Conditions have changed preferential mortgage programs in December 2023

On December 23, 2023, amendments to the law on conditions for issuing state-backed mortgages come into force.

Thanks to the innovations, all adult citizens of the Russian Federation are entitled to a mortgage with state support of up to 8% per annum. It should be borne in mind that banks, as before, can make their own demands on their income and credit history. The minimum initial payment immediately increased by 10%. Now it should be at least 30% of the value of the property. The maximum loan amount has also changed. It has become one for everyone – 6 million rubles. Previously, it varied depending on the region.

The Arctic mortgage has been extended. Thus, mortgages of up to 2% were allowed to be issued to residents of the land territories of the Arctic zone and the Far East. At the same time, the maximum loan amount for the construction or purchase of primary housing of more than 60 square meters is 9 million rubles. In cases with a smaller area, you can apply for a loan of up to 6 million rubles. It should be borne in mind that it is allowed to become a guarantor, co-borrower or borrower for all types of preferential programs only once.

Important: the changes did not affect Family mortgages up to 6% per annum. Here, the conditions for the contribution and loan amounts were left the same.