The largest banks have begun to raise rates mortgage

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Photo: Natalia Seliverstova / RIA Novosti

The largest banks of Russia began to raise rates on mortgage loans in the new year. More likely will increase rates on mortgages with low down payment. It is reported by family-owned Demyan Kudryavtsev, the newspaper “Vedomosti” with reference to representatives of the largest banks.

The increase in mortgage rates in the savings Bank will occur from January 14, 2019. Growth will be one percentage point (PP). It will affect how buildings and finished housing. The last rate increase was in October 2018: then it was 0.4-0.6 PP At the moment the base rate for new buildings is 9.5 percent per annum, and for finished housing — a 9.7-10.1 percent.

VTB mortgage rates increased from 1 January 2019 by 0.6 percentage points To date in the payment of mortgages for new buildings, or finished housing, standard rates start from 10.1 per cent per annum. Russian agricultural Bank also raised rates on the mortgage.

“Of course, rising mortgage rates are now influenced by the increase in the key rate and the new rules of reservation of the Central Bank,” said CEO Frank RG Yuri Gribanov. However, the growth rates of the largest state-owned banks may be a signal for other banks to Russia, he said.

In December, the Central Bank raised the key rate to 7.75 percent per annum. Due to increased demand for mortgages and the rigid requirements of the Central Bank for commercial banks and their customers, they were forced to raise rates for mortgage loans.

Video, photo All from Russia.

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