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State Duma discusses new preferential mortgage programs
“With interest rates so high, gradually reducing the down payment to less than 30% of the home’s value is essential for relatively comfortable monthly payments,” said Denis Parfenov.
Rostov Oblast already has a state mortgage program for excellent students in medical and pedagogical specialties. The local project allows young professionals to purchase housing at an interest rate of 1% for up to 10 years.
The State Duma is also discussing the introduction of preferential mortgages for rural cultural workers. According to 2023 data, the shortage of such specialists in small towns and villages in Russia amounted to more than 19 thousand people. Elena Drapeko, First Deputy Chair of the State Duma Committee on Culture, said that during the autumn session, legislators plan to introduce a number of new support measures.
This summer, Russian President Vladimir Putin instructed the government to prepare proposals for additional measures to support teachers. One such measure could be a preferential mortgage for school teachers. The government plans to present its proposal by November 1.
State Duma deputy Nina Ostanina, chair of the committee for family protection, is convinced of the need to change the conditions for receiving preferential family mortgages. According to the deputy director, mortgage subsidies should be provided to single-parent families where only one parent is raising one or more children.
On July 1, 2024, the state program providing preferential mortgages for new housing at a rate of 8% for everyone will end in Russia. Only targeted programs remain, such as "Family Mortgage", "IT Mortgage", "Far Eastern Mortgage". According to DP, sales of new homes have since fallen by half.