MIL OSI Translation. Region: Russian Federation –
The program was launched on behalf of the President.
Resolution of April 14, 2021 No. 587
The government has expanded the terms of the Family Mortgage program. Now loans at a preferential rate of up to 6% per annum can be obtained not only for the purchase of finished housing, but also for the construction of a private house and the acquisition of a land plot. The decree on this was signed by the Chairman of the Government Mikhail Mishustin.
Families with a second or subsequent child born on January 1, 2018 will be able to get a preferential mortgage. Program loans are also available to families with one child if they have a disability. A prerequisite is that companies or individual entrepreneurs must build a house under a work contract. The initial payment will be 15% of the cost of the plot and the price of building a house under a contract, or only the price of building a house, if the borrower already has a land plot.
The maximum loan amount depends on the region. So, for Moscow, St. Petersburg, Moscow and Leningrad regions it is 12 million rubles, for other territories – 6 million rubles. The difference between the preferential and market mortgage rates will be reimbursed to banks by the state.
The decision will help more families to improve their living conditions, said Mikhail Mishustin at an operational meeting with deputy prime ministers on April 19. It is assumed that more than 20 thousand loans will be issued in addition to the amount of about 79 billion rubles, the Chairman of the Government specified. The area of housing built with this money may amount to 2.8 million square meters. m.
“Family mortgage” appeared in 2018. The program was launched on behalf of Russian President Vladimir Putin.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.