The government considers the application of an Arctic Mortgage programme
Ministry for the Development of the Russian Far East and Arctic: The Russian Cabinet is considering the application of an Arctic Mortgage.11 May 2023
The Russian government is considering the possibility of applying the programme of preferential mortgage lending throughout the Arctic zone of the Russian Federation, the press service of the Ministry for the Development of the Russian Far East and Arctic told RIA Novosti.
It said that the Russian government is considering the possibility of extending the programme of preferential mortgage lending to the entire territory of the Arctic zone of the Russian Federation.
It is specified that in Yakutia and Chukotka, whose territories are part of both the Arctic Zone of the Russian Federation and the Far Eastern Federal District, the Far Eastern Mortgage programme is already in place. The programme has been running since 2019 and has proved its effectiveness since then: thanks to preferential loans at 2% per annum, more than 67,000 families from the Far East and the North have already purchased or built new housing.
According to preliminary estimates by the Russian Ministry of Finance, it said, the proposed geographical expansion of the programme would require additional federal budget spending of RUB 11.6 bn until 2035, including RUB 4 bn in 2023–2025.