Putin: the new program of preferential mortgage will modify if necessary

Introduced during a pandemic, the program of mortgage lending at 6.5% per annum will be modified, if necessary, after assessing its effectiveness, said Russian President Vladimir Putin on Monday during the meeting on the implementation of measures to support the economy and social sphere.

“we’ll See how it works, what needs adjustment here, — said Putin. – It was very important that people in the present difficult situation has not deferred their plans, including such vital for the family and for each person, as the purchase of housing, but on the contrary gained additional opportunities.”

a New program of mortgage with state support running on behalf of the President of the Russian Federation. Now under the terms of the mortgage at 6.5% APR to get a loan at a reduced rate is possible until 1 November 2020. Rate is valid for the entire term of the loan, the maximum loan term is 30 years. The maximum mortgage amount is for Moscow and St Petersburg 8 million rubles, for other regions — 3 million roubles with an initial payment of 20%.

the Government will explore the possibility of expanding the program of preferential mortgage at 6.5%, said first Deputy Prime Minister Andrei Belousov during the meeting with representatives “Business Russia”.

first, this program may enter low-rise buildings. Secondly, it is proposed to extend until January 1, 2022, and to increase the maximum loan size from 8 million to 12 million rubles for Moscow and Saint-Petersburg and from 3 million to 6 million rubles for other regions of Russia.

Russian banks by the end of may took 120,8 thousands of applications for mortgage loans at a rate of 6.5% per annum. Approved 81,9 thousands of applications (83% of all applications) to process loans.

Banks have already issued 22,8 thousand mortgage loans for 57.5 billion rubles, while 97% of loans accounted for 15 of the largest banks.