The Ministry of Construction explained the mechanism of credit holidays for families with children

Approval of mortgage loan holidays for families after the birth of their first child or adoption is possible if there are conditions that prove their difficult financial situation. This was stated to Izvestia by the Ministry of Construction and Housing and Communal Services of Russia.

According to the Ministry of Construction, according to this bill, at the birth or adoption of the first child, a family can count on a six-month credit vacation. To do this, the following conditions must be met:: A 20% reduction in income, and loan repayments exceed 40% of the average monthly family income.

At the birth or adoption of a second child and subsequent children, families can be given credit holidays of up to 18 months, regardless of income level.

"The proposed measure will be an additional social guarantee for families with children, which will help reduce the credit burden during the care of newborns," the Ministry of Construction said in a statement.

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On July 31, the Russian government approved a bill on granting a mortgage grace period for families with children. It will be considered at the autumn session of the State Duma.

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