Mortgage rate for families with children from 6 years old can increase up to 12%

Mortgage rate for families with children from 6 years old can increase up to 12%

The family mortgage program is one of the important government measures aimed at supporting families with children. Recently, proposals were announced for a possible increase in the interest rate on family mortgages for borrowers with children over the age of six to 12%. Let's figure out what this means for families and what prospects open up.

The family mortgage program was created to stimulate fertility and support young families. At 6% per annum, families could get a mortgage loan for the purchase or construction of housing. This was an important step in supporting family values and ensuring decent living conditions.

Now, given that the family mortgage program will be extended until 2030, possible changes are being discussed. One option is to raise the interest rate to 12% for borrowers with children over the age of six. This has caused some discussions and questions among future and current participants of the program.

Despite the fact that 12% may seem like a high rate compared to the current 6%, it is worth considering the general economic situation and conditions in the mortgage market. With a key rate of 16%, banks issue market mortgage loans at 16.5–25% per annum, so 12% is still a relatively preferential option.

It is important to note that final proposals for changes to the program have not yet been formed. The Ministry of Finance is working on the issue, taking into account the views of interested departments, organizations and the professional community. This means that the decision will be made on the basis of comprehensive analysis and consultations.

If you are already participating in the program or are just planning to use a family mortgage, you may have questions about what changes may affect your family. For example, if you have a child after you have already used the program, will it be possible to review the terms of the loan or consider a refinancing option?

However, despite the planned changes, it is important to remember that the family mortgage program remains one of the tools to support families and stimulate fertility. We hope that government measures will contribute to creating a favorable environment for family well-being and ensuring decent living conditions for every family.

We will follow the developments and inform you about any news and changes in the family mortgage program. Stay in touch!