"Estimation of the budget costs in 2021-24 for the extension of mortgages at 7% will be about 40 billion rubles, the budget costs for the modification of the family for the same period - about 49 billion rubles," the message says.

Earlier, President Vladimir Putin proposed extending the preferential mortgage program until July 1, 2022.

The rate will be increased from 6.5% to 7% per annum, and the maximum loan amount will become the same for all regions of the country and amount to 3 million rubles.

At the same time, the head of state instructed to expand the conditions for family mortgages.

So, a home loan at 6% can be obtained by parents with one child if he was born after January 1, 2018. 

The Kremlin believes that the extension of the preferential mortgage state programs in the country will be a useful factor in supporting the industry.