Over 158,600 families have purchased and built their own housing in the Far East using low-interest loans whose total volume is 767.7 billion rubles, according to the Russian Far East and Arctic Development Corporation.

According to Sergei Potanin. Director of the Corporation’s Social Projects Department, the Far Eastern and Arctic Mortgage program remains highly effective. It has become a key tool for improving living conditions of Far Eastern and Arctic residents. These loans with two-percent annual interest have allowed thousands of families to purchase or build their own housing.

“Demand for low-interest loans remains high, directly incentivizing housing construction and making it possible to achieve the main goal, that is, creating comfortable conditions for young families and important specialists. These loans will turn the Far East and the Arctic into attractive relocation options,” Potanin noted.

It is quite easy to obtain this loan. All one has to do is choose an apartment in a new residential building or on the secondary market in single-enterprise towns and rural territories. Or it is possible to choose the appropriate land plot for building a home in the Far East and the Arctic. After that, prospective recipients should submit an application to a bank. These mortgages carry two-percent annual interest, and a 20-percent down payment is required. The loan should not exceed nine million rubles.

Low-interest mortgages are available to the following categories of recipients:

• young families (each spouse should be under 36)

• participants in the Hectare program

• participants in regional programs for expanding workforce mobility

• employees of education and medical organizations

• forcibly resettled persons

• employees of Far Eastern and Arctic defense industry enterprises

• participants in the special military operation and their families.