The State Duma has limited penalties for late payments on mortgages.

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.