Putin pointed to record rates of housing construction in Russia due to preferential mortgages

Preferential mortgages have made it possible to reach record rates of housing construction, Russian President Vladimir Putin said on December 23.

"Preferential loans already occupy a weighty share of the bank portfolio - about 16%, or over 17 trillion rubles. Of these, more than 10 trillion is accounted for by preferential mortgage programs. The result of such support is noticeable. If we take mortgage subsidies, then with the help of this tool hundreds of thousands of families have improved their housing conditions, and our construction complex has reached record volumes of housing commissioning," said the head of state at a meeting on economic issues.

Putin reminded that the government is implementing a number of programs to support lending not only to citizens, but also to businesses. They mainly provide for subsidizing interest rates.

The President called lending to the real sector of the economy, industry, agriculture and services important for the confident economic dynamics, increased investment in the expansion of production and job creation.

The Russian leader called for information work to make citizens and entrepreneurs aware of preferential loan programs, terms and conditions of their use. At the same time, he pointed to the need to fine-tune them, further targeting them to ensure technological sovereignty and the development of the supply-side economy.

It's gotten to the point of outrage: the market supported the abolition of limits on family mortgages

How this will affect the affordability of the program and how much of the budget will have to be allocated to it

The day before, Russian Finance Minister Anton Siluanov promised that in 2025 there will be no limits on preferential family mortgages. According to him, in the coming year, the Ministry of Finance will take measures to prevent gaps in the provision of the support measure.

Earlier, on December 19, Putin stressed during the "Results of the year" that family mortgage should not have any limits. Later, the State Duma said that the situation with limits on family mortgages will be legally worked out.