Loans to buy an apartment are becoming more affordable in Russia. According to the head of the Central Bank, Elvira Nabiullina,
mortgage rates are already less than 9 percent and may fall below 8 percent earlier than the designated 2024.
"We are seeing a decrease in interest rates on loans, now, according to estimates, they are less than 9 percent. We see that mortgages are becoming more and more affordable.
As for the fact that rates are reduced to 8 percent, indeed, the task was set in the presidential address to keep rates below 8 percent until 2024. We believe that this is realistic even earlier, if there are no unforeseen circumstances.
It is fundamentally important for us that the cost of
mortgage loans is formed in an absolutely market way. In order to reduce interest rates on loans to certain categories of the population, the government has tools, and the government uses this. We are ready to see, perhaps, what are the risks from
mortgage lending, which can be removed in order for banks to more actively reduce rates on
mortgage loans", RIA Novosti agency reports Nabiullina's words.
Russian President Vladimir Putin in his decree dated May 2018 set a goal to achieve that in 2024 rates on
