Putin: Russia to launch preferential mortgage program

Russian President Vladimir Putin said that Russia will launch a preferential mortgage program for young families in the Far East with the loan rate of 2%.

"First of all, it is necessary to significantly raise the volume of construction of modern housing, and it should be as affordable as possible," he said at the Eastern Economic Forum.

"In this connection, we discussed this issue yesterday with colleagues – regional leaders. I agree to launch a special mortgage program in the region, under which young families will be able to take out a loan to buy an apartment in the Far Eastern regions at an interest rate of only 2%," the Prime news agency cited the Russian leader as saying.

Putin added that the program will be launched this year for five years and will be in force for the primary market and individual housing.