Average mortgage rate in Russia may drop down to 6.2 percent by year-end, said RT investment strategist "BKS the Prime Minister" Alexander Bakhtin.
He commented on the reduction of the key rate by the Bank of Russia to a record low for the entire post-Soviet period level of 4.25 per cent.
Most Russian banks already offer the Russians to get a mortgage with a minimum down payment of 10% of the cost of housing, but on more liberal terms to make the loan, they are not yet ready, the survey showed the largest credit institutions, conducted by RIA Novosti.
Sberbank on Wednesday reported a decrease in the minimum down payment on mortgages for the purchase and construction of housing to 10% from 15% for payroll clients and up to 30% from 50% for customers who arrange a mortgage without proof of income and employment.
Some Russian banks are planning to lower mortgage rates, while a number of players had already improved the conditions for such lending and further decisions in this area will depend on the market situation, the survey of credit institutions conducted by RIA Novosti.
On Tuesday the savings Bank has lowered rates on mortgages by 0.5 percentage points. According to the Deputy Chairman of the management Board, Bank Vozrozhdenie Natalia Shabuninoj, the credit institution is considering the possibility of reducing in the near future interest rates on mortgage loans on both the primary and the secondary housing. Bank "Zenit" will soon reduce the rate "classic military" mortgage, said Deputy Chairman of the management Board of the Bank Dmitry Yurin.
The average mortgage loan in Russia began to grow again: in may, it increased by 2.9% compared with a decline of 8.2% in April, according to a study by the National Bureau of credit histories (nbki), which is available to RIA Novosti.
As a result, at the end of last month the average size mortgage loan in the country has increased to 2.47 million RUB from 2.4 million in April. However, it is still below the March figure of 5%. If compared with the same period last year, in may 2020, he actually remained unchanged, an increase of only 1.2%.
By the end of the year, average mortgage rates could fall to a historic low.
According to analysts, banks will be able to offer borrowers a mortgage with a rate below seven percent per annum.
The program of preferential mortgage in rural Russia in 2020 will receive 2 billion rubles, therefore, its funding this year will triple, said the Vice-Premier of Victoria Abramchenko.
"The practice of the first months of preferential agricultural mortgage demonstrated that the program - the demand from citizens is several times higher than the annual plan of granting such concessional loans. Therefore, the amount of financing of the project will be increased three times - "Rural mortgage" will allocate 2 billion rubles," - said Abramchenko, quoted by the press service of Deputy Prime Minister.
Russian banks on the background of the easing of the restrictive measures imposed because of the pandemic coronavirus, have begun to reduce rates on mortgages, the survey of credit institutions RIA Novosti.
Alfa-Bank decreased by 0.4 percentage points rate for a mortgage loan to buy housing on the secondary market and for mortgage refinancing. "The easing of quarantine measures has led many Russians to think about how to properly manage your expenses. Mortgage refinancing will help to save on monthly payments: reduce the amount of the overpayment or to reduce the term of the loan," - said the head of mortgage crediting Department of the Bank Artem Ivanov.