Russia has a number of mortgage programs co-financed by the state. After the Central Bank raised the key rate to 20%, many banks stopped approving and issuing preferential loans. Experts expected revision of the current conditions for rural, family and other types of mortgages with reduced rates. On Wednesday, March 23, their fate became clear.
President of Russiaat a meeting with the Cabinet of Ministers approved the revision of conditions for concessional lending for new buildings. Previously, loans of no more than 3 million rubles were issued at 7% per annum. The government proposed to increase the rate to 12%, but at the same time to increase the limits for issued amounts to 12 million in Moscow, St. Petersburg, the Moscow region and the Leningrad region and to 6 million rubles in other Russian regions. The head of state agreed with the new conditions, noting that even such a rate would be two times lower than the market rate, TASS reports.
The authorities decided maintain the current conditions for family, rural and Far Eastern mortgage programs. Rates on them are fixed at 6%, 3% and 2% respectively. Putin noted that each of the programs has time limits, and citizens should remember this in order to plan the budget and improve living conditions in a timely manner.
The head of state also stated that the benchmark in the implementation of the programs is an increase in the number of mortgage transactions. In 2022, this figure should exceed the one achieved a year earlier. If the dynamics is not positive, the terms of preferential mortgages may be reviewed again.
Who and how can get a preferential mortgage loan?
The most widespread and popular program “Preferential mortgage” applies to new buildings. With its help, citizens can purchase primary housing from developers. Basic conditions: down payment – 15%, loan term – up to 30 years. The rate under the new rules is 12% per annum, the issuance restrictions are 12 million rubles for Moscow, the Moscow Region, St. Petersburg and the Leningrad Region and 6 million for other regions. This program is valid until July 1, 2022.
“Family Mortgage” is designed for families in which any child was born after January 1, 2018. Under this program, you can buy an apartment in a new building or a house for permanent residence. The rate is kept at the level of 6% per annum. Down payment – 15%, loan term – up to 30 years. The limits are the same as in the preferential mortgage. Families with disabled children and adopted children can also take advantage of the Family Mortgage. Valid until January 31, 2023.
By program “Rural mortgage” you can buy a house or an apartment, as well as a land plot in cities and towns with a population of no more than 30,000 people, except for the districts and municipalities of Moscow, the Moscow Region and St. Petersburg. The initial payment is 10%, the rate is 3% per annum, the term of the loan is 25 years. The amounts that can be received are limited to 5 million rubles in the Leningrad Region, the Yamalo-Nenets Autonomous Okrug and the Far East, and 3 million rubles in other regions. The duration of the program has not been set.
“Far Eastern Mortgage” extended to new buildings and private houses in the Far East, as well as to secondary housing in single-industry towns in the region. A loan of no more than 6 million rubles at 2% per annum can be obtained by families in which the age of both spouses does not exceed 35 years old with or without children under 19 years old, participants in the Far Eastern Hectare program, as well as citizens who moved to the Far East under programs to increase labor mobility. The down payment is 15%, the mortgage term is up to 20 years. The program runs until the end of 2024.