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Medvedev Promises 13% Mortgage instead of 17%-20%

$307.5 million are forwarded by the government to support banks.

06.Feb.15 11:47 AM
By Elena Nekrasova


Medvedev Promises 13% Mortgage instead of 17%-20%
Special Ministers’ meeting has taken place on the 2nd of February in Russian government. The officials gathered to discuss current situation in mortgage crediting as well as conditions available for citizens at the moment. They decided that banks would provide credits at 13% interest rate. Government is ready to cover the difference in rate and provide funds to close 5-6% gap.  Such conditions will be available for 30-year mortgages with at least 20% down payment.

Experts are sure that 20% down payment would be the most appropriate variant taking into consideration current economic situation. It varied from 10% to 30%. If a borrower did not meet any provided criteria, the interest rate was maximum level in order to prevent any kinds of risk.

In spite of crisis which is taking place in Russia at the moment, mortgage is rather necessary. That is why government is planning to do everything possible in order to provide young families with a chance to purchase apartment. At the same time Medvedev stated that mortgage has a positive influence on demand. This is why building rates are growing in construction field.

Banks will start operating in accordance with new rules in May 2015.

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