Family mortgage

The loan amount under the preferential program cannot exceed 80% of the purchase price. The remaining 20% can be contributed as a subsidy (e.g., "Young Family" or "Maternity Capital"), or the seller (developer or shareholder) can subsidize this first payment or offer installment payments for up to 12 months. If the developer subsidizes the first payment, the price may increase due to a higher tax burden on the seller.

This program is extended until 2030, and families with their first child born in 2024 or later can also use this preferential rate.

Families with a child up to 6 years old or a disabled child up to 18 years old (not inclusive) can refinance their mortgage under this program. An important nuance — you can refinance a mortgage taken for purchasing a first home from a developer or a house built by a developer according to Federal Law 214. Families with a disabled child can refinance a loan for a private house construction contract, including cases where payments are made using an escrow account.

You can buy a completed or under-construction property directly from a developer. If purchasing a completed residential property, buying from a sole proprietorship builder is also possible. Second-hand housing can only be purchased by families with a disabled child in regions without ongoing construction (Chukotka Autonomous Okrug and Nenets Autonomous Okrug). A popular use of the family mortgage is to construct a residential house with the help of a contracting organization. You can build on your own plot or one acquired under this program. An important condition is that payments must be made using an escrow account.

No, this program does not require allocating property shares to children. You can register the purchase under one of the spouses' names. In this case, the bank may request a marriage certificate or a notarized agreement from the second spouse, but there are creditors who do not require this.

Insurance for the acquired/built property during the loan period is mandatory. Personal insurance for the borrower may be required by the bank. If this insurance is declined, the interest rate can increase to a maximum of 6%.

It is possible with the involvement of a co-borrower who has income or with approved income from a side job (self-employment, sole proprietorship). There is an opportunity to obtain a preferential mortgage even if you have income that is difficult to document — some banks will consider an application without requiring full documentation.

Self-employed individuals can apply with either two documents or by providing proof of income. In this case, the certificate of registration of an individual as a taxpayer for the tax on professional income (form 1122035 in tax documentation) is required, along with a certificate of payment (income) (form 1122036 in tax documentation).

There is no restriction on full or partial early repayment in any of the banks. If you do not plan to sell the property, paying off a loan with a low-interest rate may not always be advisable — additional financial resources may be more profitably invested in a deposit with a higher interest rate than the loan.

Even if the mortgage is obtained at a preferential rate, you can still claim a tax refund on the interest paid on this mortgage. The exception is the "Family Mortgage" combined with the "Military Mortgage," where the lender does not make payments, meaning a tax refund is not allowed.

Until the end of last year, there were no restrictions on the number of loans under this preferential program, and if you took advantage of it, the loans issued subsequently were not counted. New rules came into effect on December 23, 2023. You can use the mortgage twice, but the second time only under the simultaneous fulfillment of two conditions: the first preferential mortgage must be paid off, and another child must have been born after the issuance of the first loan. Additionally, spouses can each take out one loan separately.

Yes, a family mortgage is compatible with a market-rate mortgage, and some banks may offer a larger loan amount than the regional program limit. However, there are two options:
1. Issuing two loans for the purchase of new housing (one loan at a preferential rate, the other at the market rate).
2. Issuing a loan at a weighted average rate, with the rate calculated individually.
Determining which option is more advantageous should be done on a case-by-case basis, taking into account plans for early repayment of the loan(s).