The Ministry of Finance of the Russian Federation: the amount of mortgage loans may be increased up to 1 trillion rubles

MOSCOW, February 16. The maximum rate at discount mortgage after its renewal will remain at the level of 12%. About it reported in a press-service of the Ministry of Finance. On 15 February, the Finance Ministry submitted to the government a proposal to extend the programme of subsidies of the mortgage from 13 March to 31 December 2016.

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Mortgage with state support was launched on 13 March last year and had to act within one year, but officials have said about its possible extension, as it had been able effectively to support the construction industry and to reduce the decline of the mortgage market.

According to the project of the Ministry, loans may be increased up to 1 trillion rubles (vs last estimates of 700 billion roubles). The Finance Ministry proposes to reduce the subsidy to 1.5 percentage points per annum for loans with 1 March.

“The changes will allow the implementation of measures to subsidize housing loans issued within the means provided on these purposes in the Federal budget for 2016 in the amount of 16.5 billion rubles”, – added in the Ministry.

That the program of government support of the mortgage can be extended, in early February, said the head of the government Dmitry Medvedev. Earlier the Minister of construction and housing Mikhail Men said that the extension is designed for 2016. In addition, it was reported that the maximum rate for the borrower under the program will remain the same – 12%.