Family mortgage on individual housing construction

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Mortgages for families with two or more children at a rate of 6% per annum will be extended to individual housing construction. The Ministry of Finance has prepared a corresponding bill, RBC reports. Families will be able to obtain loans on preferential terms for the construction or purchase of a private dwelling house. This will require additional security or surety. The document was published on the website of regulatory legal acts.

The family mortgage program will be amended to allow a loan at 6% per annum, which can be used to purchase a land plot for the construction of a private house or to build a house on an existing plot. Deputy Finance Minister Alexei Moiseev believes that the expansion of the mortgage program will improve living conditions for more families with children. Reducing the interest rate on loans for individual housing construction will contribute to the development of this area.

The future object cannot act as collateral for such loans. Families will need to attract guarantors or use other real estate as collateral to secure such loans. The down payment on the loan will be 15%, it will be calculated based on the total cost of the house and the plot. If construction is planned, the price of a residential building will be calculated according to the amount specified in the work contract.

It is assumed that the expansion of the family mortgage program will make it possible to issue additional 20.8 thousand housing loans to citizens in the amount of about 79 billion rubles.

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