Extension of the family mortgage under current conditions will preserve the affordability of housing for families, especially in conditions of high market rates, said Vitaly Mutko, CEO of DOM.RF.
“We expect that in the second half of 2024, more than 200 thousand families with children will be able to take advantage of the program. The program will provide up to a third of all mortgages issued,” he noted.
At the same time, he clarified that during the entire period of its implementation, more than 850 thousand families improved their living conditions by obtaining preferential loans in the amount of about 3.7 trillion rubles. In 2023, it became one of the most popular government programs.
In turn, VTB told Izvestia that it supports the potential extension of the family mortgage.
“The opportunity to buy an apartment or build your own house on preferential terms has acquired particular value for Russian families during a period of high interest rates on basic lending programs. Today, family mortgages account for about 45% of preferential transactions on the market, and in the total volume of mortgage issuances, almost every third transaction takes place under it,” explained the financial organization.
The bank recalled that the program has been in effect for more than five years and has proven itself as an effective tool for improving the living conditions of Russian families.
“Together with the payment of maternity capital and additional financial support for borrowers with many children, the state program allows them to resolve their long-awaited housing issue faster and better,” VTB said.
Earlier that day, Russian President Vladimir Putin, during the “Results of the Year,” invited the government to think about extending the family mortgage. The head of state recalled that while the program is in effect until July 2024, the minimum contribution under this program is 20%, the annual rate is 6%, and if there are three children there is a subsidy in the amount of 450 thousand rubles.
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