percent respectively. The official believes that this will help to maintain the demand for mortgages.