Russian banks continue to reduce mortgage rates

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.

However, a number of banks said that they already lowered their rates further and the decision will depend on market situation. So, "URALSIB" and Bank "Opening" reduced rates in June. VTB at the end of June improved conditions on the mortgage with a down payment of 20% families of the second and subsequent child born in 2020. "Absolut Bank" in June, has reduced the rate on the most popular programs in the near future to reduce interest rates has no plans, said managing Director Absolut Bank Anton Pavlov.

No plans to lower rates soon, and Promsvyazbank (PSB). "PSB in June has reduced rates across the range of mortgage loans, as well as the state program of preferential mortgage", - said the head of the center for development of mortgage products the Bank Marina Zabotina. Recently mortgage rates have revised and Raiffeisenbank. "We will continue to monitor changes in the economic situation and to adjust loan terms accordingly," - said the head of the direction for development of mortgage lending of the Bank Anton Krasilnikov.

In ROSBANK said that over the past two months performed twice front lower rates on all mortgage programs, and more such decisions will be taken through the development of the market situation. The "Bank House.Of the Russian Federation", where mortgage rates on popular programs and programs with state support was reduced in may to revise the terms of such lending, carefully monitor not only the competitive environment but also the dynamics of the cost of funding and economic situation as a whole, said the Director of the mortgage business of the Bank Igor Larin. The situation in the market and the future policy of the Central Bank should be in the Crimean RNCB, which reduced rates on all mortgage programs with the beginning of the year.

In addition, some banks have shared expectations on mortgage rate in the overall market. So, the head of Department of mortgage lending of ICD Igor Seleznev said that before the end of the year perhaps an additional gradual decline in mortgage rates. In "Absolut Bank" are confident that by the end of 2020 average mortgage rate will be 7.5%. In RNCB predict that it will fall to about 8-8,5%. Meanwhile, the Bank considers it premature to make such a prediction, given the rapidly changing economic environment.