Mortgage rates in Russia decreased by one point to 12% per annum – the Ekho Moskvy radio station

The corresponding decree was signed by Prime Minister Dmitry Medvedev.

previously effective interest rate on mortgage payments has been determined taking into account the key rate of the Bank of Russia. At that time, it was 15 percent. Since March 16 the Central Bank has set it at 14 percent per annum. In this regard, it was necessary to amend the rules for granting subsidies to credit institutions and the Agency for Housing Mortgage Lending for reimbursement of lost revenue on mortgage loans. According to the Ministry of Finance, which has prepared a draft resolution introduced by the changes will save the amount of subsidies to the previously defined conditions. It is proposed to discontinue the provision in the case of reducing the key rate to 8.5 per cent per annum or less.

Under the terms of the program, at a discounted rate mortgages are available for the purchase of housing in the primary market. The initial payment must be at least 20 percent of the property value. Maximum loan amount – 3 million rubles. And in Moscow, Moscow region and St. Petersburg – 8 million.

The program will allow special mortgage lending this year to give housing loans of not less than 400 billion rubles. To subsidize the rates allocated 20 billion.