Putin allowed the extension of the family mortgage – Kommersant

Russian President Vladimir Putin said during the final press conference that the government is considering the possibility of extending the terms of preferential family mortgages after July 1, 2024. At the same time, he pointed out that the government should proceed from the real possibilities of the budget.

“Our mortgage is running out, our family mortgage is only valid until next July. The government is now thinking about extending it. Of course, the government must proceed from the real capabilities of the federal budget. But I think it’s better to think in the direction of extending this family mortgage,” said Vladimir Putin during the “Results of the Year.”

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.

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 Bank of Russia raising the key rate to 15%. This led to an increase in budget expenditures to subsidize bank rates on preferential loans. In 2023–2025, the budget provides 500 billion rubles for mortgage programs.

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