“The Russian Ministry of Finance has developed and submitted draft resolutions to the government of the Russian Federation providing for changes in the conditions of preferential mortgage programs from January 1, 2023,” the statement says.
The ministry emphasized that the preferential mortgage program (8% rate) will be extended until July 1, 2024.
The Ministry of Finance also promised to expand family mortgages.
“The second project provides for residents of new constituent entities of the Russian Federation the opportunity to apply for a mortgage for the purchase of housing in new buildings at a rate of 2%,” the ministry said.
Earlier, Russian Prime Minister Mikhail Mishustin instructed the Ministry of Finance to submit the necessary regulatory documents from December 20, so that from January 1, 2023, preferential mortgage programs would begin to operate under new conditions.