Russia offered not to renew the preferential mortgage

The Central Bank offered not to extend the preferential mortgage for new buildings , head of the regulator Elvira Nabiullina. This is reported by TASS.

As noted by Nabiullina, the Central Bank proposes to complete the program on time, since, in addition to preferential mortgages for new buildings, there are other mortgage programs in Russia for certain categories of citizens.

Russian President Vladimir Putin announced a concessional mortgage program at 6.5 percent per annum in mid-April 2020, it was promptly launched and was to be completed in October of the same year. However, later, Prime Minister Mikhail Mishustin announced its extension until July 1, 2021.

Subsequently, the program was extended until July 1, 2022. At the same time, the rate on concessional loans was increased from 6.5 to 7 percent, the maximum loan amount was reduced to 3 million rubles.

In September, Deputy Head of the Ministry of Construction Nikita Stasishin said that the Ministry of Construction could return to discussing the terms of the concessional mortgage program this fall. According to him, the parameters of concessional loans may be revised in the event of a massive drop in demand for housing.



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