MOSCOW, June 13 (RIA Novosti) - The Agency for Housing Mortgage Loan Programs will reduce minimum mortgage lending rates by half a percentage point to 11.5% starting July, the agency press service said Tuesday.
The Affordable Housing project, one of four national priority projects announced by President Vladimir Putin in his state of the nation address May 10, sets out guidelines for reducing mortgage rates to 12% this year and 11% in 2007.
"Depending on the terms of a loan and the down payment, ruble-denominated mortgage lending rates will vary from 11.5% to 14.5% p.a.," the agency said.
The Agency said lower interest rates would make mortgage programs affordable to a greater proportion of the population.
