Russian banks have tightened requirements for mortgage holders

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www.vsyako.netPhoto: Evgeny Pavlenko / Kommersant

Lower rates on mortgages in Russia is accompanied by a tightening of banks: lenders are not so easy to give out money as before. About it writes “the Russian newspaper” with reference to the real estate market.

According to experts, after the start of the mortgage at 6.5 percent per annum in the housing market began to increase activity. Banks took more than 70 thousand applications for a mortgage with a subsidised interest rate, approved about 50 thousands bids, issued more than 10 thousand credits 26.5 billion.

But at the same time, bankers have become more demanding customers. “I would not say that the mortgage at 6.5 percent seriously happy consumers. Banks are no longer so easily give funds as before. There are more risks of defaults. Mortgage rate of around 6 percent will maintain demand, but this will be insufficient to have a positive effect on the entire construction industry”, — said the publication Director of GK “Atlas development” Vladimir Horodenker.

The head of the Russian center of national construction policy Alexander Moore, in turn, noted that the decision to reduce mortgage rates by banks are taken “very reluctantly, as they reduce their profit.”

Earlier in may, Russian banks warned of risks from the growth of mortgage rates. According to bankers, provoke increase in the value of loans for house purchase may be the initiative of the Russian Central Bank to release mortgage borrowers from paying insurance.

Video, photo All from Russia.

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