Let's talk about the important changes that have occurred with the family mortgage program since July 1, 2024. If you have been thinking about buying a home and you have children, then this information will be very useful to you.
Starting from July 10, 2024, the family mortgage program has undergone significant changes. Now it applies to families with children, where there is at least one child under the age of 6 years.
Let us remind you that family mortgage program is a housing loan program for Russian families with children, which allows them to take out a preferential mortgage at a reduced rate. The difference between market and preferential rates is compensated to creditors by the state.
The program is profitable in several ways. Firstly, thanks to the reduced mortgage rate, families will be able to save significantly on loan interest. This makes it possible to purchase housing on more favorable terms and provide comfortable conditions for the child. In addition, participation in the family mortgage program allows you to receive additional benefits and government support for the purchase of housing. This can be either additional financing or a simplified procedure for obtaining a mortgage loan.
Who can apply for a family mortgage
1. Families with a child under the age of 6 (inclusive) or with a disabled child under the age of 18 (not inclusive) may use funds to purchase an apartment or apartment building under an equity agreement or under a purchase agreement from the developer. It is also possible to receive funds for the construction of a house, provided that you work with an accredited contractor and use an escrow account.
2. Families with two or more children under the age of 18 (not inclusive) can purchase an apartment in a building under construction under an equity agreement or a purchase agreement from a developer in one of 35 regions or in a small town. In addition, for this category of citizens, it is available to build an individual house or purchase it throughout Russia, but only within the framework of Federal Act No. 214-FZ or a contract and necessarily with the opening of an escrow account.
3. Families with disabled children have the opportunity to purchase secondary housing in regions where there are no new buildings.
The main aspects of the loan "Family mortgage".
The minimum rate is only 6% per annum, which makes this loan one of the most profitable on the market. The initial payment starts from 20.1% of the value of the property, which is also a fairly flexible condition.
The loan amount. In Moscow and the region, St. Petersburg and the region, you can get a loan of up to 12 million rubles, and in other regions of the Russian Federation - up to 6 million rubles. But that's not all! If you need a larger amount, it is possible to apply for a mortgage loan of up to 30 million rubles in some regions. However, in this case, part of the loan above the limit set by the state program will operate at the market interest rate.
What purchases can you make using The State Program?
The first option is to purchase an apartment from a developer in a finished or under construction house, as well as a townhouse. This is a great option for those who prefer to live in the city and appreciate the comfort and convenience of modern housing.
If you dream of owning your own house, then the family state program offers the opportunity to purchase a private house under construction under a shared-equity construction agreement. This is a great option for those who want to live outside the city, enjoying the fresh air and space.
It is also possible to purchase a ready-made house with a plot of land from the developer under a purchase and sale agreement. This is a great option for those who dream of owning their own country house, where you can spend weekends and relax from the hustle and bustle of the city.
If you prefer secondary market housing, then the family state program provides such an opportunity. You can purchase an apartment or a house from an individual if your family lives in rural settlements in the Far Eastern Federal District.
There is also the possibility of purchasing secondary housing in regions where, according to the Unified Information System of Housing and Construction Supervision, there are no apartment buildings under construction. However, this is only possible if there is a disabled child in the family.
The last option is to allocate funds for the construction of a private house. If you have a dream of owning your own home, you can take this opportunity and build your cozy corner exactly the way you want.
The Family Mortgage loan is really distinguished by flexible terms and favorable interest rates, which makes it an attractive choice for families who dream of their own housing. We hope that this information will be useful for you and will help you make the right decision when choosing a mortgage loan.
If you have any questions or need additional information, do not hesitate to contact our specialists. We are always happy to help you with any financial issues.
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