meta_id 3267726

On June 24, 2026, the Bank of Russia announced the introduction of a new financial instrument designed to help citizens improve their housing conditions. The State Duma has adopted legislation establishing housing savings accounts (договор жилищных накоплений), which will take effect on January 1, 2027. Under the new framework, citizens can enter into housing savings agreements with banks to accumulate funds for housing improvements, including use as a down payment on mortgage loans. Housing savings accounts must be opened for a minimum three-year term with the option to make deposits at any time. Banks will accept deposits and pay interest at rates determined by contract. The extended savings period enables credit institutions to better assess borrowers' creditworthiness before extending housing improvement loans. Accumulated funds, including accrued interest, may be directed toward property purchases, participation in shared or individual housing construction, or used as a down payment for mortgage credit. After the accumulation period expires, account holders meeting the bank's criteria can obtain credit for the remaining amount needed to acquire property. Funds may also be transferred to another bank as a mortgage down payment or to repay existing credit obligations. Early contract termination is permitted without forfeiting interest after 18 months from conclusion. Accumulated funds with full interest can be withdrawn after 12 months if directed toward housing improvements or if the bank declines to extend credit upon maturity. In other early termination scenarios where funds are not directed to housing purposes, interest is paid at demand deposit rates unless the contract specifies higher rates. Deposits in housing savings accounts receive protection under the deposit insurance system up to 10 million rubles per bank.