Reshetnikov considered Putin's decision to extend the preferential mortgage

The President announced the extension of the preferential mortgage program last week. Putin proposed to keep its effect for all regions of Russia, but to change the conditions.

The head of the Ministry of Economic Development, Maxim Reshetnikov, in an interview with the Izvestia newspaper, said that the decision to extend the preferential mortgage program, which was taken by Russian President Vladimir Putin, turned out to be hard-won.

“The decision announced by the president is hard-won, but balanced. It will allow the market to gradually get out of dependence on anti-crisis measures and adapt to the situation,” the minister said.

In his opinion, the process of recovery of the industry is currently underway. As Reshetnikov noted, now the mortgage is “going very well”, and a sharp stop to the preferential program could lead to a collapse in demand and, ultimately, to the abandonment of new projects. “Now we have finally seen an increase in the number of projects in the industry, as the volume of new housing starts has been declining over the past year and a half. The market has adapted to the introduction of escrow accounts, this was additionally imposed by COVID,” the head of the Ministry of Economic Development added.

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The preferential mortgage program for new buildings at a rate of up to 6.5% per annum began to work at the height of the first wave of COVID-19 , in mid-April 2020, and was supposed to end on November 1. At the end of October, the program was extended until July 1, 2021. The credit limit for it is 12 million rubles. in Moscow, Moscow region, St. Petersburg and the Leningrad region and 6 million rubles. - in other regions (initially it was 8 million and 3 million rubles, respectively). The initial payment under the program is at least 15%.