Tatarstan Families Started Refinance Social Mortgage

Since June 2020, Tatarstan residents can get a renovated flat at a price almost two times lower than the market price, and then carry out refinancing under bank conditions, Respublika Tatarstan reports with reference to the press service of the State Housing Fund of Tatarstan. 

It is specified that to refinance a social loan, you need to contact a bank and get preliminary approval, and then draw up an agreement with the State Housing Fund of intent to buy a flat. After registering the agreement, the full package of documents is submitted to a bank for refinancing. It is also necessary to pay insurance, which is approximately 1 per cent of the loan amount. It is stated that the total cost of a flat is fixed.

In addition, it is clarified that due to the low cost of a flat in terms of social security and gratuitous subsidies for the birth of children, the flat cost the first Tatarstan citizen who refinanced the social security loan 1.2 million rubles less than if he initially took a similar flat in the real estate market with a commercial mortgage.

Ru-Main, 19.11.2020 

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