Translation. Region: Russian Federal
Source: Government of the Russian Federation – Government of the Russian Federation –
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More than 8,000 borrowers who failed to complete their homes within the 12-month deadline have returned to preferential mortgage rates. This was made possible by a government decision extending the deadline for completing private home construction without a contractor from 12 to 24 months, according to Deputy Prime Minister Marat Khusnullin.
"For families building a home on their own using a preferential mortgage, a long-awaited support measure has been adopted, making the program terms more convenient and flexible. The key change is the extension of the construction and title deed period from 12 to 24 months. This has led to an extension of the preferential rate, which is one of the most popular measures among citizens. We see that people are increasingly attracted to living in their own home, and our goal is to support them in this choice. Borrowers now have not one, but two years to complete their home, significantly facilitating their desire to own a home. Thanks to this government decision, more than 8,000 families who have already completed construction have been able to return to preferential terms on their loans," said Marat Khusnullin.
Before the changes came into effect, if a house wasn't built and registered within 12 months, the preferential mortgage rate was replaced with the market rate. The decision to extend the term to 24 months was made in response to numerous citizen requests.
This innovation isn't the only one this year. For example, as of March 1, the reform of the individual housing construction (IHC) market for private homes began using the protective mechanism of escrow accounts when applying for mortgages under government-supported programs.
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