The government abandoned the preferential mortgage program

The Minister of Construction and Housing and Public Utilities Mikhail Men said that in 2017 the government will not extend the preferential mortgage program, reports . TASS

“In the form in which subsidies exist, up to 12%, today it does not make any sense, because, in fact, market rates, taking into account the reduction in the key one, are approaching 12%,” says Men.

According to him, the government will review the support program.

“We will also look for opportunities, offer the government some opportunities that correspond to certain measures to support mortgages,” the agency quotes the minister.

The preferential mortgage program was launched in March 2015. Then the Central Bank sharply raised the key rate to 17%.