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The Ministry of Finance wants to expand family mortgages to secondary housing, but not for everyone

If the decision is adopted, families with disabled children will be able to buy ready-made housing under the program.

The Ministry of Finance has developed a draft of a new resolution, according to which families with disabled children will be able to buy secondary housing under the Family Mortgage program in any region of Russia. Previously, this opportunity was provided only for the purchase of housing in rural areas in the Far Eastern Federal District. It is also proposed to expand access to the Family Mortgage program: families in which a child was born before the end of 2023, and not 2022, will be able to apply for it.

Note that today the Family Mortgage program is available under the following conditions:

  • family can apply for a loanin which the first or subsequent child was born between January 1, 2018 and December 31, 2022. Additionally, families can apply for a mortgage in which the child has been assigned the status of a “disabled child”. That is, the age of the child does not matter (the main thing is that he must be born before the end of 2022).
  • the maximum rate on the “Family Mortgage” is 6% per annum. But subject to certain requirements in certain Russian banks, the rate can be reduced. For example, Sberbank has a minimum interest rate of 5.3% per annum, while VTB and Alfa-Bank start at 5.7%.
  • credit amount depends on the region: up to 12 million for the Moscow and Leningrad regions and up to 6 million for other regions.

But the main limitation of the family mortgage program concerns the ability to buy housing – apartments are available only in new buildings. Secondary housing is allowed to be purchased only in the Far Eastern Federal District and exclusively in rural areas, which for many families is not of interest even at a reduced interest rate.

If the decision of the Ministry of Finance is adopted, families with disabled children will be able to buy secondary housing in any region of the Russian Federation, regardless of the age of the child. This is beneficial because the interest rates under the program are about half the market rates. For example, the average market rates for secondary housing under basic programs are up to 11% -12% per annum.

Experts believe that these measures will really help many Russian families with disabled children find housing in a convenient city. In addition, there are more options available in the secondary market. And many of them are offered near suitable medical facilities or near the place of residence of other relatives. All this will not only save money and expand the choice, but also make it easier to care for your children.

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