Mishustin instructed to introduce new conditions for a family mortgage on time

From July 1, new conditions will apply for a family mortgage. Families from small towns will be able to apply for a mortgage at 6% from July 1. The same conditions will apply to the construction of your home in all subjects

New conditions for family mortgages should be implemented within the time limits specified by the President of Russia, Russian Prime Minister Mikhail Mishustin said at a meeting on Monday, June 10.

“It is important to fulfill the instruction of the head of state in compliance with the deadlines. To organize the necessary work,” the Prime Minister stressed.

At SPIEF 2024, Vladimir Putin proposed to expand the preferential family mortgage program. In particular, we are talking about extending the program for the purchase of housing in small towns for families, regardless of the age of children.

“For them (families.  Starting from July 1, it is necessary to provide preferences for the purchase of housing in small towns and regions where the volume of construction in this sector is still insufficient. Parents there will be able to use a family mortgage at 6% regardless of the age of the children, the main thing is that at least one child is a minor at the time of the loan,” Mikhail Mishustin recalled.

In addition, during the construction of their home, the same preferential conditions for families will become effective in all Russian regions, the head of government added. “Citizens are waiting for the launch of these programs,” Mishustin stressed.

According to the calculations of the Rating Agency of the Construction Complex (RASK), made at the request of RBC-Real Estate, in April 2024, the construction of multi-apartment housing by professional developers was carried out in 346 cities, which is 30.9% of the total number. At the same time, housing construction was not carried out in 771 cities with a population of 21.2 million people. Among the largest cities in terms of population, where there was no housing construction during this period:

The family mortgage, which also expires on July 1, will be extended until 2030, but with adjustments to the parameters. The current rate of 6% will remain for families with children under the age of six. The conditions of the program for families with older children are currently being worked out. One of the options being considered is to raise the interest rate on preferential mortgages for families with children over six years old to 12% per annum.

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