Russian mortgage market to get 20bln rubles in government subsidies

03.02.2015 13:19
Russian mortgage market to get 20bln rubles in government subsidies

YEREVAN, February 3. /ARKA/. The Russian government agreed to appropriate 20 billion rubles from the budget on mortgage interest rate subsidies at its meeting on Monday, RBC reports citing two government sources.

One of the sources said the final borrower rate will be 13%, and banks will get some 5-6 percentage points compensated. This is valid only for the primary mortgage market, according to the report.

These 20 billion rubles will be sufficient for subsidizing mortgage loans worth 400 billion rubles at 13% rate, the source says.

If not supported, mortgage lending will fell 8.5 times from 1.7 trln rubles in 2014 to 200bln rubles this year, say the meeting notes. –0--


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