Ministry: Banks to set beneficial mortgage rate at 9% from Sunday

MOSCOW, Apr 28 (PRIME) -- Russia’s Finance Ministry has sent to the government a ruling envisaging reduction of the new housing beneficial mortgage’s interest rate to 9% from 12% from Sunday, the authority said in a statement on Thursday.

The program will cost the budget 461 billion rubles in 2022–2023.

The largest loan under the program amounts to 12 billion rubles for Moscow, St. Petersburg, and the Moscow and Leningrad regions, and to 6 billion rubles for the other regions.

(72.8764 rubles – U.S. $1)

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