CIS

Home page

CIS

Russia proposes to give credit holidays to fathers of newborns

29 August 2025 07:19 (UTC +04:00)

State Duma Deputy Speaker Boris Chernyshov (LDPR) has addressed the head of the Russian government staff Dmitry Grigorenko and the chairperson of the Bank of Russia Elvira Nabiullina with a proposal to create a special program in Russia called "Father's Credit Holidays" that would provide for a full deferment of payments on mortgage, consumer and other types of loans for men who have become fathers or adopted a child, APA reports citing TASS.

As noted in the appeal, many young families in Russia, expecting the birth of a child or having decided to take a child under guardianship, are currently forced to simultaneously bear significant financial costs and fulfill credit obligations. "Thus, even without taking into account the mortgage, 59% of young families have loans. Such financial pressure not only creates a serious burden on the family budget, but can also negatively affect citizens' plans to expand their family, undermining their confidence in the future," the parliamentarian noted.

"I ask you to consider the possibility of developing and implementing a special program called "Father's Credit Holidays". The essence of the program is to provide fathers-borrowers or co-borrowers with the right to a full deferment of mandatory payments on mortgages, car loans, consumer loans and credit cards for up to six months upon the birth or adoption of a child. During this period, mandatory payments will be completely suspended, the accrual of fines and penalties will be excluded, and the total term of the loan will be automatically extended for the duration of the holidays," the Deputy Speaker of the State Duma wrote.

As Chernyshov explained to TASS, the initiative envisages providing credit holidays specifically to fathers, since in most Russian families the main breadwinner and borrower for mortgages and other large loans is the man. "His income is often the main source of funds for payments. The mother is on maternity leave during this period, and her income is significantly reduced," he noted.

"By granting the right to deferment to the father, we directly relieve the main source of financial stability of the family at a time of its vulnerability. This does not exclude the maternal role, but, on the contrary, supports it, allowing the father to redirect funds from loans to help his wife and newborn. This is a fair, targeted and effective measure," the parliamentarian emphasized.