Published on: 2026-06-24
Source: Central Bank of Russia – Central Bank of Russia –
An important disclaimer is at the bottom of this article.
Citizens will be able to enter into housing savings contracts with banks. This will allow them to save money in a deposit, and then use it for improving housing conditions, including as an initial payment on a mortgage.Such a lawAdopted by the State Duma. It will come into force on January 1, 2027.
The housing savings account will be opened for at least 3 years with the possibility of replenishment at any time. The long savings period will allow credit organizations to better assess the borrower’s solvency.
The bank is obliged to accept funds and pay interest on them (the rate is determined by the contract). The accumulated funds, including interest, at the disposal of the depositor will be directed towards the payment for the housing being purchased, financing participation in shared or individual housing construction.
After the accumulation period expires, a depositor who at that moment meets the bank’s criteria will be able to obtain a loan to improve housing conditions – for the amount insufficient to purchase real estate.
It will also be possible to transfer the accumulated funds to another bank – as an initial payment on a mortgage loan or for repayment/servicing of an existing loan.
The contract can be terminated early without losing interest, but not earlier than one and a half years after its conclusion. Also, the funds with all accumulated interest can be received if the depositor terminates the contract early, but not earlier than one year from the date of its conclusion, and directs the accumulated funds towards improving housing conditions, as well as if the bank refuses to issue a loan under the contract upon the expiration of the accumulation period.In other cases, if upon termination of the contract the funds are not directed towards improving housing conditions, interest on the deposit is paid at the rate that applies to “demand deposits” (if a higher interest rate is not stipulated in the contract).
Funds in such accounts will be protected by the deposit insurance system up to 10 million rubles in each bank.
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