family mortgage will be offered to be extended after July 1, 2024 – Kommersant

Deputy Prime Minister Marat Khusnullin said that the building block of the Russian government recommends extending the preferential family mortgage after its expiration on July 1, 2024. It is not specified how long the program is planned to be extended.

“In addition to the economic factor, there is a main social factor here: families with children can improve their living conditions. Of course, we will extend this,” Mr. Khusnullin told reporters (quoted from “RIA News”).

He clarified that in the future the Russian government plans to move to a “cluster approach” to mortgage programs. “We see that we have five groups – the main construction clusters: regions where housing is actively being built, where demand exceeds supply, and regions where there is no demand. We will propose after July 1 next year to take a cluster approach to supporting mortgages,” added the Deputy Prime Minister, explaining that this measure “will help support the regions.”

Previously, Russian President Vladimir Putin reportedthat over the seven months of this year, about 400 thousand families improved their living conditions with the help of preferential mortgages. According to him, the preferential mortgage program has already started working in the annexed regions of Russia.

A preferential mortgage allows you to get a loan at a rate of no more than 8% for the purchase of residential premises on the primary real estate market, as well as for the construction of a residential building. For family mortgages, the rate does not exceed 6% per annum and is valid for families with children for housing in new buildings.

Read more in the Kommersant article. “Preferential mortgages are looking for a way out”.

Alexander Kislov