Russian Government simplifies access of banks to "Family Mortgage" program

AK&M 24 February 2021 23:56

The Government of Russia has simplified banks' access to the Family Mortgage program. The related decree was signed by Prime Minister Mikhail Mishustin.

Previously, only credit institutions submitting applications before the budget allocation were allowed to participate in the program. Now participation in the budget reallocation program will be available to new creditors. Besides, the operatorship of the program is transferred from the Ministry of Finance to JSC DOM.RF as a single housing sector development institution.

The "Family Mortgage" program launched in 2018 offers borrowers a guaranteed loan rate of no more than 6% p.a. for the purchase of a house or a flat.

On March 26, 2021, Moscow will host the 19th All-Russian Mortgage Lending Conference. This year's topic is "Affordable Housing Market in the Post-COVID Time."

The conference will bring together representatives of relevant government entities, major Russian banks, mortgage agencies, construction and development companies, IT developers, insurance and valuation companies.