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Tuesday, June 28, 2022



RUB - Russian Ruble



Subsidized mortgages for secondary housing may be considered in due course

The introduction of subsidized mortgages for secondary housing will be possible if measures to support the new-build market are not enough. Such opinion was expressed by Deputy Prime Minister Marat Khusnullin. The government is betting heavily on individual housing construction and the development of mortgages. If the measures taken to support the construction industry are not enough, new ones will be adopted.

Preferential mortgages for new buildings were introduced in the spring of 2020 to support the construction industry during the pandemic. In recent months, it was issued at a rate of up to 7%, the loan amount was limited to 3 million rubles. In April, the rate was raised to 12%, while credit limits also increased. Now one can get a mortgage at a preferential rate with a loan amount of up to 12 million rubles in the capital regions (Moscow, Moscow region, St. Petersburg and the Leningrad region), or up to 6 million rubles in the rest of Russia. Meanwhile, experts note that high mortgage rates for secondary housing hinder the development of the primary market, as many people buy primary market housing by selling an existing apartment.

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