The bank will immediately increase mortgage rates without state support by 1.3 percentage points, now they start at 19.2% per year. But even this can only be obtained under certain conditions: a 30% down payment, a large loan, comprehensive insurance and proof of income. RBC writes about this.
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Please note that this will be the third increase since the end of May. However, borrowers who were approved before July 1 will be subject to the terms and conditions that were in effect up to and including July 13.
The bank cited the rising cost of money on the market as the reason for such changes. It noted that many focus on the central bank’s key rate, but other parameters are also important for market participants.
“In particular, the yield on federal loan bonds. If it grows, the cost of resources for banks also increases. Now the dynamics of the key rate and the long-term cost of OFZ loans are multidirectional: the yield on federal loan bonds has been growing for several months, while the key rate has not changed,” the bank says, noting that other financial organizations will soon announce similar measures.
Let us keep in mind that from July 1 in Russia the preferential mortgage program with 8% state support for new construction will cease. The family mortgage will also cease to exist in its current form. They are going to extend it until 2030, but the 6% rate will be maintained only for families with children under six years of age and residents in small towns. For others it could double, but no decision has been made yet.
Recall that in mid-June VTB already increased mortgage rates, then they increased by 0.5 percentage points, up to 18% per year, before that, the interest rate on such a loan “increased” at the end of May;
Author:
Nikolai Tikhonov
Source: RB
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