Family mortgages at 6% should be maintained, extended to secondary market - Putin

MOSCOW. Dec 20 (Interfax) - Family mortgages at 6% should be maintained and extended to the secondary market, Russian President Vladimir Putin said.

"People are very concerned about the preferential family mortgage at 6%. We agreed with the government, and I am asking that it be maintained. Without any exceptions - family mortgages at 6% should remain. However, I believe it might be possible to add one more innovation. Today, family mortgages only apply when purchasing new housing; they do not apply to the secondary market. I still believe that families should be allowed to purchase housing with the preferential 6% rate on the secondary market as well," Putin said at a State Council meeting on Friday.

At the same time, he proposed that this should apply to the secondary market in communities where "new housing is practically not being built."

"I think that this cannot have a negative impact on construction companies and construction in general," Putin said.

He asked the government to come up with distinct criteria, including for determining those settlements where practically no new housing is being built.