Russian banks set a record in terms of mortgage lending in anticipation of a rate hike under the preferential program. In December last year, the issuance of mortgages exceeded 700 billion rubles; compared to November, growth was 47%.
December 2022 set an absolute record for the entire period of keeping statistics on the volume of mortgage loans: for the month, banks issued loans of 701 billion rubles, which is the highest figure since 2013. This was reported by the research company Frank RG.
Compared to November 2022, mortgage loans were issued in December by 47% more, compared to December 2021, by 7.8%. In total, banks issued 4.85 trillion rubles in home loans over the past year, 16% more than in 2021.
On December 15, 2022, Putin ordered to extend the preferential mortgage loan program until 2024, but on different terms: the rate will increase from 7% to 8%. Under the new rules, the loans will be issued until July 2024.
Author:
Kirill Bilyk
Source: RB
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