Putin announced the extension of the Far Eastern mortgage program
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The Far Eastern mortgage program, which allows you to get a loan at a reduced rate of 2%, will be extended, Russian President Vladimir Putin said at a meeting with the head of Primorye, Oleg Kozhemyako.
“There we are extending the term,” the president noted (quote according to TASS).
Head of the Ministry for the Development of the Far East and the Arctic Alexei Chekunkov asked President Putin to extend the Far East mortgage program until 2030. “In 2024, the program ends, and large developers have just begun to turn towards the Far East – of course, they want to see the prospect of doing business here for a longer period, and we would ask you to consider extending Far Eastern mortgage,” Chekunov noted.
The Far Eastern Mortgage program was launched in Russia in 2019 and will run until 2025. The main goal is to improve housing conditions in the Far Eastern Federal District (FEFD) and develop the local construction market. Previously, only local residents could get a loan, then the preferential program under the labor mobility program was expanded to include people who move to work in the Far East.
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