Banks stopped issuing rural mortgages at 3%. The program will resume after the change in the current economic situation. On August 15, the Central Bank raised the key rate to 12.5%; therefore, the issuance of rural mortgages was suspended.
The Ministry of Agriculture announced the suspension of the rural mortgage program. This is stated by the press service of the department.
Rural mortgages under the state program are granted at a rate of 0.1% to 3% per annum. The program was suspended to prevent banks from exceeding the limits of budget obligations.
The difference between the official interest rate of the Central Bank and rural mortgages is compensated by the State. On August 15, the Bank of Russia raised the interest rate to 12.5% amid a significant weakening of the ruble.
The Ministry of Agriculture reported that the issuance of mortgage loans on rural mortgages will resume after a change in the current economic situation.
Author:
Kirill Bilyk
Source: RB
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