The corresponding document is published on the website of the Government of Russia.
- A rate of no higher than 6.5% is maintained for the entire loan term. The program covers housing loans of up to 8 million rubles in Moscow and St. Petersburg and up to 3 million rubles in other regions of the country. The minimum deposit is 20%. The difference between the 6.5% that borrowers will pay and the market mortgage rate will be reimbursed to banks by the state, the resolution said.
The program of special preferential mortgages, under which citizens can purchase comfort-class housing, was previously proposed by Russian President Vladimir Putin. According to government estimates, the implementation of the initiative will cost about 6 billion rubles. Sberbank and VTB have already supported the program.
- The program will ensure the issuance of up to 250 thousand new housing loans. It will be a good help for citizens who need to improve their living conditions, and will additionally attract at least 900 billion rubles to the housing sector, the document says.
However, the long-term effect of the program should not be expected, said expert Sergei Grodeyko. He compared the initiative in the situation that arose in 2015-2016 and found similarities with the program for subsidizing mortgage rates, which then "literally pulled the market." But today in the country there are much fewer citizens who have the opportunity to make a down payment, the expert said.
Recall that the authorities are also ready to subsidize interest rates on loans - as part of project financing for developers who will retain employment and complete all unfinished facilities. This will cost the budget 12 billion rubles.