The Government of the Russian Federation knows what is preventing the expansion of family mortgages to the secondary market

Marat Khusnullin said that he supports the extension of preferential mortgages to the secondary market. He noted that expanding the program to the secondary market would be an additional burden on the budget.

The official added that in many cities the housing stock is outdated. It is possible that people will take out a secondary mortgage for 15 years, but after 15 years the house in which they purchased an apartment will become unsafe or dilapidated. Khusnullin noted that the government and the Ministry of Finance approach this issue selectively.

Now the government is faced with the task of maintaining the existing conditions of preferential mortgages, added Marat Khusnullin. According to him, this year the budget for state co-financing of mortgages will amount to about 1 trillion rubles. The state compensates for the difference between the market and the current rate on all previously issued loans. It is important that people consistently pay their mortgage rates, Khusnullin emphasized.

source: CYANOGEN