Sberbank raised mortgage rates to 8.4% per annum

As reported by RIA Novosti with reference to the data of the credit organization, the rate on the purchase of an apartment in a new building rose to 8.4 percent per annum, and on the secondary market - from 8.1 to 8.5 percent.

"Young families can get a mortgage to purchase housing in the secondary market at 8.1 percent instead of the previous 7.7 percent," the statement said.

If the client wants to refinance the mortgage of another bank, then in this case the rate increased from 7.9 to 8.2 percent per annum.

To obtain approval of an application for such loans, you must have a Sberbank salary card and make an initial payment of at least 20 percent of the cost of the apartment.

Life and home insurance, as well as the electronic registration of the transaction are also called mandatory conditions.

Another of the conditions is the purchase of real estate through the DomClick website. If you get around this requirement, the rate will rise by 0.3 percentage points.

In 2020, Russia set a record for mortgages issued: banking organizations invested 4.4 trillion rubles in housing loans (+ 51% by 2019 and + 43% by 2018). The main driver of growth was the preferential state mortgage lending program - 6.5% per annum for the purchase of apartments in new buildings.

2021 kicked off with even more accelerated numbers, which broke the previous year's record. In the first half of 2021 alone, housing loans were issued in the amount of 2.7 trillion rubles (+ 74% compared to the same period in 2020). The volume of loans issued continues to grow, despite the huge jump in housing prices and the fact that since July 1, the conditions of concessional lending have changed for the worse for the consumer.

The Central Bank monitored mortgage penetration in different regions - at the end of the third quarter of 2020, the average rate was 4–5%, but it fluctuated several times depending on the specifics of the subject. In Chechnya, for example, the share of borrowers in the total population is 0.4%, in the Tyumen region - 9.5%.

Experts predict the issuance of mortgages for 4.9-5 trillion rubles. for both semesters of 2021, which is 10-13% compared to the previous year. The Central Bank's forecast is as follows: the overall rate of mortgage growth in 2021 will exceed 20%.

The level of distribution of mortgages in Russia, albeit low in comparison with other countries, but the limit of issuance, according to the head of the Central Bank, has been reached.

The increase in the cost of mortgage loans was the result of adjustments in the financial policy of the Central Bank.

Earlier it was reported that in September the Bank of Russia increased its key rate to 6.75%. This is the fifth increase in the key rate since the beginning of the year. Experts predict an acceleration of inflation to 7-7.1%, in connection with which the Central Bank will be forced to increase the key rate in October by another 0.25 percentage points - up to 7% per annum. As a result of the measures taken, the regulator expects a slowdown in annual inflation by the end of the year and its decrease in 2022 to 4–4.5%, and further down to 4%. To achieve these indicators, the regulator is ready to increase the key rate to 7% and higher, however, as the head of the Central Bank of the Russian Federation, Elvira Nabiullina, assured, the key rate of the Central Bank of the Russian Federation will not exceed the threshold of 10%.