Russia mortgage market to get 20b rouble boost
With country on brink of recession, Moscow plans to dish out the funds for home loans to help spur economy
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Moscow
RUSSIA is rolling out subsidies to resuscitate its mortgage market after a rise in interest rates in the wake of the oil crash caused lending to plunge.
With Russia on the brink of recession, the government plans to provide 20 billion roubles (S$447 million) for home loans to help spur the economy. The programme, which begins this month, gives mortgages to buyers of new homes in Moscow, St Petersburg and other regions at a subsidised interest rate of 13 per cent, according to Minister of Finance Anton Siluanov.
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