The Russian government will quadruple budget spending on preferential and family mortgages in 2024-26. We are talking about an increase in expenses from 119.4 to 453.8 billion rubles, planned to compensate for subsidies to the program operator Dom.RF.
“Federal budget expenditures on preferential and family mortgages next year will increase almost fourfold from 119.4 billion rubles planned by the current budget law to 453.8 billion rubles. Compared to 2023, the amount will triple – expenses this year are planned at 150 billion rubles,” the explanatory note to the draft budget for 2024-2026 is quoted as saying.
The state subsidizes banks’ costs for issuing preferential and family mortgages, the interest rates for which are no more than 8% and 6%, respectively, up to the key one. Earlier, URA.RU reported that the Bank of Russia increased the key rate. In a month and a half it increased from 7.5 to 13%. In addition, the number of mortgage loans in Moscow in August increased by 53% compared to August 2022, writes RT. The increase in borrowing was caused by the desire of Russians to invest in real estate against the backdrop of a weakening ruble exchange rate.