Russian banks began to lower mortgage rates

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.

PSB reduced rates by 0.5-1.3 percentage points for almost all mortgage programs, including the purchase of housing on the primary and the secondary market, apartments as well as new and ready homes. Sovcombank lowered the rate on 0,5 percentage points on loans to purchase flats or apartments in the secondary market and by 1.5 percentage points - for the purchase of apartments in the building. But the "house Bank" has reduced the cost of mortgages only for new customers by 0.5 percentage points.

Some banks have not yet begun lowering the cost of mortgage lending, but actively preparing for it. So, "the absolute Bank" in the next two to three weeks is going to reduce the rate by 0.5 percentage points in the lending programs of the secondary market. Raiffeisenbank plans to revise the cost of a mortgage in the near future. In turn, credit Bank of Moscow and "URALSIB" while only watching the market conditions, but both allow for cheaper mortgages.

VTB, for the last time reduced mortgage rate in February, noted that "changes in price parameters will depend on the macroeconomic situation and market conditions." In MCB stressed that reducing the cost of the mortgage will depend on the actions of participants of the mortgage market and monetary policy of the Central Bank. In banks "the Renaissance" and "House.Russia" did not announce future plans, but stressed that they had already reduced the rate in may.

Sberbank, which also was last reduced interest rates on loans to buy housing at the beginning of may, traditionally refused to comment on changing conditions on the products before their official entry into force.