2023-08-26 04:40:00
Dmitry Kandinsky / vtomske.ru
Russian banks have suspended the issuance of loans under the Rural Mortgage Program. This is due to the increase in the key rate to 12%, according to the Ministry of Agriculture of the Russian Federation. The ministry said extradition would resume “following the change in the economic situation.”
Recall that the Rural Mortgage program was launched in 2020. The program applies to land or housing in rural areas and in cities with a population of no more than 30 thousand people. The rate under the program in a bank with an electronic registration service for finished housing is 2.7%, and for the construction of a residential building – 3%. The minimum loan amount is 100 thousand rubles, the maximum was initially equal to three million, and this year it was increased to six.
Rural mortgage is supervised by the Ministry of Agriculture. More than 120,000 families have improved their living conditions since 2020, the ministry said.
“In connection with the increase in the key rate of the Bank of Russia to 12% and in order to prevent exceeding the adjusted limits of budget obligations, authorized banks have temporarily suspended the issuance of new mortgage loans under this program. The issuance will be resumed following a change in the current economic situation,” the ministry said.
Recall that on August 15, the Bank of Russia during an extraordinary meeting of the Board of Directors raised the key rate from 8.5 to 12%. This is due to the acceleration of inflation and the emerging risks to price stability. The interest rate at which banks issue loans to the population depends on the key rate. Credit institutions have already reacted to the increase in the key rate and started raise mortgage rates.
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