Prime Minister Mikhail Mishustin signed a resolution extending the preferential mortgage program for another year and a half, until July 1, 2024.
Photo: Valery ZVONAREV
Prime Minister Mikhail Mishustin signed a resolution extending the preferential mortgage program for another year and a half, until July 1, 2024.
The prime mortgage rate is up to 8% per year. A loan can be taken for the purchase of housing in new buildings, the construction of a private house or the purchase of land for its construction. Down payment – not less than 15%.
At the same time, the government has set a maximum loan amount at a reduced rate. For the Moscow, St. Petersburg, Moscow and Leningrad regions, this is 12 million rubles. For other regions – 6 million rubles.
So that people are not limited to only these amounts and have more opportunities in the choice of housing, as of May 1, 2022, the maximum loan amount for a mortgage was increased using a preferential rate to 30 million and 15 million rubles, respectively. At the same time, the state will subsidize 12 million rubles and 6 million rubles, the rest can be issued at a market or other subsidized rate.
The changes also affected the Family Mortgage program. If previously families where at least one child was born after January 1, 2018 could participate, now the program is available to families with two children who have not yet turned 18 years old. At the same time, the dates of his birth no longer matter.
The loan rate within the “Family Mortgage” will remain the same: 6% per year. The maximum amount of a loan on favorable terms in the Moscow, St. Petersburg, Moscow and Leningrad regions is 12 million rubles, in other regions – 6 million rubles. At the same time, the maximum loan amount can be 30 million and 15 million rubles, respectively.
– The construction industry will definitely benefit from the extension of the “Preferred Mortgage” and “Family Mortgage” programs. After all, trillions of rubles go to subsidize the construction industry through targeted preferential mortgages. In addition, this preferential mortgage applies to all categories of citizens, – Konstantin Aprelev, vice-president of the Guild of Realtors of Russia, told KP radio.
At the same time, experts warn of the dangers of mortgage rates that are too low.
– When very important funds flow into the industry, and mortgage rates are minimal, there is an unbridled increase in prices. We have seen house prices rise 35 to 40 percent in 2020. If there were no preferential subsidies, then prices would not have risen as much in the construction sector. The Central Bank is trying to prevent a soap bubble from emerging in the construction market. After all, this will lead not only to the collapse of the industry, but also to a crisis in the banking sector, notes Konstantin Aprelev.
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