The Russian government has approved a bill on mortgage holidays for families with children

The draft law on granting a grace period on mortgages for families with children, developed by the Ministry of Finance of the Russian Federation on behalf of President Vladimir Putin, was approved at a government meeting. The Ministry of Finance announced this on its website on July 31.

"Upon the birth or adoption of the first child, [mortgage] holidays are provided for up to six months while reducing the borrower's income by more than 20% and provided that mortgage payments exceed 40% of income," the agency said in a statement.

In addition, holidays are provided for up to 18 months for the birth of the second and subsequent children, as well as for adoption. In this case, the lender will be able to charge interest only from the seventh month of the grace period, the Finance Ministry said.

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During a meeting with German Gref, Chairman of the Board of Sberbank of Russia, on July 29, Putin said that banks should not aggravate mortgages for Russian citizens by introducing additional fees under contracts. Gref, in turn, stressed that the credit institution had already reduced its mortgage this year, and also suggested a further drop in inflation and a reduction in the key interest rate. According to him, Sberbank is trying to create conditions to stimulate "mortgage growth."

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