The Russian government decided to expand the preferential mortgage program. Now a loan on preferential terms can be taken for the construction of private houses, said Prime Minister Mikhail Mishutin. A preferential mortgage allows you to buy an apartment from a developer at a rate of no more than 7% per annum, previously it only extended to new buildings.
“From this moment on, such conditions will apply in the field of individual housing construction. They can be used by many people who want to live in their own home, ”said Mr. Mishustin at a government meeting.
In addition, within the framework of the Far Eastern Mortgage program, young families from single-industry towns will be able to take out preferential mortgages not only for housing in new buildings, but also on the secondary market.
The concessional mortgage program was introduced at the end of April 2020 as a measure to support demand for housing and increase its affordability amid the pandemic. In the summer, the Russian government extended the program until July 1, 2022.