Government promises affordable mortgages to half of Russia

By 2020, the mortgage will become so cheap that it can take advantage of every second Russian, expect the White House. And after 20 years the rates on housing loans will not exceed inflation by more than 2-3%, the mortgage will go every other apartment. Long and cheap money to solve the housing problem can be provided by the government at the expense of engaging in mortgage lending and retirement savings funds of insurers. Yesterday at a meeting of the Presidium of the Government in the Novo-Ogarevo Deputy Prime Minister Alexander Zhukov presented strategy for the development of housing loans up to 2030. If the mortgage is now available in only 17% of Russians in 20 years it will be able to afford 60% of the citizens, the document says. Russians closer to solving the housing problem is planned in phases by 2015, the mortgage will be available for 30% of households by 2020 - for 50%. Long and low-cost means the government plans to provide by bringing into the sphere of insurance funds and pension fund savings. As a result, terms of home loans will rise from 16.5 to 30 years, while rates on them to fall from 5-6% above inflation to 2-3%. The share of the mortgage on a home purchase market should increase from 12 to 50%. In the mortgage crisis has subsided, did not deny Alexander Zhukov, but in 2010 again started to gain momentum. "For the first five months were given 85 thousand mortgage loans totaling 105 billion rubles., Which is 2.3 times higher than the same period of 2009 - resulted in statistics Deputy Prime Minister. - The average rate on ruble mortgage fell from 13.7 to 13.4% on a currency - from 12.7 to 11%. " According to him, to issue mortgages increasingly connect small banks and the share of five largest decreases gradually. According to Vladimir Putin, the increase in housing loans due more to do with economic recovery and growth of real incomes of Russians. Even asked the Prime Minister of Economic Development Elvira Nabiullina support this statistic. Compared with the first half of 2009, the economy added 4.2% of GDP, industrial production - 10.2%, while real incomes have grown by 4.8%, confirmed Ms. Elvira. While economic growth is dictated mainly to increased exports of raw materials - plus 50.1% for the first half of 2009. "The development of domestic demand is becoming increasingly important," - reminded the minister. Residential construction may be just the engine, thus the economy, according to the White House.