Too long-term loans for the purchase of housing can be limited in Russia on the initiative of the Central Bank of the Russian Federation. Until now, mortgages with a repayment period of more than 30 years represent 20% of the total volume of housing loans.
Author:
https://rb.ru/author/strukova/
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The Bank of Russia is going to limit such loans to combat the rising debt burden of Russians. Banks increase the term of the loan to reduce the monthly payment, but in the end, for more than 30 years, the mortgagee may face difficulties in repaying the debt.
The legislative framework is expected to be formed in 2025.
At the end of the first half of 2024, the number of mortgage borrowers in Russia reached 10.7 million people. The proportion of mortgage loans with maturities of 30 to 31 years increased 6.8 percentage points. in 12 months. Almost half of mortgages are granted to borrowers whose age at the time of the planned repayment of the loan exceeds 65 years, according to data from the Bank of Russia.
Author:
Ekaterina Strukova
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
