Russia: Zero-Percent Interest Home Loans for Families with 3 Children - New Bill Introduced in State Duma

Young families with one or two children would receive loans at 5% interest. Families with three or more children would receive home loans interest-free.

Originally appeared at: PK-Semya.ru

A bill has been introduced to the State Duma, which proposes issuing interest-free loans for the purchase of housing to young large families. The document was posted on the website of the lower house of parliament on Tuesday, November 14.

The authors of the bill point out the need for budget support for young families who find it difficult to save for housing, and remind that this has been repeatedly reflected in the president’s messages. “According to a study by the NAFI analytical center, for Russians with children, one of the main obstacles to having another child is poor living conditions (23%),” the explanatory note states.

Legislators classify families as young if the age of each spouse or one parent in a single-parent family does not exceed 35 years. The bill defines a young family with many children as a young family with three or more children, the youngest of whom has not reached the age of 18.

In this regard, deputies propose to take additional support measures - young families with one or two children are offered a loan for the purchase or construction of housing at a rate of no more than 5% per annum. And young large families are offered an interest-free targeted loan for the purchase or construction of housing with a repayment period of up to 25 years.

According to the authors, the adoption of the bill will contribute to “improving the social situation of young families, and as a result, have a positive impact on the birth rate in the country.”

In the spring, a law was passed exempting families with two or more children from personal income tax (NDFL) when selling land on which a house and outbuildings are located. The measure applies regardless of the period of ownership. A similar rule applies when selling an apartment or house.

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