In the Ministry of Construction explained the work of the new mechanism for issuing family mortgages

The decision, which was made on December 12 in terms of changing the mechanism of providing subsidies to banks for family mortgages, is fundamentally important for the industry and citizens, the press service of the Ministry of Construction, citing Deputy Minister Nikita Stasishin, told Izvestia.

"Together with colleagues from the economic block and Dom.RF, we have worked out a new mechanism: the limit will be common for all banks, this will allow us to get away from constant redistribution of funds. Banks will no longer announce the imminent exhaustion of funds and stop issuing loans with state support for buyers," explained Nikita Stasishin.

According to him, this will make it possible not to create a rush demand in the moment, as when people were afraid that in the bank where they got approval, the limits were about to run out, and further they moved from one bank to another, which delayed the purchase process and created additional stress.

"All this will have a positive effect on the implementation of the most popular program with state support for families with children, which was extended on the instructions of Russian President [Vladimir Putin]," the deputy minister said.

Accumulative affect: early repayment of mortgages and loans fell by one and a half times

Is it really advantageous to direct free money to a deposit instead of closing loans early?

Earlier in the day, the Russian Finance Ministry approved a new version of the decision on the procedure for providing subsidies from the federal budget to Dom.RF JSC as part of the implementation of the preferential mortgage program "Family Mortgage".

The total amount of the limit to credit institutions will be increased from Br6.25 trillion to Br8.65 trillion inclusive to prevent the suspension of the program due to the exhaustion of the limit by banks.