In Russia came into force new rules of family mortgage
In the country from October 1, the rates on a preferential loan were tied to the number of children in the family: the more of them, the lower the percentage. The Ministry of Finance explained the changes by the fact that “it will make the family mortgage more targeted and demographically oriented.”
On October 1, new rules for obtaining a family mortgage came into force in Russia. The rates on a preferential loan were tied to the number of children in the family: the more of them, the lower the percentage.
For borrowers throughout Russia, with the exception of the capital regions (Moscow, St. Petersburg, Moscow and Leningrad regions), the following parameters will apply:
10% - for families with one child under seven years of age at the time of conclusion of the contract. The maximum loan amount is 6 million rubles; 8% and 8 million rubles for families with two children, where at least one child is under seven years of age; 6.4 and 2% per annum and 10 million rubles. - for families with three, four, five children, respectively, with the same age condition for at least one child.
In the capital regions, the cost of a family mortgage will vary from 12 to 4% per annum. So, for families with one child, the maximum loan amount will be 12 million rubles, for families with two children - 15 million rubles, and for other categories - 18 million rubles. The maximum term of a preferential mortgage is now limited to 15 years.
Previously, the basic rate on a family mortgage was 6% for the entire term of the loan. Families with one child up to six years of age inclusive, families with two or more minor children, as well as families with a disabled child could count on the benefit. The maximum loan amount in Moscow, Moscow region, St. Petersburg and Leningrad region was 12 million rubles, in other regions - up to 6 million rubles.
The Ministry of Finance explained the changes by the fact that “it will make the family mortgage more targeted and demographically oriented program.”.
As explained by “RBC Real Estate” in the Department, to maintain the family mortgage rate at the level of 6%, you will need to either immediately make a large down payment, or repay half of the loan for the first year. “If the size of the down payment will be 50% or more of the cost of housing, then families will retain the basic preferential rate of 6%, regardless of the number of children and the region of purchase of real estate,” the press service of the Ministry of Finance said.
