Putin instructed to expand the Far Eastern mortgage to the Arctic at 2% by November
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Russian President Vladimir Putin instructed by November 1 this year to adjust the Far Eastern Mortgage program for its application in the Arctic regions of the Russian Federation, reported on the official website of the Kremlin.
Prime Minister Mikhail Mishustin is listed as responsible for the execution of this order. He and other members of the Russian government need to subsidize the interest rate up to 2% per annum on mortgage housing loans for young families living in the Arctic regions of the Russian Federation. The program will be valid until 2030 and will apply only to the purchase of primary housing.
Currently, the Far Eastern Mortgage program allows borrowers to obtain a mortgage loan at a rate of no more than 2% per annum for the entire loan period when purchasing or building a residential building in the Far Eastern Federal District.
In July this year, Vladimir Putin supported the idea of introducing an Arctic mortgage for young families at 2%. According to him, the preferential mortgage rate for residents of the Arctic regions of the Russian Federation will not exceed 2%. The proposed period for such a measure is until 2030.
The Arctic zone of the Russian Federation includes the Murmansk Region, the Nenets Autonomous Okrug, the Chukotka Autonomous Okrug, the Yamalo-Nenets Autonomous Okrug, as well as individual districts and municipalities of Komi, Karelia, Yakutia, the Arkhangelsk Region and the Krasnoyarsk Territory.
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