Khusnullin doubted that preferential mortgages in Russia could be maintained for years

Deputy Prime Minister of Russia Marat Khusnullin said that already this year the state budget of the Russian Federation may run out of money to finance preferential mortgages. According to him, most likely, it will not be possible to support this type of lending for years, but so far there are no plans to curtail the program.

“We made a political decision to extend the preferential mortgage, but to say that we will support it for years, I don’t know if the budget will be able to support it for years. Most likely not,” said Mr. Khusnullin in the Federation Council (quoted from “RIA News”). “We see that this year we are likely to lack funds. We will most likely have to add the amount of concessional funding,” he added. The Deputy Prime Minister did not name specific amounts.

June 9, Head of the Central Bank of the Russian Federation Elvira Nabiullina statedthat, in her opinion, massive subsidized mortgage programs should be phased out. She believes that instead it is necessary to create targeted mortgage programs, including in the secondary housing market. According to Ms. Nabiullina, the permanent extension of subsidized mortgage programs has a negative impact on the situation in the Russian economy.

Read more about the fate of preferential mortgage programs in the Russian Federation in the material “Kommersant” “Family is the engine of the mortgage”.

Alexander Kislov