If necessary, the government and the regulator should submit proposals to change the terms of the program
Russian President Vladimir Putin instructed the government and the Bank of Russia to assess the impact of the preferential family mortgage program on the market. The corresponding instruction is published on the Kremlin’s website.
Together with the Central Bank, the government should analyze the situation in the mortgage lending market, including assessing the impact that earlier decisions to change the rules of family mortgages had on mortgage lending volumes. “And, if necessary, submit proposals to change the terms of the specified program,” the instruction says.
The deadline for completing the task is December 1, 2024. Prime Minister Mikhail Mishustin and Central Bank Governor Elvira Nabiullina were named responsible for its implementation.
On July 10, the Ministry of Finance published new parameters for family mortgages. Now a preferential loan at 6% per annum is available to families with children under the age of six, as well as families raising a minor child with a disability.
The loan amount has not changed. For residents of Moscow, the Moscow region, St. Petersburg and the Leningrad region, it is 12 million rubles, for other regions — 6 million rubles. The initial payment is 20%.
Deputy Prime Minister Marat Khusnullin admitted the possibility of renegotiating the terms of a family mortgage. “Within three months, we will see what the dynamics will be. If any measures are needed, we will take them to the government level,” said Marat Khusnullin, whose words were quoted by TASS.
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