The average mortgage term in Russia reached a historical maximum

Средний срок ипотеки в России достиг исторического максимума

The average mortgage term in Russia reached a historical maximum

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.

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The average mortgage term in Russia reached a historical maximum