June 5, 2023

The Russian Ministry of Finance refused to support the initiative to expand the preferential mortgage program for secondary housing and increase the limits on its value. On Friday, May 12, Deputy Minister of Finance of the Russian Federation Alexei Moiseev announced this on the sidelines of the SPBILF, transmits TASS.

“As for the expansion to the secondary – after all, the program is aimed at supporting citizens who buy housing, and supporting demand for new buildings,” he said, noting that the approval of the idea would be illogical.

At the same time, he pointed out that the department has a positive attitude towards supporting housing lending through loan offices and the introduction of installment plans. The Deputy Minister added that everything that helps Russians to buy apartments is good.

Earlier, the President of the Russian Federation instructed the government secure an extension preferential mortgage until July 1, 2024. The rate on it will not exceed 8% per annum. In addition, the head of state ordered to expand the program for families with children.

Preferential mortgage is a state program that allows you to take a loan to buy an apartment in a new building, build a private house or purchase a land plot. It gives the right to refinance an existing mortgage loan taken to purchase housing in the primary market. For the first time, the preferential mortgage program was launched in Russia in 2018.

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