"The 6% Family Mortgage programme will be extended for families with children under six. This is a direct presidential instruction and will be fulfilled. All other details, possibilities and options are being discussed. We proposed increasing the rate to 12% for families currently eligible who will not qualify in future because their children are over six. We have made that proposal," Interfax quotes Chebeskov as saying.
This week, Russian Deputy Prime Minister Marat Khusnullin said there are plans to link family mortgages to the number of children. Chebeskov clarified that options under discussion include both reducing the interest rate when more children are born and increasing it if no children are born.
In recent months, the Bank of Russia has taken several steps to cool the mortgage lending market. In particular, the mortgage down payment was raised to 20% in September. Market participants do not rule out an increase to 30%. In addition, the subsidised mortgage programme will be wound down from 1 July 2024, with targeted schemes retained instead. The Family Mortgage programme will continue until 2030.