The Ministry of Construction has prepared a bill on the inclusion of built-in furniture in a mortgage

The Ministry of Construction has prepared a bill on the inclusion of built-in furniture in a mortgage

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The Russian Ministry of Construction has developed a bill that will allow built-in furniture to be included in the mortgage amount for new buildings. This category includes windows, doors and furniture attached to the floor, walls or ceiling. These interior parts must be made in Russia.

“The adoption of the bill will make it possible to legislate the possibility of including finishing elements, engineering support systems, structural elements, and furniture in the agreement for participation in shared construction, which will reduce their cost for the end consumer by including their price in the mortgage agreement,” it says. explanatory note to the bill, which was published on portal draft legal acts.

The document states that it will be possible to include furniture in the share participation agreement only if funds are raised using escrow accounts.

In March 2023, Russian President Vladimir Putin instructed government to include costs for windows, doors and built-in furniture in the mortgage. In September, the Ministry of Construction reported that the development of the relevant bill had been postponed for some time.

Read about preferential mortgages in the Kommersant article “Transformation or Closure”.

Petr Buzlaev

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