OREANDA-NEWS. September 17, 2012.  The Russian Academy of Sciences, with support from the President of the Russian Federation and the Chairman of the Government of the Russian Federation, is working to provide housing for young scientists and employees of the Russian Academy of Sciences.

With the additional funds that the RF Government provided, the Russian Academy of Sciences in August-September 2012 issued young scientists with about 1,400 housing certificates, which is 7 times more than in 2011.

It is in the Academy’s best interest if the young scientists can purchase decent housing and concentrate more on their scientific work. The housing certificate may be used as the down payment when applying for a mortgage.

The Agency for Housing Mortgage Lending together with the Russian Academy of Sciences have created a special mortgage product called “Young Scientists” wherewith a comfortable home may be bought. The input data used for calculating the product parameters were the salary growth dynamics and the average monthly income of the people working for the Russian Academy of Sciences.

The key advantage of the mortgage for young scientists is the opportunity to buy their own home when they are just in the beginning of their career. The unique payment schedule allows for gradual increase of the monthly payments under the loan – as their career takes off and their payment capacity grows.

The interest rate under the “Young Scientists” product is from 10% to 10.5% per annum in roubles. When calculating the mortgage amount, all the possible social benefits are taken into consideration: certificate under the Targeted Federal Program “Dwelling” (“Zhilishche”), regional subsidies, the maternity (family) capital (the product may also be used by the young scientists who do not receive any subsidies).

Currently, applications are collected for participating in the program: employees of the Russian Academy of Sciences and other higher educational institutions may apply by filling in the form on the AHML’s website.