The Prime Minister of the Russian Federation, Mikhail Mishustin, announced a broad expansion of the rules for preferential mortgage programs. In a report to the Council of Ministers, he stated that families with children who have disabilities will now be able to use ready-made housing in a second home as part of these benefits. This move aims to simplify access to affordable housing for families with special needs, and it aligns with ongoing social support measures described by government officials at the meeting with ministers. (Source: TASS)
According to the Prime Minister, funds designed to assist families, including preferential family subsidies, Far Eastern mortgages, and closed mutual funds, may be directed toward the purchase of completed housing units. The policy shift broadens the pool of eligible financial instruments and consumer choices, allowing more families to leverage established housing products to acquire ready properties. (Source: TASS)
In recent assessments, the housing loan market has shown notable trends. The average loan term for a mortgage is projected to extend, with an anticipated lengthening of the repayment horizon. Projections from late last year suggested a trend toward longer maturities, and a continued rise in monthly payments as the market adjusts to inflation and shifting lending standards. (Source: TASS)
According to results for 2023, the typical mortgage term across Russia was set to increase by about 12 percent, approaching a total of 27 years over the course of the year. At the same time, the average monthly payment was expected to surpass 30,000 rubles. The economic context included inflationary pressures that exceeded the official target, prompting updates to consumer financing expectations. (Source: TASS)
Looking at the broader momentum, last year’s data showed a modest rise in the average mortgage payment, moving to roughly 27,500 rubles monthly, while the total loan size remained around four million rubles on average. These figures reflect the evolving balance between affordability for borrowers and the financial safeguards outlined by lenders and policymakers. (Source: TASS)