A bank that will start issuing rural mortgages at 3% has been identified

3 March 2020, Tuesday

Today, the Ministry of Agriculture of Russia and JSC "Agricultural Bank" concluded an agreement on the provision of subsidies for the reimbursement of lost income on issued mortgages in rural areas. The subsidy provided to the Agricultural Bank for reimbursement of expenses this year will amount to 789 million rubles.

On January 1, 2020, the Program for Preferential Mortgages in the Rural Region, which operates within the State Program “Integrated Development of Rural Areas”, began to operate. The main task of rural mortgages is to improve the living conditions through state support.

The Ministry of Agriculture and Food of the Republic of Tatarstan reminds that the state program for the integrated development of rural territories was approved by the Government of the Russian Federation at the end of May last year. The total amount of its financing in 2020-2025 is about 2.3 trillion rubles, 1 trillion rubles of which should be allocated from the federal budget.

After the relevant agreements with the Ministry of Agriculture of Russia, credit organizations will collect and process applications from potential borrowers, and the Ministry will approve their register, which will allow authorized banks to begin issuing soft mortgage loans to the population.

The implementation is expected to begin in March 2020. In accordance with the law “On the federal budget”, financing of preferential rural mortgages this year will amount to 1 billion rubles.

The Ministry of Agriculture and Food of the Republic of Tatarstan recalls that the lending rate is from 0.1% to 3% per annum for the entire duration of the loan agreement, which cannot be more than 25 years. Moreover, the preferential rate is subject to the personal insurance of the borrower.

The size of the soft loan is 3 million rubles for rural areas of the Russian Federation, except the Far Eastern Federal District, where its size is 5 million rubles. The territories of Moscow, St. Petersburg and the Moscow Region do not participate in the program.

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