Putin advocated maintaining a 20 percent contribution on a family mortgage

Russian President Vladimir Putin told the government that he considers it necessary to maintain the down payment on a family mortgage at 20%, as well as extend the subsidy of 450 thousand rubles. to repay loans to large families. Preferential mortgage programs for new buildings are valid until July 2024.

Under the terms of the family mortgage program, Russian families with children can receive a loan to purchase housing at a rate of up to 6% (for residents of the Far East – up to 5%). The down payment must be at least 20% of the cost of the apartment. According to Dom.RF, at the beginning of September 2023, 6.88 trillion rubles were issued under all preferential programs, including 2.49 trillion rubles for family programs.

“The government and the Central Bank are thinking that our mortgage lending market is overheating, this is affecting inflation and its growth in part, they are thinking about increasing the down payment in order to slightly restrain the negative processes in the economy. And, of course, we need to think about what needs to be done for those who need special support from the state,” said Vladimir Putin, speaking at a congress of railway workers.

Today, December 15, the head of the Central Bank, Elvira Nabiullina, said at a press conference that a family mortgage is an example of a targeted mortgage, and it is necessary to complete the non-addressed mortgage, which was launched as an anti-crisis measure. “As for the parameters of a family mortgage, this requires discussion. First of all, this will be the decision of the government,” said Ms. Nabiullina.

In November, the government allocated an additional 95 billion rubles. for preferential mortgage programs. As a government source told Kommersant, the decision was made due to the Central Bank raising the key rate to 15%. This led to an increase in budget expenditures to subsidize bank rates on preferential loans. Today’s bet raised up to 16%.

Read more about financing subsidized programs in the Kommersant publication. “Money has been added to preferential mortgages”.

Lusine Balasyan