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Launching of preferential mortgage program for the construction of private residential buildings on one’s own

The government launched a preferential mortgage program for the construction of private residential buildings on one’s own. The corresponding decree was signed by the head of the Cabinet of Ministers Mikhail Mishustin.

The program operates in a pilot mode, and its main feature is that private developers do not need to enter into a contract with official construction companies to attract borrowed funds for construction.

The preferential rate on such loans will not exceed 9% per annum. The maximum amount of such a mortgage in Moscow and St. Petersburg, as well as in Moscow and Leningrad regions is 12 million rubles. For other regions of Russia, the maximum value amounts to 6 million rubles. The Cabinet expects that the launch of a new preferential mortgage program will allow more Russians to improve their living conditions. The ministers plan that, as part of this pilot program, about 8,000 preferential loans will be issued in 2022.

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