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Intention to reduce preferential mortgage payment in Russia

Intention to reduce preferential mortgage payment in Russia
Photo: pixabay.com

The Ministry of Finance of Russia has developed the possibility of reducing the down payment on preferential mortgage programs from 20% to 15%. This applies to family mortgages with a rate of not more than 6%, Far Eastern mortgages at 2%, as well as the new program at a rate not exceeding 6,5% per annum.

The draft resolution of the Russian government on reducing the down payment is published on the portal of draft regulatory legal acts. Vladimir Putin instructed to reduce the contribution to the Cabinet after meeting with representatives of the public in the Ivanovo region.

The document also proposes to clarify the rules for subsidizing a mortgage rate of 6,5%. Banks will receive reimbursement for shortfalls on loans, agreements on the provision of which were concluded before November 1. The loan itself can be issued after November 1.

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