Mortgage holidays to be introduced in Russia


February 27, Fineko/abc.az. Russian President Vladimir Putin has tasked the Russian government and the Central Bank of Russia to take measures to reduce the mortgage rate to 8% per annum and below.

The Kremlin’s press service informs that the head of state gave such an order within the framework of the address to the Federal Assembly.

"The government of the Russian Federation and the Central Bank of Russia are to take additional measures aimed at reducing the interest rate on mortgage housing loans to 8% per annum or less," the list of instructions says.

The first report on this theme should be submitted before 15 January 2020, and then every six months.

The head of state also instructed to ensure the creation of financial instruments, including credit, to support individual housing construction. A report on this topic should be submitted to the president before 1 July 2019.

In addition, the president tasked the government and the Central Bank to draft a bill on "mortgage vacation" by 1 July 2019.