PRESS: Cheap mortgage for IT staff enjoys no popularity

MOSCOW, Mar 10 (PRIME) -- Demand for Russia’s beneficial mortgage program for IT employees has missed the expectations of the Digital Development Ministry due to the difficulty of getting the loan, business daily Kommersant reported on Friday citing market participants, banks, and developers.

The 5% mortgage program with the initial installment of at least 15% was launched in May 2022 and became one of the measures to support the industry after the start of the operation in Ukraine to keep IT specialists in the country.

According to DOM.RF, Russia’s banks gave out 5,000 loans for 44.79 billion rubles as of the end of 2022. The ministry calculated the amount at 47.7 billion rubles.

When launching the program, the ministry expected 10,000 people to use the program in 2022. According to the authority, the program will cover 50,000 employees of IT companies for 240 billion rubles in 2022–2024.

A source close to a large developer told the daily that IT mortgage is not highly popular, and “the tough loan terms have an impact.”

(75.9028 rubles – U.S. $1)

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