The minimum down payment on mortgages with state support has been increased to 20%

The Russian government has increased the minimum down payment for mortgage programs with state support from 15% to 20%, it follows from resolutions government, published on the Internet portal of legal information.

The resolution was dated September 9, from which day the new mortgage conditions came into force. According to the document, by 0.5 p.p. the amount of subsidies to banks that finance mortgages under government programs is reduced.

September 5, Director of the Financial Policy Department of the Ministry of Finance Ivan Chebeskov statedthat the government is discussing increasing the minimum down payment for preferential mortgages to 20%. Kommersant wrote that average rates on banks’ mortgage programs came close to 14% per annum. Rates on preferential mortgages, subsidized by the state, are approximately half as low as on bank programs.

Read more in the Kommersant article. “The mortgage has added interest”.

Erdni Kagaltynov