Starting April 1, 2025, families seeking housing assistance in Russia will find new opportunities as the family mortgage program is expanded to cover secondary housing. This extension allows families with children up to six years old to purchase apartments rather than being limited to newly constructed buildings. The Ministry of Finance has clearly stated the eligibility criteria which must be met for families to benefit from this enhanced program.
The new conditions stipulate several key requirements for any prospective buyers. According to the Ministry of Finance, "the program will apply to cities where the construction of no more than two houses is underway." This means families will have access to housing options not only connected to new construction but also existing properties, providing much-needed flexibility.
Importantly, approved properties must be apartments located within buildings no older than 20 years and not declared dilapidated. Families will also face restrictions on purchasing from interdependent persons—this includes relatives such as spouses, parents, and children. This policy aims to prevent potential conflicts of interest in transactions and to preserve the program's integrity.
Since its initiation back in 2018, the family mortgage program has undergone numerous adjustments to boost accessibility for families with children. The adaptation of these rules follows a proposal made by the President of the Russian Federation in December 2024, illustrating the growing recognition of the housing challenges respective families face across various regions.
Regions such as Ingushetia, which has recorded only 0.02% utilization of family mortgages, will likely see the most significant impact from these changes. The low percentage of mortgages issued indicates both the limited availability of new housing constructions and the pressing need for alternatives for families. The construction situation is not unique to Ingushetia, as Domclick notes it is echoed across several regions including the Republic of Kalmykia and the Novgorod Oblast.
"The most in-demand program will be in Ingushetia," stated Domclick, highlighting the disparity between housing demand and supply. With only around 6000 square meters of new construction introduced throughout 2024, it becomes clear why many families find it difficult to secure suitable housing within this framework.
The updated family mortgage program allows families with children to borrow within defined parameters—specifically, the mortgage will have 6% interest per annum, with credit terms spanning between 25 to 30 years and initial payments set at 20% of the apartment’s value. For eligibility, families must have at least one child under the age of six, satisfying the current stipulations of the program. Notably, applicants can also refinance if their existing mortgage debt does not exceed 49.9% of the property's worth.
There are provisions for families residing in small towns, those with two children, and families with disabled children; all of whom can benefit from this expanded structure and increased access to housing resources. Plans are already underway by the Ministry of Finance and Dom.RF to review these conditions, which will potentially broaden accessibility to all families with minor children regardless of age limits.
Despite the optimism created by these adjustments, challenges remain significant. Families who already possess approved family mortgages and wish to buy secondary housing must wait until the new terms become active on April 1, 2025. There are indications they might need to submit new applications, which could transition smoothly through portals like Banks.ru for efficient processing.
While the government appears committed to housing enhancements and investments, monitoring the rollout and initial reception of these extended offerings will be important. The necessity is clear; families are relying on programs like this one to secure appropriate housing solutions amid rising prices and stagnant construction rates across many regions.
Overall, the expansion of the family mortgage program reflects the government's recognition of the housing crisis many families encounter. By allowing for secondary housing accessibility beginning this spring, authorities hope to alleviate some of the pressures felt by young families, particularly those residing in underserved areas. The challenge remains—transforming these policies from proposals on paper to viable housing solutions on the ground.