The
mortgage market in Russia is experiencing a real boom. Over the first three quarters of 2020, more than 1 million
mortgage loans were issued for a total amount of 2.7 trillion rubles.
According to the press service of VTB Bank, such a rush is due to the desire of the population to have time to take advantage of preferential lending terms. Preferential
mortgages accounted for over 90 percent of all loans at
new buildings in September.
"Preferential terms are indeed the key driver of record sales. termination of the program may reduce the demand for
mortgages. The extension of the state support conditions stabilizes it, since part of the current excitement is connected precisely with the desire to have time to take advantage of preferential terms," the VTB press service reports to RIA Novosti.
At the same time, the bank does not expect a glut
mortgage market.
"We do not have a mass practice of issuing high-risk loans, which confirms the high quality of the accumulated mortgage portfolio. At the same time, clients take seriously the issue of obtaining
mortgages and try to repay it ahead of schedule," the press service added.
The program
mortgages with state support started working in Russia at the end of April. You can get a loan for
buying an apartment in a new building at a reduced rate of 6.5 percent until November 1, the rate is valid for the entire loan term - up to 30 years. The authorities plan to extend this program until December 31, 2021.
