Putin offered to extend the preferential mortgage for a year and raise the rate

Russian President Vladimir Putin proposed extending the preferential mortgage program for a year and raising the rate on it to seven percent. He stated this at a plenary session of the St. Petersburg International Economic Forum (SPIEF), which is broadcast by the Russia 24 TV channel on YouTube.

Putin added that if the program is extended, the maximum amount of a mortgage loan will be three million rubles.

Earlier in June, RBC’s sources in the financial market allowed the extension of the preferential mortgage program: it was clarified that this possibility was being discussed by the country’s authorities. According to the interlocutors of the publication, in the updated version, the rate will be 7-7.5 percent, and the maximum amount of the mortgage is three million rubles.

The preferential mortgage program was launched in April 2020 as an anti-crisis measure. Russian Prime Minister Mikhail Mishustin signed a decree according to which it was possible to purchase housing in a new building on favorable terms. The maximum amount of the mortgage was limited: in Moscow and St. Petersburg it was eight million rubles, in other regions of Russia – three million rubles.

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