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29 November, Sunday

Ufa   °

Vladimir Putin proposed to extend easy-term mortgage program until middle of next year

Economy/Business

In Russia, the easy-term mortgage loan program will be extended until July 2021. President Vladimir Putin proposed to extend the program, according to which a loan for the purchase of newly built housing can be obtained at a reduced rate of 6.5 percent.

According to the head of state, this is one of the measures to support the construction industry and population, but it ends on November 1.

Prime Minister Mikhail Mishustin supported this proposal. "We consider it important to extend this program. We can quickly come up with the corresponding directives", RIA Novosti quotes the Prime Minister's words.

"The program covers over 90 percent of the mortgage loans for new housing. We can see that it is a popular program that families can use. By the way, this has supported the construction industry, which found itself in a plight due to the pandemic",  Mishustin added.

"Good, let us go ahead and do so," Putin summed up.

The easy-term mortgage loan program was among the most effective anti-crisis measures, with over 220,000 loans worth 630 billion rubles already issued.

The state-supported mortgage program was launched in Russia at the end of April. A preferential rate of 6.5 percent is valid for the entire loan term — up to 30 years.

/translated by Tatiana Aksyutina
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