Finance Ministry can spend 40 bln rbl on 7% mortgages in 2021–24

MOSCOW, Jun 15 (PRIME) -- The Finance Ministry has prepared a draft government order to extend a 7% mortgage program with spending estimated at about 40 billion rubles in 2021–2024, the ministry said in a statement on Tuesday. 

"In  accordance with the president’s order, we suggest prolonging the program of cut-rate mortgage with a rate change to 7% until July 2022 and also to spread family mortgage to the families with one child. A draft government order prepared by the ministry has been uploaded on the regulatory acts federal portal www.regulation.gov.ru," the statement read.

The family mortgage rate stands at 6% and is available for the families with at least one child born after January 1, 2018. The program spending is envisaged at about 49 billion rubles in the forecasted period.

Deputy Prime Minister Marat Khusnullin explained a recent housing price growth by the pandemic rather than the previous cheap mortgage program. "We’ve analyzed every city, every region, the antitrust carried out huge work, and we’ve proved that mortgage triggered a 4–5% price growth on average. The rest is not mortgage, it is the pandemic really," the official said in an interview for channel Rossiya 24.

(71.6797 – U.S. $1)

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