The average size of a mortgage loan in Russia returned to the level of the beginning of the year. Since June, it has grown by 2%. This was announced on Thursday, July 30, by RIA Novosti, citing data from the Equifax credit bureau.
At the beginning of the year, the figure was 2.6 million rubles.
After a record 2.77 million rubles, which at the end of March Russians took to buy housing, the size of the mortgage in April fell to 2.49 million due to the restrictions imposed in the country in the economy amid the coronavirus pandemic. A slight increase began in May.
The increase in the size of the loan in June allowed the mortgage portfolio to continue to grow, although by only 0.4%, follows from the company’s data.
Against the background of state programs of preferential mortgages and a decrease in the cost of loans due to a decrease in the key rate, the general director of the company Oleg Lagutkin noted, the volume of the portfolio maintains its positive dynamics.
The growth, according to him, is facilitated by the marketing actions of developers – the willingness to pay loan payments for the borrower for the first few months, and banks – by the offer of a mortgage loan with a zero down payment.
On July 29, the general director of DOM.RF, Vitaly Mutko, announced that the Russians took out more than 90 thousand loans under the concessional mortgage program with a rate of no more than 6.5% for a total amount of almost 240 billion rubles.
The preferential mortgage program at 6.5% was proposed at the end of April. It is designed to support Russians who want to improve their living conditions and the construction industry, which is faced with falling demand for housing and an outflow of citizens’ money due to the economic downturn and the spread of the coronavirus.
In the same month, the government allocated more than 9.5 billion rubles to subsidize mortgages for families with children.