Family mortgage in 2021 on preferential terms

The Family Mortgage program, which allows you to purchase housing on preferential terms, is expanding after July 1, 2021.

If previously families with a second child born after 01.01. 2018 could count on benefits, now even single-parent parents will be able to take housing at a reduced interest rate. There are no requirements for income and official employment of family members. The rules remain the same – the child must be born no earlier than January 1, 2018. Participants of a Family mortgage will be able to take out a loan for housing at 6 % per annum. There are restrictions on the amount – 6 million rubles for the regions, 12 million rubles – for Moscow and St. Petersburg, where the highest cost of real estate in the Russian Federation.

The Family mortgage program is valid until 31.12.2023.

Families can not only take out new housing on the primary market on favorable terms, but also refinance a previously issued mortgage loan. The preferential rate of 6 % remains valid for the entire loan term, even if the program ceases to operate. The difference between the preferential and market rates for financial institutions is reimbursed by the state.

The Family Mortgage program was launched in 2018.

At first, the offer was not in great demand due to the fact that banks did not offer a reduced interest rate for the entire loan term. After the changes, providing that the rate remains unchanged, the offer attracted a considerable number of borrowers. The requirements for work experience, family income and down payment should be specified in a specific bank.

According to the statement of the Ministry of Finance, the expansion of Family mortgages will require expenses of 40 billion rubles. But this will give hundreds of thousands of Russian families the opportunity to buy their own housing.

Positive changes have also affected the program of preferential mortgages, which can also be used by childless families who have decided to purchase housing on the primary market. The new anti-crisis measure, launched in 2020, showed its best side, which was the reason for its extension. However, the conditions are not as attractive as in 2020. The rate has increased from 6.5 % to 7 %, and the maximum loan amount is 3 million rubles, regardless of the region. The innovations will affect all loan agreements concluded after July 2, 2021. You can use a preferential mortgage until July 1, 2022. There is no information about a possible extension of the anti-crisis measure yet.