The limitations on mortgage grace periods may be lifted, Minister of Labor Maxim Topilin said at the Gaidar Forum at the RANEPA on Tuesday, January 15.
“The term of loans is limited to eight years. It was agreed that these restrictions will be removed. The program will establish a preferential 6% mortgage rate for the entire period while the borrower repays their mortgage,” the Minister explained.
According to him, the preferential mortgage rate can be reduced for families living in the Far East.
“This will concern families that will have a second or third child after January 1, 2019. The mortgage rate will be reduced from 6% to 5% for these families,” Topilin said.
“Borrowers will be entitled to a preferential rate when buying new housing, and in rural areas, also in the secondary market,” he added.