Sberbank raises mortgage rates

Sberbank from May 7 increases the rate on mortgage loans for the purchase of housing in a new building and in the secondary market. The increase will amount to 0.4 percentage points.

As reported RIA Novosti in the press service of the credit organization, from May 7, the conditions for a number of mortgage products will also change. However, for those who have already received approval for their application, the rate remains the same.

Under the new conditions, the minimum mortgage rate for the purchase of an apartment in a new building will be 8%, in the secondary market – 8.1%.

Since October 2020, the Central Bank of the Russian Federation announces overheating in the mortgage market – lending is growing at a record, the quality of borrowers is falling, and housing prices are rising so fast that they can bring down the demand and the market.

It’s time to curtail the preferential mortgage at 6.5% per annum, said the head of the Central Bank of the Russian Federation Elvira Nabiullina at a meeting in February 2021 with the heads of Russian banks.

According to the Central Bank, the weighted average rate on mortgage loans issued in Russia in March this year reached 7.23%. By April 1, the total bank portfolio of mortgage loans is over 9.77 trillion rubles.

Source: Вести.Ru by

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