Putin instructed to reduce the first payment on the mortgage for families with children

Russian President Vladimir Putin instructed the government to reduce the down payment on the mortgage for families applying for the purchase of housing with use of means of the parent capital. This follows from published on the Kremlin website the list of instructions following meeting with representatives of the public Ivanovo region.

According to the document, the first installment is to be reduced to 15 percent of the total cost of purchased housing. The relevant proposals, the government should develop until may 20, 2020. Responsible for the execution of the order appointed Prime Minister Mikhail Mishustin.

Earlier in April, Russian banks have launched Putin announced a preferential mortgage. Within the program you can get a loan to buy an apartment in the building at 6.5 percent per annum. The reduced rate will be valid for the entire crediting period. The maximum mortgage amount is limited: in Moscow and St.-Petersburg it is 8 million rubles, in other regions of Russia — 3 million rubles.