The state program of preferential mortgage under the new conditions, which provide for a reduction in the rate from 12% to 9% and the extension of the program until the end of the year, will work from May 1, the budget costs for its implementation, taking into account the changes are estimated at 461 billion rubles in 2022-2023, the Ministry of Finance said on Thursday.

The ministry has developed and submitted to the Russian government a draft decree providing for changes in the terms of preferential mortgages for new buildings from May 1, 2022. The document provides for a reduction in the preferential mortgage rate from 12% to 9% per annum and the extension of the program until the end of this year.

The maximum loan amount for Moscow and the Moscow region, St. Petersburg and the Leningrad region is 12 million rubles, for other regions – up to 6 million rubles.

DOM.RF as the operator of the state program of preferential mortgage has already distributed limits (cash) in the amount of 2.5 trillion rubles between banks, so from May 1 they can issue mortgages at 9%.

“Now it is important for us to focus on helping citizens and at the same time support demand for housing. Reducing the rate will certainly increase the availability of preferential mortgages. According to the results of 2020 – 2021, about 90% of all mortgage loans in the primary market were issued under preferential mortgage programs,” said Finance Minister Anton Siluanov, whose words are quoted in the report.

For the duration of the program “Preferential mortgage” issued 764.1 thousand loans worth 2 256.3 billion rubles. Of these, 85.4 thousand loans worth Br213.2 billion were issued in 2022. In total, credit and other organizations providing soft loans were reimbursed in the amount of 59.4 billion rubles, of which in 2021 – 23.3 billion rubles and in 2022 – 35.1 billion rubles.