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Oct 16, 2020
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The Ministry of Finance submitted to the Cabinet of Ministers a document on the extension of preferential mortgage

The Ministry of Finance of the Russian Federation has submitted to the government a draft resolution on the extension of preferential mortgages, the ministry's website says.

The project proposes to extend the preferential mortgage for new buildings at 6.5 percent until July 1 of next year.

The Ministry of Finance believes that the extension of the program until July 2021 will make it possible to issue an additional 354 thousand loans for 1.1 trillion rubles.

As of October 12, 224.4 thousand loan agreements for 630.8 billion rubles were signed in the country.

Recall that the mortgage rate subsidy program began working in April 2020 to support the market demand for housing, which has decreased due to the pandemic. The program expires on November 1st.

Earlier it was reported that the Ministry of Finance proposes to extend the preferential mortgage program at 6.5 percent until December 31, 2021.

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