MOSCOW, January 16. /TASS/. More than 450,000 citizens have taken advantage of the family mortgage program, chief executive of DOM.RF corporation Vitaly Mutko told reporters on Monday.

"In total, more than 450,000 citizens have taken advantage of this measure, with the volume of loans exceeding 1.6 trillion rubles ($23.35 bln)," he said.

The Russian authorities launched the family mortgage program in early 2018, setting the interest rate at not more than 6%.

On December 15, 2022, at a meeting of the Council for Strategic Development and National Projects, President Vladimir Putin instructed the government to extend the preferential mortgage program until July 1, 2024. During this time, the program’s interest rate will increase from 7% to 8%. He also ordered that access to family mortgages be expanded for households with at least two children under the age of 18.