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The Government of the Russian Federation increased the preferential loan to villagers for the improvement of houses

Prime Minister of the Russian Federation Mikhail Mishustin

Prime Minister of the Russian Federation Mikhail Mishustin

©Russian State Duma Press Service/Global Look Press

The Government of the Russian Federation has increased the size of loans at a preferential rate for residents of villages. It is assumed that the loan will be used for the improvement of houses – for electricity, water and gas supply, sewerage, heating, repair of engineering systems and roofing.

The decision was signed by the head of the Cabinet of Ministers Mikhail Mishustin. The loan amount, as before, will depend on the region where the borrower lives, June 24 the press service of the government of the Russian Federation.

Thus, for residents of the Leningrad Region and the regions of the Far Eastern Federal District, the loan amount has been increased from 300,000 to 700,000 rubles. Residents of other regions will be able to receive up to 500 thousand rubles (previously – 250 thousand rubles). Residents of Moscow, St. Petersburg and the Moscow region do not participate in the program. The loan rate does not exceed 5%.

The program of preferential loans for the improvement of houses in villages has been operating since 2020. The difference between the preferential and the market rate is compensated by the state to the banks.

Earlier in Russia, a pilot preferential mortgage program was launched for those who wants to build a private house do-it-yourself without a contract with professional developers. The preferential subsidized rate on such mortgage loans will not exceed 9% per annum.

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