VTB and Sberbank canceled the commission to developers when issuing mortgages on the market

We are talking about a mortgage for the purchase of apartments in new buildings and for finished housing with a commissioning period of up to one year, VTB clarified. At the same time, the bank did not rule out changes in conditions, since “the situation on the market remains unstable.”

Sberbank reported that it had resumed transactions for the purchase of apartments in new buildings “at base rates without the mandatory application of fee reduction programs by developers, such as fee subsidies.”

Credit institutions have canceled commissions for developers since the Central Bank lifted the limit on the total cost of a mortgage loan on October 10. The decision will be valid until March 31, 2025.

The Central Bank indicated that the measure will allow banks to reflect in mortgage rates “the latest changes in the situation in the main segments of the financial market”, including those that have developed under the influence of decisions on the key rate. Borrowers will be able to continue receiving mortgage loans, “albeit at higher rates, but without additionally inflating the cost of housing,” the Central Bank added.

Previously, Kommersant wrote that large banks, including Sberbank and VTB, began to introduce a commission for mortgages at market rates for developers or buyers. Credit organizations were forced to do this: if the commission is included in the loan itself, its total cost may be higher than the maximum level established by the Central Bank, explained Rustam Azizov, representative of the developer A101. For a product to meet regulatory requirements and maintain margins, developers or buyers must bear the commission themselves, noted market participants interviewed by Kommersant.