With a preferential mortgage, you can save 15 percent

Mikhail Khromov, a researcher at the Center for Structural Research at the Gaidar Institute for Economic Policy, told how you can save on mortgage using a preferential rate, despite the fact that apartment prices have risen.

"Savings on interest payments now amount to about 20 percent. If the cost of housing grows by 4 percent, then we still have savings of 15 percent over a 20-year horizon," RIA Novosti reports.

The mortgage program with state support started operating in Russia on April 17 and was originally designed for a period until November 1. Now it accounts for more than 90 percent of all loans that Russians take on < a href="https://www.gjacip.ru/ipoteka/">buying apartments in new buildings. Over the past six months, more than 230,000 loans worth 669 billion rubles have been issued. September was the record month, when more than 60 thousand families were able to get mortgage.

="https://www.gjacip.ru/ipoteka/">mortgages it became clear that the program is in demand. Therefore, the authorities decided to increase the volumes and extend the deadlines for the next year in order to fully satisfy this demand, the expert added.

On Thursday, October 22, Russian Prime Minister Mikhail Mishustin announced the decision to extend the preferential mortgage program under 6, 5 percent until July 1, 2021. The extension of the program will make it possible to issue another 600,000 loans for 1.8 trillion rubles, of which 152,000 loans for 303 billion rubles can be issued before the end of this year, the government said in a statement.