Russia revises Family Mortgage program, linking rates to family size
1 report, 1 independent
Updated Thu 00:00
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What happened
Russia's government-backed Family Mortgage program will change its structure starting October 1. The Finance Ministry revised the program to set subsidized home loan rates based on family size and location, replacing the previous one-size-fits-all 6% rate.
From mpamag.com
Why it matters
The revision changes how housing loans are priced in Russia, making the cost of borrowing dependent on demographic factors. For example, in Moscow, a family with one child will pay 12% on a loan of up to 12 million rubles, while a family with five or more children pays 4% on a loan up to 18 million rubles.
From mpamag.com
Who's involved
- finance ministryFinance ministry, which revised the mortgage program terms
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The entities involved
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finance ministry
type of ministry responsible for government finances and economic policy