Russian Parliament Approves Extended Mortgage Holidays for Families with Children

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The State Duma has passed a law significantly expanding the options for families with children to obtain mortgage payment deferrals, according to Vyacheslav Volodin, the speaker of the lower house of parliament.

Under the new rules, borrowers will be able to defer mortgage payments for up to one and a half years in the event of the birth of a second or subsequent child. Previously, the maximum period of such deferrals was six months and was subject to additional conditions.

An important feature of the law is its retroactive application to existing mortgage contracts. Not only future borrowers but also citizens who have already taken out housing loans before the law comes into effect will be able to take advantage of this new support measure.

The new legislation is aimed at supporting families during periods of increased financial strain following the birth of children. It is expected that the longer deferral period will allow parents to more easily adapt to changed life circumstances and reduce the risk of falling into mortgage arrears.