The Murmansk Region to launch a Your Home in the Arctic program with easy-term mortgages
© RIA Novosti. Evgeny Biyatov

The Murmansk Region to launch a Your Home in the Arctic program with easy-term mortgages

More measures to support people who plan to buy or build housing will become available in the Murmansk Region. Specialists from the regional housing construction assistance center spoke about the current status of the Your Home in the Arctic program and an easy-term mortgage program.

“Northerners’ desire to take advantage of the proposed support measures is understandable, but they must be patient. Currently, regulatory documents are being drafted to control the mechanism for implementing the law,” officials from the Housing Construction Assistance Center noted, adding that individual applications will be accepted, registered and reviewed after the regulatory documents had been adopted.

Notably, the Your Home in the Arctic program is primarily designed to stimulate private housing construction. The availability of a land plot, including the rights of use, will entitle the owner to the support measures.

“Your Home in the Arctic program participants will be eligible for three support measures: to buy a wooden house kit, the construction of a house and the purchase of a private residential house. The area of ​​the house in all three cases cannot exceed 150 sq m,” officials from the regional department said.

It is assumed that the program will be available not only to the residents of the Murmansk Region, but also to people from others regions who are willing to relocate to the Murmansk Region. To do so, the latter must have either an employment contract or a business registered on the Kola Peninsula.

In addition, a new regional program is planned for reimbursing part of the interest costs on mortgage loans when purchasing apartments in a new building or a building under construction.

The reimbursement will be limited to 2 percent with a loan term of up to 10 years, and a loan amount not exceeding 3.5 million rubles. According to the Central Bank, about 10,000 residents of the Murmansk Region received a mortgage for that amount of money in 2020. The program will apply to the purchase of housing in a building under construction or a new building.