More Children, Less Worries: Mortgages Cancelled for Big Families?

In Russia’s republic of Mordovia the birth of a fourth child will relieve parents of their mortgage loans.

MOSCOW, January 29 (Sputnik) — In Russia’s republic of Mordovia, the birth of a fourth child will relieve the parents or guardians of their mortgage loan, reports Rossiskaya Gazeta.

According to the head region of Moldova, Vladimir Volkov, "the debt will be written off entirely. And the birth of the third child will reduce the mortgage burden by 30 percent. The new rules will take effect later this year."

The birth rate in Mordovia ranks last among the regions of Volga. However, over the past decade, the birth rate rose by 20 percent.

Under the 2003 legislation, if a couple has one or two children the sum of the loan is reduced by 10 percent. The birth of a third and fourth child reduces loan by 20 percent.  The birth of fifth child writes off the loan completely.