Putin offers discount on preferential mortgage from 12% to 9% – Russia |
25th of April. Interfax-Russia.ru – The rate under the program of preferential mortgages with state support will be reduced to 9% following the reduction of the key rate of the Central Bank, Russian President Vladimir Putin said on Monday.
“The dynamics are weaker than the forecast, and in order to make the purchase of housing more affordable, to stimulate construction, to promote supply stimulation (under a preferential mortgage program with state support – IF) from 12% to 9% per annum,” Putin said at a meeting on economic issues.
He recalled that the 12% rate was set suddenly, but the situation is positive and there is a possibility of beauty.
“It is also necessary to extend this benefit until the end of the year,” the president said.
Previously, new preferential benefits for new buildings were announced from April 1, 2022.
“Before, it’s time to change the parameters and return the value as they were, namely, to raise the offer to 12%, and in modern conditions this is not a bad rate, and the amount of loans for four regions where the cost of real estate is high, to raise to 12 million, and for all The rest of the supply is raised from 3 to 6 million,” said Russian Deputy Prime Minister Marat Khusnullin.
Other preferential mortgage programs with state support remained unchanged.
On February 28, the Bank of Russia on an extraordinary strengthened key offer from 9.5% to 20% per annum against the backdrop of a sharp increase in inflationary risks due to the adoption of tough measures against Russia due to special operations in Ukraine and the subsequent collapse of financial markets. As of March 18, the Bank of Russia will change the offer at the level of 20% per annum.
At an unscheduled compilation on April 8, the Council proposed the Functionality of Russia and decided to reduce the key supply from April 11, 2022 by 300 basis points (bp) to 17% per year. The Central Bank reports that this is a solution to the problem of rebalancing the risk of consumption growth, a decline in economic activity and the risk to financial stability. At the same time, the possibility of a quick completion of key events at the next meetings was admitted there.
The next meeting of the Central Bank on the issue of the key rate is on April 29.