The State Duma on June 7 in the final reading passed a bill that allows to
limit the penalties for mortgage borrowers with late payment.
The law assumes that the amount of the fine or penalty can not exceed the key
rate of the Central Bank of the Russian Federation on the date of the relevant
contract. This also applies if the terms of the loan agreement the interest for
the period of violation of fulfillment of obligations charged. According to the
bill, it is proposed in the specification of 0.06% of the amount of arrears for
each day of violation of the fulfillment of obligations. This will be possible
if the terms of the loan agreement the interest on the loan during the breach
of obligations is not charged.
In the original version of the document suggested that the mortgage must be set
the same conditions as for consumer loans. The upper limit of the amount of
fines or penalties should reach 20% per annum or 0.1% of the amount of arrears
for each day of violation of the obligations, according to TASS.