Russian PM signs affordable mortgage prolongation till ‘17
MOSCOW, Mar 1 (PRIME) -- Russian Prime Minister Dmitry Medvedev signed on Tuesday an order to prolong a cut-rate mortgage program until January 1, 2017.
The previous 700 billion ruble state program of mortgage support on concessional terms allowed banks to provide mortgages at interest rates of up to 12% annually and will end by April.
The loan limit of the program was raised to 1 trillion rubles, the amount of state subsidies will fall by 1 percentage point for loans provided after March 1.
Construction Minister Mikhail Men said earlier that the government will spend 16.5 billion rubles on prolongation of the program.
(75.8994 rubles – U.S. $1)
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01.03.2016 15:40