According to the government, the preferential mortgage will be valid until November 1, 2020. A rate of no higher than 6.5% is maintained for the entire loan term.
“The program extends to 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 Cabinet specified.
They added that the program will provide up to 250 thousand new housing loans.
Earlier, Russian President Vladimir Putin instructed the government to approve by May 1 a preferential mortgage program.