According to the Bank of Russia, the average term
mortgages in the country reached a historical maximum in September 2021. On average, a Russian citizen spends 20 years and 6 months to pay off a loan for
buying an apartment.
According to analysts, the increase in the term of
mortgage is associated primarily with an increase in apartment prices, as well as with a reduction income of the population. When
buying an apartment, people choose lower monthly payments. For the first time, the average term
mortgages in Russia increased to 20 years in April 2021.
In September, 158,000 new
mortgage loans were issued in the amount of 477 billion rubles, while the share of
family mortgages and
mortgages on market conditions is growing. In general, bank retail lending is growing due to the mortgage segment. According to a recent study by Online-Ipoteka, more than half of Russians plan to
get a mortgage.
The rate on
family mortgage has slightly increased and amounts to 4.97 percent, while the rate on
preferential mortgage decreased to 5.97. The rate for the Far East program is 0.13 percent.
