Putin suggests prolongation of 6.5% mortgage program to mid-2021

MOSCOW, Oct 14 (PRIME) -- The government should prolong a 6.5% mortgage programme until mid-2021, President Vladimir Putin told the government on Wednesday.

“Since our situation is not simple now even though the economy is recovering, still it is tough for the people and some sectors of the economy, including the housing construction industry, this is why let’s prolong this preference for at least the middle of next year,” he said.

Prime Minister Mikhail Mishustin said the government supports the idea and is ready to prepare all necessary rulings soon.

He said that the program has became one of the most successful anti-crisis measures with banks issuing over 220,000 loans totaling 630 billion rubles. Over 90% of all mortgage loans were for new housing construction.

.On Monday, the Finance Ministry published a draft ruling to prolong the program until December 31, 2021, and expand it to 2.8 trillion rubles from 900 billion rubles.

(77.2855 rubles – U.S. $1)

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