“It will benefit the market”: the government, on behalf of the president, will take measures to increase the affordability of housing in Russia

The Russian government, on behalf of Vladimir Putin, will prepare a regulatory framework to support individual housing construction throughout Russia, said Prime Minister Mikhail Mishustin. In the individual housing construction market, it is planned to introduce a system of escrow accounts, which today operates in the construction of apartment buildings and allows protecting borrowers’ money from unscrupulous contractors. In addition, the authorities are going to expand the terms of Far Eastern mortgages. The maximum amount of a preferential loan will be increased from 6 million to 9 million rubles, and all employees of defense enterprises in the Far Eastern Federal District will be able to take advantage of the terms of the program, in addition to young families, teachers and doctors.
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